Materials & Industrials Lead Broad-Based Selloff; Dunkin’ Announces New CEO
Rick Winters, vice president at Adviser Investments, has the market analysis for Wednesday, July 11. The Dow Jones Industrial Average, the S&P 500 and the NASDAQ Composite indexes closed the day down 0.9%, 0.7% and 0.5%, respectively. Today’s broad-based selloff resulted in declines for 10 out of the 11 broad S&P 500 sectors; and materials and industrials led the slump. Overseas, Shanghai’s SSE Composite Index took a hit: It fell 1.8%, and is down 14% year-to-date. Closer to home, Dunkin’ Donuts announced that its president of U.S. businesses, David Hoffman, is replacing Chief Executive Officer Nigel Travis, effective immediately.