FYI: U.S. stocks wavered Tuesday, pulled by enthusiasm for hot tech stocks, anxiety about trade dispute fallout and speculation that central bankers will do their best to keep the global economy growing.
The Dow Jones Industrial Average fell 0.08%, dragged lower by chemicals companies that fell after German chemicals giant BASF cut profit forecasts because of tariff battles between the U.S. and China. By contrast, the tech-heavy Nasdaq Composite was up 0.54%, buoyed by merger news. The S&P 500 index was up 3 points after paring earlier losses.
Federal-funds futures, used by investors to bet on central-bank policy, show a 4.9% chance that the Fed will cut rates by 50 basis points at its July 31 meeting, down from 25% a week ago. The market is banking on a 25 basis-point cut.
The yield on 10-year Treasurys ticked up to 2.06% from 2.03% on Monday. Yields and prices move in opposite directions.
U.S. chemical makers declined after German chemicals giant BASF slashed its profit forecast Monday evening, citing the continuing trade dispute between the U.S. and China as well as sluggish demand in the auto market. BASF fell 3.3%.
Dow and 3M were two of the biggest losers in the Dow Jones Industrial Average. Dow slid 1.6% to $47.76 a share while 3M fell 2.6% to $164.88.
The Nasdaq was led higher by Acacia Communications Inc., which soared 35% to $64.94 a share after Cisco Systems Inc. on Tuesday said it agreed to buy the company for $70 a share in cash, or about $2.6 billion.
Technology and consumer services were two of the leading sectors in the S&P 500. L3Harris Technologies Inc. was the top gainer, rising 3.2% to $190.52 a share. Advanced Micro Devices Inc. rose 2.5% to $32.83 a share.
Meanwhile, the pan-continental Stoxx Europe 600 benchmark shed about 0.5%, amid unwelcome corporate news on some of Europe’s biggest banks, chemical companies and auto makers.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2019-07-09/your-evening-briefingMarketWatch:
https://www.marketwatch.com/story/us-stock-futures-fall-as-investors-brace-for-comments-from-fed-chairman-powell-2019-07-09/printWSJ:
https://www.wsj.com/articles/europe-stocks-slip-amid-losses-in-chemicals-shares-11562659850Bloomberg:
https://www.bloomberg.com/news/articles/2019-07-08/asia-stocks-face-muted-start-yen-near-4-week-low-markets-wrap?srnd=premiumIBD:
https://www.investors.com/market-trend/stock-market-today/square-stock-jumps-on-upgrade-nasdaq-turns-higher/CNBC:
https://www.cnbc.com/2019/07/09/stock-market-fed-jay-powell-to-give-testimony.htmlReuters:
https://www.reuters.com/article/us-usa-stocks/wall-st-edges-lower-as-trade-concerns-weigh-big-rate-cut-hopes-fade-idUSKCN1U419OU.K:
https://uk.reuters.com/article/uk-britain-stocks/ftse-250-stumbles-as-brexit-worries-bite-ocado-shines-idUKKCN1U40P2Europe:
https://uk.reuters.com/article/us-europe-stocks/german-shares-drag-europe-lower-as-basf-profit-warning-bites-idUKKCN1U40OXAsia:
https://www.cnbc.com/2019/07/09/stock-market-fed-jay-powell-to-give-testimony.htmlBonds:
https://www.cnbc.com/2019/07/09/us-bonds-fed-speeches-and-auctions-in-focus.htmlCurrencies:
https://www.cnbc.com/2019/07/09/forex-markets-dollar-us-interest-rates-in-focus.htmlOil:
https://www.cnbc.com/2019/07/09/oil-markets-trade-global-economy-in-focus.htmlGold:
https://www.cnbc.com/2019/07/09/gold-markets-dollar-share-market-in-focus.htmlWSJ: Markets At A Glance:
https://markets.wsj.com/usMajor ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitorSPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-trackerSPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectorsCurrent Futures:
https://finviz.com/futures.ashx 
