STOCKS GO NOWHERE: Here's what you need to know

The major equity indexes closed little changed on Tuesday.

The US dollar index rose to its strongest level of this month after Federal Reserve Bank of New York President William Dudley talked up a September announcement on the Fed’s balance sheet. Markets also saw some stronger-than-expected data on retail sales and New York-area manufacturing.

Here’s the scoreboard:

  • Dow: 22,017.82, +24.11, (0.11%)
  • S&P 500: 2,467.48, +1.64, (0.07%)
  • Nasdaq: 6,340.60, +0.37, (0.01%)
  1. US retail sales rose 0.6% in July, their biggest increase in seven months. Consumers boosted purchases of cars as well as discretionary spending, suggesting the economy continued to improve early in the third quarter.
  2. The CEOs of Intel, Under Armour, and the Alliance for American Manufacturing have also left President Donald Trump’s manufacturing council of business leaders. Merck’s chief executive quit Monday over Trump’s response to the white-supremacist protests in Charlottesville. Johnson & Johnson CEO Alex Gorsky said the company “has a responsibility to remain engaged” in a statement announcing he was staying.
  3. The Congressional Budget Office said healthcare premiums for 2018 would increase 20% more than its current baseline if Trump ends Obamacare’s cost-sharing reduction (CSR) payments. The CBO also estimated the federal deficit would increase by $US194 billion between 2018 and 2026 compared to the current baseline.
  4. Dick’s Sporting Goods shares crashed 22% Tuesday after the company reported second-quarter profits and sales that were weaker than analysts had expected. The retailer also cut its guidance for full-year earnings amid what it described as “a challenging retail environment.”
  5. Home Depot reported higher-than-expected profit and comparable sales on Tuesday, and also raised its full-year sales and profit forecasts. Its shares still fell 3%.


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