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The level of bullish enthusiasm dissipated over the weekend as short-sighted traders moved on from the stimulus expectations from last week. The broad markets declined on a relatively uneventful day, with no Dow Jones Industrials earnings reports released. The unrelenting summer heat did bring some positive news for natural gas producers, as Henry Hub futures increased 6.6% today, cutting into the enormous surplus, which currently sits 16% above the five-year average.
Gain/ Loss %
|Dow Jones Industrial Average (INDEX: ^DJI )||(2.65)||(0.02%)|
|S&P 500 (INDEX: ^GSPC )||(0.67)||(0.05%)|
|WTI Oil Futures||(0.63)||(0.70%)|
Source: Yahoo! Finance.
JPMorgan Chase (NYSE: JPM ) keep the Dow out of the green today, dropping 2.3% after Deutsche Bank downgraded the bank from "buy" to "hold," stating that the bank was overestimating its earnings power in the near term. This downgrade was the first since reporting its multibillion-dollar trading loss in the first quarter.
A slew of Chinese solar companies were strongly discounted today, as the market continues to increase its inventory coupled with European subsidy reductions, creating a marketplace that is grossly oversupplied. Trina Solar (NYSE: TSL ) lost 10.54% after reducing its outlook for second-quarter shipments, citing U.S. antidumping tariffs and project delays as the root causes. Other Chinese solar companies fared worse, with Canadian Solar down 15.92%, Suntech Power dropping 14.65%, and Yingli Green Energy tumbling 10.73%.
With one complete quarter under its belt, Facebook (Nasdaq: FB ) continued its slide after a tumultuous inaugural quarterly earnings release, nudging its all-time low before closing the day down 2.34%. The social-media company is expecting to build out its mobile platform to address revenue opportunities as more users are accessing the site from their smartphones.
Today was a pretty uneventful day, but with European Central Bank President Mario Draghi and U.S. Treasury Secretary Timothy Geithner meeting to coordinate a plan to address the euro debt crisis, the markets could see more movement this week. The markets are sure to remain particularly volatile in the near term, and for this reason we have a recommendation for three dividend stocks that have storied traditions and outstanding balance sheets ever investor should own. Get immediate insight with our free report, "3 Dividend Stocks Investors Need." Don't miss out on this great opportunity.