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MARKETS LIVE BLOG:

S&P 500 SLIPS BELOW 5,000; NASDAQ SINKS ON NETFLIX DRAG

Fed's Goolsbee says 'It makes sense to wait' before cutting rates

Stock Market News For Aug 8, 2019

Zacks Equity Research

Markets ended moderately higher on Wednesday after major benchmarks recovered from losses incurred earlier in the session. While, the Dow ended in the red, the S&P 500 and the Nasdaq closed in the green. Meanwhile, central banks of India, New Zealand and Thailand announced interest rate cuts.

The Dow Jones Industrial Average decreased less than 0.1%, to close at 26,007.07. The S&P 500 increased 0.1% to close at 2,883.98. The tech-laden Nasdaq Composite Index closed at 7,862.83, gaining 0.4%. The fear-gauge CBOE Volatility Index (VIX) decreased 4.6% to close at 19.23. Decliners outnumbered advancers on the NYSE by a 1.04-to-1 ratio. On Nasdaq, a 1.03-to-1 ratio favored declining issues.

How Did the Benchmarks Perform?

The Dow dipped 22.5 points to close in the red due to broad-based losses. At its session lows, the Dow had dropped as much as 589 points. Shares of Caterpillar CAT lost 1.1% and weighed on the 30-stock index. The stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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The S&P 500 rose 2.2 points to end in positive territory after sinking nearly 2% at its session lows. Of the 11 major sectors of the S&P 500, eight ended in the green, with materials stocks leading the advancers. The Materials Select Sector SPDR Fund (XLB) increased 1.4% on Wednesday. Meanwhile, both the Dow and the S&P 500 exhibited their best turnaround in a session since Dec 27, 2018.

The Nasdaq gained 29.6 points to also close in the green. Shares of Apple AAPL jumped 1% and supported gains for the Nasdaq.

Central Banks of New Zealand, India & Thailand Cut Rates

Citing possibilities of an aggravation in the global economic slowdown due to the U.S.-China trade war, central banks of India, New Zealand and Thailand cut their key interest rates on Wednesday. While, New Zealand reduced its lending rate to an all-time low of 1%, India reduced its repo rate by 0.35% to 5.40%. This was the fourth time in a row that the Reserve Bank of India (RBI), the country’s central bank, has slashed interest rates.

Meanwhile, the Bank of Thailand also cut its benchmark interest rate to counter a weakening economy and tepid inflation levels. The country’s central bank slashed its policy rate to 1.50% from 1.75%.

China Devalues Currency to Historic Lows

After setting its daily currency anchor at 7 yuan against the U.S. dollar, its lowest level since 2008, China pegged its official midpoint reference for yuan at 6.9996. The People’s Bank of China (PBOC) fixes the currency on a daily basis, allowing only a 2-percentage-point change on the either end of the currency’s official midpoint.

Stocks That Made Headlines

Marathon Oil Q2 Earnings Beat on High U.S. Output

Marathon Oil Corporation MRO reported stellar second-quarter 2019 results on Aug 7, wherein earnings and revenues surpassed the respective Zacks Consensus Estimate. (Read More)

Lyft Up on Narrower-Than-Expected Q2 Loss, Upbeat View

Lyft LYFT incurred a loss per share in second-quarter 2019, narrower than the Zacks Consensus Estimate. (Read More)

Copa Holdings Shares Up on Q2 Earnings & Revenue Beat

Copa Holdings, S.A.’s CPA second-quarter 2019 earnings per share which beat the Zacks Consensus Estimate. (Read More)

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Copa Holdings, S.A. (CPA) : Free Stock Analysis Report
 
Apple Inc. (AAPL) : Free Stock Analysis Report
 
Caterpillar Inc. (CAT) : Free Stock Analysis Report
 
Marathon Oil Corporation (MRO) : Free Stock Analysis Report
 
Lyft, Inc. (LYFT) : Free Stock Analysis Report
 
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Zacks Investment Research