Tuesday, June 28, 2016
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Market Digest Online TUESDAY, JUNE 28, 2016: U.S. stocks closed about 1.5 percent lower or more Monday, extending Friday's post-Brexit sell-off with materials leading decliners. The Dow Jones industrial average and S&P 500 ended at their lowest since mid-March. The major indexes came off session lows as the close neared. Traders said there were more buy orders at the close when some had expected to see selling. They also said the market was lifted by investors buying stock to cover short positions. The Dow and S&P broke below their 200-day moving averages intraday for the first time since mid-March and held below into the close.

"I think you've got some technical damage here and it's to be expected. The size of the moves in the currency markets are order-of-magnitude larger than the stock market's," said Art Hogan, chief market strategist at Wunderlich Securities. "That's a hard thing to catch up with, and the knock-on effect that it has." The euro and pound traded lower, with the U.S. dollar index extending a recent surge to pressure dollar-sensitive assets.

U.S. crude oil futures settled down $1.31, or 2.75 percent, at $46.33 a barrel. Materials traded more than 3.5 percent lower to lead decliners in the S&P 500, which traded below the psychologically key 2,000 level.

"Materials, they've been hurt because of the dollar. The dollar (index) almost got up to 97. Materials are screwed with the dollar above 96. ... As the dollar rips it hurts the companies that make materials," said Larry McDonald, creator of The Bear Traps Report. The Dow closed about 260 points lower after earlier falling 337 points. Boeing, McDonald's and IBM had the greatest negative impact as most constituents declined.

The Nasdaq composite closed at its lowest since late February. The index underperformed with a decline of more than 2 percent, weighed by Microsoft and Apple. The iShares Nasdaq Biotechnology ETF (IBB) fell 3 percent.

In an unprecedented move, Britain surprised markets by voting to leave the European Union late last week. The news raised concerns that other countries might leave the union and that global growth would come under significant pressure, while the actual timeframe of the U.K. departure from the EU remained unclear. Standard & Poor's announced Monday that it had lowered the United Kingdom's sovereign credit rating from "AAA" to "AA," citing last week's referendum.

The Dow Jones industrial average closed down 260.51 points, or 1.50 percent, at 17,140.24, with American Express the greatest decliner and Verizon and Johnson & Johnson the only advancers. The S&P 500 closed down 36.87 points, or 1.81 percent, at 2,000.54 with materials leading eight sectors lower and telecoms and utilities the only advancers. The Nasdaq composite closed down 113.54 points, or 2.41 percent, at 4,594.44.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded lower near 23.2. About five stocks declined for every advancer on the New York Stock Exchange, with an exchange volume of nearly 1.3 billion and a composite volume of about 5.3 billion in the close. Gold futures for August delivery settled up $2.30 at $1,324.70 an ounce.


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