By Markus Heitkoetter
Stocks got off to a rough start this morning.
With a choppy overnight session, the major indices opened lower across the board.
ISM Non-Manufacturing PMI came out better than expected with a 56.5 reading versus a 53.3 forecast (readings above 50 indicate industry expansion). The immediate reaction was positive, but just 30 minutes later stocks were sitting at lows of the day.
Things looked bad, but stocks manage to turn on a dime. And a after a late morning rally, stocks were trading at session highs.
Stocks were sideways ahead of today’s FOMC Meeting Minutes. The minutes showed that the Fed will likely put rate hikes on hold until new economic data can be analyzed. Although the June meeting was held before the U.K.’s referendum decision, the Fed acknowledged that the outcome of the referendum was important before making any policy decisions.
The major indices continued to move sideways as traders digested the meeting minutes. But a rally into the close left the major indices at highs of the day.
Here’s where the major indices ended the day:
- The S&P finished with a 0.5% gain. Up 11 points, the S&P ended at 2,100.
- The DOW ended 0.4% higher. Adding 78 points, the DOW closed at 17,919.
- The NASDAQ was up 0.8%. With a 36 point loss, the NASDAQ finished at 4,859.
Crude Oil (CL) opened lower, then crawled its way back through the day. At the end of the session CL was trading 1.6% higher at $47.36 a barrel.
Tesla (TSLA) made headlines after the National Highway Safety Administration said they were looking into a non-fatal crash on July 1st to determine if the Tesla Model X had its autopilot engaged during the accident. This is the second incident involving Tesla and its autopilot feature to hit the news (although the May 7th crash being investigated was fatal).
We have ADP Non-Farm Employment Change, and Unemployment Claims tomorrow morning. But the biggie on the calendar this week is Friday’s Jobs Report at 8:30am ET.