Tue 31 Jul 2012 14:33:01 CT
The September S&P 500 trended lower throughout the session, marking its low of the day during the final hour. Some traders noted that trading volumes were very light, and that seemed to foster a choppy end-of month trade. The September E-mini Dow and S&P 500 registered a lower low on the session, while the September NASDAQ remained inside of the previous session's range. They major indices showed little reaction to this morning's flow of US economic data, which revealed an unexpected bounce in May home prices and unexpected gains in Chicago PMI and consumer confidence. Earnings this morning from Pfizer came in better than expected, and that offered a measure of support to the S&P and Dow Jones Index. Shares of Apple were up nearly 2.0% on talk that the company could be contemplating a stock split. Meanwhile, retail-related shares came under pressure following disappointing results from Coach. Most of the major S&P sectors were in negative territory, led by declines in consumer discretionary and energy-related shares.
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