Market indexes weren’t interested in carrying record highs further in today’s trading, which looks to have been decided early this morning, before the opening bell sounded. After new record highs on a surge into Monday’s close, the Dow dumped 400 points at session lows today, buoying back up somewhat to -167 points, -0.56%.
The Nasdaq, which started the day modestly in the green, dipped into negative territory early and plateaued down 25 points, -0.21%. The S&P 500 also gave up record highs Tuesday, down 17.3 points, -0.48%.
This is the first down close in the last three sessions for the main indexes, which were once again outpaced by the small-cap Russell 2000, which grew modestly by 0.37% to a third-straight new all-time high. We’re not seeing any real clean lines in investor thinking today, just milling about in a rather lackadaisical rotation period.
Walgreens Boots Alliance
WBA
and
CVS
CVS
were down 9.6% and 8.2%, respectively, on this morning’s announcement that
Amazon
AMZN
has launched its online pharmaceutical delivery business.
Tesla
TSLA
rose 8.2% on its long-awaited inclusion to the S&P 500.
Homebuilder Sentiment for October
was strongly favorable in the latest survey results, posting a headline of 90 (>50 indicates growth) on continued high demand in the industry. This read also marks a third-straight record high for the index. Sales Conditions, Sales Expectations and Buyer Traffic all saw improvements for the month.
KB Home
KBH
and
Toll Brothers
TOL
rose 1.23% and 2% in Tuesday’s regular trading, bucking the day’s overall trends. Wednesday morning brings new Housing Starts and Building Permits data; we will note whether they keep the positive sentiment alive to its current extent.
Retailers continue to post quarterly results here in the last leg of Q3 earnings season. Key among these reports will be guidance for Q4’s all-important holiday shopping season, where that guidance exists.
Walmart
WMT
and
Home Depot
HD
traded lower following their earnings beats this morning. Tomorrow brings us reports from
Target
TGT
,
TJX Companies
TJX
and
L Brands
L
.
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