Stock market news
“Dow falls 60 points, but S&P 500 hits a record
The Dow slid 60.02 points, or 0.2%, to 28,248.44 as shares of Apple snapped a 5-day winning streak. However, the S&P 500 gained 0.4% to close at 3,443.62. The benchmark hit another record on strength in other tech shares. The Nasdaq Composite advanced 0.8% to 11,466.47, also a record. The Dow fell amid a big shake-up for the average.
Mixed economic data
The U.S. Census reported a 36% surge in sales of newly built homes in July. However, the Conference Board’s consumer confidence index fell for a second straight month. Those mixed data sets come ahead of a key speech from Federal Reserve Chairman Jerome Powell later this week.
Salesforce, Amgen and Honeywell rise amid Dow shake-up
Salesforce shares rose 4% while Amgen and Honeywell were both up by at least 3% after it was announced the three companies will be added to the Dow later this month. The three stocks they will replace — Exxon Mobil, Pfizer and Raytheon Technologies dropped 3%, 1% and 1.5%, respectively. Apple, meanwhile, dropped 0.8% to snap a five-day winning streak. Shares of Facebook, Amazon and Microsoft were higher.”