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SWS Market Update: Stocks drop as investors concern over interest rates rise

Stocks drop on Tuesday for the third session in a row as investors concerns about raising interest rates continues to grow after Federal Reserve Chairman Jerome Powell’s remarks on Friday. All three benchmark indexes are on the path to falling at least 3% in August. The S&P 500 dropped 1.10% to 3986.16 on today and has lost 5.1% since Friday’s sell-off. The Dow Jones Industrial Average fell 0.96% to 31790.87 and the Nasdaq Composite lost 1.12% to close at 11883.14 on Tuesday.

Economic Reports

S&P Case-Shiller U.S. home price index (year-over-year) went down in June from 19.9% to 18.0%.

Consumer confidence index increased in August to 103.2, compared with 95.7 previously.

Job openings reported a slight increase in July to 11.2 million, up from 11.0 million.

Quits reported a drop from 4.3 million to 4.2 million in July.


The SP 500 went down by 1.10% to close at 3986.16. The index is down 3.45% over five days, down 2.57% over one month, down 3.53% over three months and down 11.86% over one year.

The trailing P/E is 22.84 compared to 31.26 one year ago and estimated future P/E 18.37. Dividend yield is currently 1.54 compared with 1.31 one year ago.

Leading stocks were EPAM up 2.09%, PAYC up 1.74%, BBY up 1.61%, PPG up 1.46% and RL up 1.42%.

Trailing stocks were CF down 6.48%, FCX down 5.52%, MOS down 4.97%, APA down 4.93% and HAL down 4.86%.

The Dow Jones Industrial Average went down 0.96% to close at 31790.87. The DOW is down 3.40% over five days, down 1.87% over one month, down 3.64% over three months and down 10.10% over one year.

The trailing P/E is 18.72 compared with 24.04 year ago and an estimated future P/E of 17.79. The current dividend yield is 2.21% compared with 1.78 one year ago.

Leading stocks were AXP up 0.08%, JPM down 0.02%, NKE down 0.02%, GS down 0.09% and AMGN down 0.11%.

Trailing stocks were DOW down 2.82%, CAT down 2.52%, CVX down 2.44%, WBA down 2.17% and INTL down 2.06%.

The NASDAQ composite went down 1.12% and closed at 11883.14. NASDAQ is down 4.02% over five days, down 3.77% over one month, down 1.64% over 3 months and down 22.12% over one year.

Leading stocks were MGAM up 103.85%, NBEV up 74.20%, INAB up 39.39%, TMC up 33.33% and PETZ up 29.30%.

Trailing stocks were NOGN down 65.57%, AMST down 51.45%, BXRX down 43.07%, CLAR down 36.94%, and LQDA down 30.40%.

The MidCap SP400 went down by 1.39% to close at 2448.36. The SP400 is down 2.91% for the past 5 days, down 1.58% for the past month, down 2.64% for the past 3 months and down 11.07% over the past year.

The SmallCap SP600 went down by 1.49% to close at 1195.79. The SP600 is down 3.43% for the past 5 days, down 2.95% for the past month, down 3.22% for the past 3 months and down 12.51% over the past year.

The CBOE VIX is flat at 0.00% and closed at 26.21. The VIX is up 8.71% over five days, up 9.53% over one month, up 0.08% over three months and up 59.04% over one year.

On the New York stock exchange 671 stocks advanced and 2518 declined, while on Nasdaq 1326 advanced and 3240 declined.

There were 12 new 52 week highs and 147 new 52 week lows on NYSE with 19 new highs and 259 new lows on NASDAQ.

The 2 year Treasury note is 3.433% and the 10 year is 3.110%. The 10-year yield is up 0.2% over five days, up 40.5% over one month, up 19.6% three months ago, and up 181.0% one year ago.

SP500 Sector Performance % Change:

Financials -0.42

Health Care -0.66

Communication Services -0.79

Consumer Staples -0.99

Information Technology -1.08

Consumer Discretionary -1.11

Real Estate -1.45

Utilities -1.46

Industrials -1.48

Materials -1.71

Energy -3.36

Financials has been down 2.22% over five days, up 0.65% over one month, down 6.08% over three months and down 13.27% over one year.

Energy has been down 1.01% over five days, up 5.67% over one month, down 6.14% over three months and up 70.49% over one year.

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