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Oil Pressures Markets; Wall Street Ends in Records

Originally published: 07.17.17 by Margot Crabtree


The month began and ended with records, but the sailing in between was anything but smooth. The trading session ended July 14, 2017, with second quarter earnings season just starting and Wall Street closing on a high note.

The Commerce Department reported that construction spending remained flat in May, with residential construction dropping 0.6 percent, the first drop since April 2016, and the largest since July 2014. Non-residential construction fell 0.7 percent, the fifth consecutive monthly drop.

Although the Commerce Department reported that incomes rose by 0.4 percent in May, consumer spending was up just 0.1 percent in the month.  The Institute for Supply Management’s manufacturing index increased to 57.8 in June, from 54.9 in May. The index is at its highest point since August 2014.

The Commerce Department said that factory orders fell 0.8 percent in May, the largest decline since November. Economists had expected a drop, but it was twice what they’d anticipated.

A strong June jobs report boosted Wall Street after the Labor Department said that employers added 222,000 jobs in June, the strongest showing in four months, though preceded by a report showing weaker private company job creation. The Commerce Department reported that retail sales fell 0.2 percent in


June, down for a second straight month, with less money spent at gas stations, department stores and restaurants.

Although the first-reporting financial companies beat earnings expectations, other bank numbers were not as positive, but this did little to slow down Wall Street. The Labor Department said that consumer prices were unchanged in June from the month previous, indicating a low risk of inflation, as did a producer price index up 0.1 percent in June after no increase in May.

Fed chief Yellen indicated that upcoming interest rate hikes could be gradual if inflationary pressures remain tame.

“The data is pointing to this continuation of fairly accommodative policy, which has obviously served the market well over the last few years,” said Lee Ferridge, head of macro strategy for North America at State Street Global Markets, in regards to inflation. “So as far as the market is concerned, it’s sort of more of the same.”

Exchange
Symbol
Company Name
Price
7/14/17
Price
6/15/17
Net
Change
PercentChange
52-Week
High
52-Week
Low
Shares
Outstanding
Market
Capitalization
NASD AAON AAON, Inc. 37.50 37.65 -0.15 -0.40% 38.20 25.33 52600 1972500
NYSE ABB ABB Ltd. 25.16 24.91 0.25 1.00% 25.83 19.87 2140000 53842400
NYSE AOS AO Smith Corp. 57.44 56.80 0.64 1.13% 57.97 43.66 146890 8437361.6
NYSE FIX Comfort Systems USA, Inc. 36.70 35.70 1.00 2.80% 39.67 26.05 37120 1362304
NYSE DOV Dover Corp. 84.32 82.38 1.94 2.35% 84.68 65.50 155670 13126094.4
NASD ELON Echelon Corp. 5.00 5.83 -0.83 -14.24% 7.20 4.17 4440 22200
NYSE DD E. I. DuPont de Nemours & Co. 84.75 82.17 2.58 3.14% 84.97 66.02 867030 73480792.5
NYSE EME EMCOR Group, Inc. 65.03 65.31 -0.28 -0.43% 73.44 50.08 59230 3851726.9
NYSE EMR Emerson Electric Co. 60.18 60.26 -0.08 -0.13% 64.36 49.22 644480 38784806.4
NYSE FCAU Fiat Chrysler 11.99 10.68 1.31 12.27% 12.02 6.01 1540000 18464600
NYSE F Ford Motor Co. 11.68 11.24 0.44 3.91% 14.04 10.67 3910000 45668800
NYSE GM General Motors Co. 36.35 34.60 1.75 5.06% 38.55 29.82 1500000 54525000
NYSE HON Honeywell International, Inc. 135.83 134.47 1.36 1.01% 135.93 105.25 762340 103548642.2
NASD HDSN Hudson Technologies, Inc. 9.19 8.44 0.75 8.89% 9.44 3.47 41540 381752.6
NYSE IR Ingersoll-Rand Plc 92.83 89.86 2.97 3.31% 94.39 62.40 256020 23766336.6
NYSE JCI Johnson Controls, Inc. 43.87 41.94 1.93 4.60% 50.65 39.16 938110 41154885.7
NYSE LII Lennox International Inc. 183.78 187.72 -3.94 -2.10% 192.58 140.97 42670 7841892.6
NYSE LXU LSB Industries, Inc. 10.85 10.39 0.46 4.43% 13.85 4.52 28410 308248.5
NYSE MTW Manitowoc Co., Inc. 4.05 5.88 -1.83 -31.12% 7.57 3.65 140540 569187
NYSE MLI Mueller Industries, Inc. 30.52 30.46 0.06 0.20% 43.96 27.72 57600 1757952
NYSE NWL Newell Rubbermaid, Inc. 53.81 54.59 -0.78 -1.43% 55.45 43.43 483100 25995611
OTC NSANY Nissan Motor Co. Ltd. 20.23 19.49 0.74 3.80% 20.76 18.06 3910000 79099300
NASD OFLX OmegaFlex, Inc. 68.50 63.25 5.25 8.30% 69.80 34.00 10090 691165
NYSE PH Parker-Hannifin Corp. 165.06 159.36 5.70 3.58% 166.60 111.36 133180 21982690.8
NYSE RBC Regal-Beloit Corp. 84.15 81.55 2.60 3.19% 85.85 56.45 44810 3770761.5
NYSE ROK Rockwell Automation 167.34 161.60 5.74 3.55% 167.80 111.52 128840 21560085.6
OTC SIEGY Siemens Aktiengesellschaft  69.17 70.30 -1.13 -1.61% 73.42 51.31 1620000 112055400
NYSE SPXC SPX Corp.  27.57 24.88 2.69 10.81% 28.93 14.43 42390 1168692.3
NYSE TXN Texas Instruments 82.00 80.08 1.92 2.40% 84.65 64.54 996320 81698240
NYSE UTX United Technologies Corp. 123.41 120.75 2.66 2.20% 124.79 97.62 801230 98879794.3
NYSE WSO Watsco, Inc. 150.83 149.96 0.87 0.58% 159.55 128.60 27500 4147825

