How the day closed: indexes, leaders, laggards, and volatility.
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This is the CAMS Closing Market Recap for Monday, July 27.
Monday was a rotation day, and the headline indexes told different stories depending on where you looked. The S&P 500 closed at 739, essentially unchanged. The Dow rose about half a percent to 521, and the Russell 2000 gained six tenths to just under 293, while the Nasdaq 100 slipped about a third of a percent to 682, weighed down by technology.
Under the surface, the day was broader than that Nasdaq number suggests. Inside the Dow, 23 of the 30 stocks finished higher against just 7 decliners. Salesforce was the standout, up about 6 percent, with 3M and Sherwin-Williams each gaining about 3 percent. On the other side, Nvidia fell about 5 percent, the single biggest drag, alongside Dow Inc. and Chevron.
The sector story matched that split. Seven of the eleven sectors closed higher. Consumer staples led with a gain of about one and a half percent, followed by consumer discretionary and communications, each up a little more than 1 percent. Energy was the clear laggard, down more than 2 percent, with utilities off about one and a third and technology down about nine tenths.
Volatility barely moved. The VIX closed at 18.7, up slightly, a touch elevated as the market heads into a Fed week.
In plain terms, Monday was a day when money rotated out of the big technology names and into the rest of the market.
Tomorrow's calendar is quiet on the macro front. The main events of the week are the Federal Reserve meeting that begins Wednesday, with the rate decision due Thursday. The desk will be watching whether Monday's broadening beyond big tech carries into a second session as the market settles in ahead of the Fed.
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