How the day closed: indexes, leaders, laggards, and volatility.
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This is the CAMS Closing Market Recap for Monday, August 10.
Stocks finished a touch lower, and at the headline level barely moved. The S and P 500 closed essentially flat, down three hundredths of a percent. The Nasdaq 100 slipped about three tenths, the Dow gave back roughly a tenth, and the Russell 2000 was the softest of the four, down about half a percent.
Underneath that quiet surface, the day belonged to one sector. Energy closed up about four and two thirds percent, an enormous move next to anything else on the board. Health care was a distant second, up about one and seven tenths, and materials added roughly six tenths. On the other side, technology finished down about nine tenths, utilities down about one and a tenth, and real estate was weakest, off about one and three tenths. Five sectors higher, six lower.
Dow breadth told the same story, thirteen advancers against seventeen decliners. Chevron and Dow Incorporated led, both up more than four percent, with Salesforce behind them. Nvidia was the heaviest drag, down about two point nine percent, followed by Travelers and Sherwin Williams.
Volatility ticked up. The VIX closed near fifteen and a half, about three and three quarters percent higher on the day. That is still a low reading, just a little less calm than Friday.
The character of the session in one sentence: a flat index tape hiding a hard rotation out of growth and rate sensitive groups into energy.
Tomorrow is quiet on the domestic calendar. The Reserve Bank of Australia announces its cash rate overnight. The bigger event is Wednesday, when the consumer price index lands at eight thirty Eastern, with producer prices Thursday.
Tomorrow the desk will be watching whether energy leadership holds a second session or fades as that inflation print approaches.
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