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
|
Price
|
Net
|
PercentChange |
52-Week
|
52-Week
|
Shares
|
Market
|
| 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.