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US close: Markets mixed as Trump bizarrely defends Russia

By Josh White

Date: Monday 16 Jul 2018

US close: Markets mixed as Trump bizarrely defends Russia

(Sharecast News) - Stocks on Wall Street finished mixed on Monday as investors digested earnings from Bank of America and BlackRock, and reacted to a bizarre summit between Donald Trump and Russia's Vladimir Putin, in which the former blamed his own country for rigging the 2016 election which led to his presidency.
The Dow Jones Industrial Average was up 0.18% at the close to 25,064.36, while the S&P 500 fell 0.1% to 2,798.43 and the Nasdaq 100 was off 0.24% to 7,357.90.

Donald Trump and his Russian counterpart Vladimir Putin met in the Finnish capital of Helsinki to discuss "everything from trade to military to missiles to China".

Putin told Trump that "the time has come to talk thoroughly about bilateral relations, as well as various hotspots in the world".

At a post-summit press conference, Trump defended Russia over ongoing claims the country was responsible for interference in the 2016 US federal election.

In a contradiction of what his own intelligence agencies have publicly said, Trump stated that Russia had "never" interfered in US affairs, adding there was no reason for Russia to do anything to the vote.

"President Putin says it's not Russia," he told gathered media

"I don't see any reason why it would be."

Trump earlier said the pair would discuss trade, the military, missiles, nuclear weapons and China, including their "mutual friend" China's Xi Jinping. He also said "getting along with Russia is a good thing, not a bad thing".

On the data front, US retail sales increased as expected in June, marking five months of rising sales as the estimate for May was revised up.

Retail and food services sales rose 0.5% to $506.8bn from a month earlier - an increase that matched the average forecast from economists. The percentage gain for May was revised up to 1.3% from an earlier estimate of 0.8%.

Compared with June 2017 sales rose 6.6%, the US Census Bureau said.

Elsewhere, business conditions in the New York region deteriorated a little less than expected in July, according to a survey from the NY Fed.

The Empire State manufacturing index fell to 22.6 from 25.0 the month before but was ahead of expectations for a reading of 22.0.

About 40% of respondents reported that conditions had improved over the month, while 17% said they had worsened.

Its new orders index declined to 18.2 from 21.3 in June, while the shipments index fell to 14.6 in July from 23.5 the month before.

The inventories gauge declined to -4.3 from 5.4 in June and the unfilled orders index came in at 0.0 in July from 9.3 in June.

Energy shares were under the cosh as oil prices took a tumble on reports that Saudi Arabia was offering extra crude supplies to some of its customers following a plan to boost output.

Chevron and Exxon Mobil both gushed lower as West Texas Intermediate slid 4.57% to $67.91 a barrel and Brent crude dropped 4.64% to $71.99.

In individual company news, Bank of America rallied 4.31% after its second-quarter earnings beat estimates, but BlackRock nudged down 0.62% after the money manager said assets under management dipped in the second quarter.

Elsewhere, Netflix inched 1.18% higher ahead of its earnings report, while Goldman Sachs advanced 2.22% following a New York Times report over the weekend that the bank is planning to name President David Solomon to succeed Lloyd Blankfein as chief executive officer this week.

Amazon ticked 0.52% higher as the online retail giant's Prime Day got under way.

Dow Jones - Risers

JP Morgan Chase & Co. (JPM) $110.54 3.97%
Goldman Sachs Group Inc. (GS) $231.44 2.22%
Cisco Systems Inc. (CSCO) $42.50 1.72%
Boeing Co. (BA) $356.05 1.51%
Travelers Company Inc. (TRV) $128.19 1.23%
Nike Inc. (NKE) $77.74 0.48%
Verizon Communications Inc. (VZ) $51.59 0.37%
Procter & Gamble Co. (PG) $79.53 0.28%
American Express Co. (AXP) $100.69 0.21%
Walt Disney Co. (DIS) $110.20 0.19%

Dow Jones - Fallers

Caterpillar Inc. (CAT) $138.09 -1.90%
Johnson & Johnson (JNJ) $124.79 -0.98%
Exxon Mobil Corp. (XOM) $82.48 -0.98%
Dowdupont Inc. (DWDP) $65.72 -0.96%
Chevron Corp. (CVX) $122.94 -0.82%
Unitedhealth Group Inc. (UNH) $257.17 -0.66%
Visa Inc. (V) $138.46 -0.65%
Microsoft Corp. (MSFT) $104.91 -0.49%
Merck & Co. Inc. (MRK) $62.59 -0.48%
Intel Corp. (INTC) $52.01 -0.40%

S&P 500 - Risers

VF Corp. (VFC) $88.75 4.67%
Bank of America Corp. (BAC) $29.78 4.31%
JP Morgan Chase & Co. (JPM) $110.54 3.97%
Citigroup Inc. (C) $69.48 3.73%
Wells Fargo & Co. (WFC) $56.99 2.98%
Navient Corporation (NAVI) $13.83 2.98%
Keurig Dr Pepper Inc. (KDP) $24.80 2.31%
Kohls Corp. (KSS) $70.65 2.23%
Goldman Sachs Group Inc. (GS) $231.44 2.22%
Keycorp (KEY) $19.92 1.89%

S&P 500 - Fallers

Alliance Data Systems Corp. (ADS) $218.97 -10.07%
TEGNA Inc (TGNA) $11.13 -6.86%
Marathon Oil Corp. (MRO) $20.04 -6.70%
Chesapeake Energy Corp. (CHK) $4.89 -5.68%
Endo International Plc (ENDP) $10.56 -5.04%
Hess Corp. (HES) $63.90 -4.00%
Murphy Oil Corp. (MUR) $31.71 -3.91%
Newfield Exploration Co (NFX) $29.09 -3.32%
Noble Energy Inc. (NBL) $34.85 -3.22%
Apache Corp. (APA) $46.00 -3.04%

Nasdaq 100 - Risers

Mercadolibre Inc. (MELI) $343.25 4.75%
Cisco Systems Inc. (CSCO) $42.50 1.72%
Biogen Inc (BIIB) $353.03 1.31%
Netflix Inc. (NFLX) $400.48 1.18%
Comcast Corp. (CMCSA) $34.97 0.78%
NetEase Inc. Ads (NTES) $268.07 0.74%
Amazon.Com Inc. (AMZN) $1,822.49 0.52%
Wynn Resorts Ltd. (WYNN) $166.03 0.48%
Asml Holdings N.V. (ASML) $200.08 0.45%
American Airlines Group (AAL) $37.28 0.43%

Nasdaq 100 - Fallers

Tesla Inc (TSLA) $310.10 -2.75%
Dish Network Corp. (DISH) $32.76 -2.47%
Hasbro Inc (HAS) $94.35 -2.25%
Hologic Inc. (HOLX) $41.09 -2.19%
Liberty Global plc Series A (LBTYA) $28.81 -1.97%
Kraft Heinz Co. (KHC) $62.64 -1.90%
Twenty-First Century Fox Inc Class A (FOXA) $46.71 -1.79%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $255.50 -1.68%
Twenty-First Century Fox Inc Class B (FOX) $46.41 -1.65%
Cintas Corp. (CTAS) $192.50 -1.64%


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