The S&P 500 increased 0.1% on Tuesday, as shares of
large-cap technology stocks helped the stock market overcome a slow start.
Overall, there appeared to be a wait-and-see mindset for potential market-moving
catalysts this week, including Fed Chair Powell's semiannual monetary policy
testimony on Capitol Hill tomorrow. The Nasdaq Composite increased 0.5%, and the Russell 2000
increased 0.1%. The Dow Jones Industrial Average (-0.1%), however, lost ground
as shares of 3M (MMM 165.70, -3.49, -2.1%) underperformed after the stock was
downgraded to Sector Perform from Outperform at RBC Capital Mkts.
Equity futures after hours: S&P 500 futures -1.62 vs. Fair Value of 2,984; Nasdaq 100 futures -1.75 vs. Fair Value of 7,849.
Earnings out after the close/already out: WDFC, KSHB, HELE, LEVI.
Earnings out tomorrow morning: ANGO, MSM.
Economic news expected to be released tomorrow: MBA Mortgage Applications Index (Consensus NA vs. -0.1% in the prior week).
In the oil markets... The American Petroleum Institute (API) reported its weekly U.S. oil storage data after the close today, which showed a big draw out of oil storage last week. API petroleum for the week ended July 5 is as follows:
- Crude oil inventories had a draw of 8.129 million barrel
- Prior week had a draw of 5.0 million barrels
- Gasoline Inventories had a draw of 0.257 million barrels
- Prior week had a draw of 0.387 million barrels
- Distillate Inventories had a build of 3.690 million barrels
- Prior week had a draw of 1.7 million barrels
- Cushing Inventories had a draw of 0.754 million barrels
- Prior week had a build of 0.882 million barrels
Oil prices initially rose higher following this data. Aug WTI crude oil futures are now +$0.71 (+1.2%) at $58.37/barrel.