 

 
Price 7/14/17
Price 6/15/17
Net Change
Percent Change
HVACR Business Stock Index 1,525.06 1,494.51 30.55 2.04%
Dow Jones Industrial Average 21,637.74 21,359.90 277.84 1.30%
S&P 500 Index 2,459.27 2,432.46 26.81 1.10%
NASDAQ Composite 6,312.47 6,165.50 146.97 2.38%

 

Gainers/Losers
$ Gainer Rockwell Automation 5.74
$ Loser Lennox International Inc. -3.94
 
% Gainer Fiat Chrysler 12.27%
% Loser Manitowoc Co., Inc. -31.12%
 
Advancers 23
Decliners 8

 

The HVACR Business Stock Index posted a solid upswing, adding 30.55 points, or 2.04 percent, to end at 1525.06, a record in six out of seven months this year. Advancing issues flew past declining issues at a 23-to-8 count.

Rockwell Automation increased 5.74 points, or 3.55 percent, and closed at 167.34. Zacks Equity Research upped its rating on ROK to a #2, or “buy” rank. Rockwell was the top dollar gainer.

Manitowoc slipped 1.83 points, or 31.12 percent. Zacks cut its rating on MTW to “sell” from “hold,” citing weak demand for its cranes. Manitowoc closed at 4.05, and was the top percentage loser.

Despite a recall of 1.33 million vehicles, shares of Fiat Chrysler added 1.31 points, or 12.27 percent. FCAU said it is recalling the vehicles in two campaigns because of potential fire risks and accidental deployment of airbags. The primary causes of the issues are faulty wiring and alternators.

Fiat Chrysler ended at 11.99, and was the top percentage gainer.

 

 




About Margot Crabtree

Margot is president of Trade Trends, Inc., a financial data services provider. She has been offering market analysis with customized stock indices and financial commentaries since 1999. For additional information, visit tradetrendsonline.com.

 

 




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