Stocks across all three major averages barely budged Wednesday, marking a 15th straight day of moves less than 1% in either direction.
Stocks inched into positive territory early in the day and pretty much stayed close to that level, with each average finishing the day up only a few tenths of one percent. Oil, however, did retrace some of its recent losses by moving up a little under 4%.
While stocks were placid, there were a number of economic and business headlines. But first, the scoreboard:
Dow: 18,351.09 (+37.32, +0.20%)
S&P 500: 2,163.66 (+6.63, +0.31%)
Nasdaq: 5,159.74 (+22.00, +0.43%)
WTI Crude oil: $41.08 (+1.57, +3.97%)
10-year Treasury yield: 1.542 (+0.005, +0.33%)
Tesla missed on earnings. The electric carmaker reported an adjusted loss per share of $1.06 per share against analyst estimates of only $0.60. Adjusted revenue also missed at $1.56 billion against projections of $1.63 billion.
Kate Spade reported worrying earnings. The retailer missed on quarterly profits and cut sales projections. Shares of the retailer fell nearly 20% after the news and their admission that one of the company's most important customer bases, tourists, is ditching the brand.
One of America's largest gunmakers got political. Following disappointing earnings, Sturm Ruger CEO Michael Fifer announced that the firm will donate $2 for every gun it sells until the election to the National Rifle Association. Fifer also went after Democratic Presidential nominee Hillary Clinton during the firm's earnings call.
The service sector continued to look strong. Both ISM non-manufacturing and Markit Services PMI stayed in expansionary territory for the month of July. ISM's 55.5 reading, however, was slightly lower than analysts' expectations of 56.0.
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The US Air Force wants to test blowing up Cybertrucks because 'it is likely the type of vehicles used by the enemy may transition to Tesla Cyber trucks'
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