Stocks edge lower as investors digest earnings

Aug. 03, 2017 9:55 AM ETBy: Carl Surran, SA News Editor1 Comment
  • Stocks open slightly lower a day after the Dow pierces 22K, with most sectors trading modestly in the red, as investors digest an avalanche of earnings last night and this morning; Dow -0.1%, S&P and Nasdaq -0.2%.
  • "After the markets reach such a big milestone, it's typical to see [a] technical consolidation," says Charles Schwab's Randy Frederick, adding that he expects "some sideways motion ahead of the jobs report tomorrow, with markets flat or even slightly down."
  • European markets are mostly higher after the Bank of England kept its key interest rate and asset purchase program unchanged, with U.K.'s FTSE +0.8% and France's CAC +0.6% but Germany's DAX -0.1%; in Asia, Japan's Nikkei finished -0.2% and China's Shanghai Composite closed -0.3%.
  • In U.S. corporate news, Tesla +5.7% in early trading after beating both top and bottom line estimates and announcing that its Model 3 production is on track; on the flip side, Yum! Brands -1% despite reporting above-consensus earnings and revenues.
  • The financial sector (-0.5%) shows relative weakness at the open, while consumer staples (+0.2%) is among early gainers.
  • U.S. Treasury prices are higher, with the benchmark 10-year yield 3 bps lower at 2.24%.
  • U.S. crude oil +0.2% at $49.71/bbl.
  • Still ahead: factory orders, PMI services index, ISM non-manufacturing index, EIA natural gas inventory

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