Stocks closed lower on Friday, and finished slightly in the red for the quiet summer week.
Crude oil fell for the first time in several sessions amid a rise in the dollar.
First, the scoreboard:
- Dow: 18,554.90, -42.80, (-0.23%)
- S&P 500: 2,183.96, -3.06, (-0.14%)
- Nasdaq: 5,238.65, -1.50, (-0.03%)
- WTI crude oil: $48.52, +$0.30 (0.6%)
- The US oil rig count rose for an eighth straight week. According to Baker Hughes, producers brought 10 oil rigs online, taking the total to 406, the highest since February 19. The gas rig count was unchanged at 83, miscellaneous rigs were unchanged at two, and the total rig count rose 10 to 491. Crude oil returned to a bull market on Thursday, up 22% from the recent low.
- John Deere raised its earnings outlook in the face of a global farming slowdown. The maker of heavy agricultural equipment increased its fiscal-year outlook to $1.35 from $1.2 billion. “Deere continues to perform well in the face of challenging market conditions, particularly in relation to agricultural downturns of the past,” said CEO Samuel R. Allen in the earnings statement.
- Pure Storage, one of the biggest tech initial public offerings last year, tanked by as much as 16% after getting downgraded a week before its earnings. This brought its market cap to $2.43 billion, down from the $3 billion valuation it drew in the private market pre-IPO, and the $2.9 billion market cap it debuted at. OTR Global downgraded the stock to “negative” from “mixed,” citing higher competition and pricing pressures.
- Vancouver’s crazy housing market is melting down. A report from Global News showed that sales in West Vancouver fell 94% year-on-year from August 1 to 14. And, the latest numbers from the Canadian Real Estate Association show that national home sales fell for a third straight month in July, led by Greater Vancouver and Fraser Valley, as prices continued to rise.