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US stocks close mixed with the Dow higher. The S&P and NASDAQ marginally lower.

  
Analysis, US Market

The major stock indices are closing the day with mixed results:

  • Dow industrial average rose 76.63 points or 0.23% at 32803.48
  • S&P index fell -6.75 points at -0.16% at 4145.18
  • NASDAQ index fell -63.02 points at -0.50% at 12657.56
  • Russell 2000 gain 15.36 points or 0.81% at 1921.82

The NASDAQ index snapped a two day winning streak. Each of the indices fell 3 days and gain on two day’s to start the trading month.

For the week:

  • Dow industrial average fell -0.13%
  • S&P index rose 0.36%
  • NASDAQ index rose 2.15%

Looking at the Dow 30, the biggest gainers were:

  • J.P. Morgan, +3.03%
  • Chevron, +1.51%
  • Verizon, +1.17%
  • Visa, +1.08%
  • Caterpillar +0.95%

The biggest losers in the Dow included:

  • Disney -1.41%
  • Boeing -0.91%
  • Cisco -0.82%
  • Intel -0.76%
  • Salesforce -0.59%

Other big gainers today included a number of the meme stocks:

  • bed Bath and beyond +32.68%
  • beyond meat +21.89%
  • AMC +18.97%
  • Lyft +16.62%
  • Goodrx, +6.8%
  • Game Stop +4.17%

Some big losers today included:

  • Celsius, -9.03%
  • Tesla -6.63%
  • Western Digital -5.65%
  • Alibaba, -4.99%
  • Robin Hood -4.41%
  • Paramount global -4.15%
  • Moderna -3.78%

The US ‘Inflation Reduction Act’ will be voted on over the weekend – deal has been reached

  
  Analysis

US politics update. With market implications. Via Reuters:

  • Democratic U.S. Senator Kyrsten Sinema said on Thursday she agreed to “move forward” on a $430 billion drug pricing, energy and tax bill, subject to a Senate arbiter’s approval of the bill, which Democrats intend to pass over Republican objections.
  • The bill known as the Inflation Reduction Act, introduced last week by Schumer and Democratic Senator Joe Manchin, represents a key priority for Democrats and President Joe Biden
  • With the 100-seat Senate split 50-50, Democrats plan to pass the bill without Republican support through a parliamentary process known as reconciliation.
  • Senate Majority Leader Chuck Schumer said earlier on Thursday the chamber would convene on Saturday to vote on a motion to proceed and then begin debate on the bill.

Via other sources:

North Korea has tested explosive devices and begun other activity at nuclear test site

  
Analysis, Politics

Via a draft UN report obtained by Japaneses media (Nikkei), North Korea has tested explosive devices and begun digging new underground tunnels at its Punggye-ri nuclear test site

—

Tensions are high in Asia, China’s Communicst Party has gone full North Korea, lobbing five missiles into Japan’s exclusive economic zone, according a statement from Japanese defence minister Nobuo Kishi.

china japan missiles 4 August 2022

Stocks close the day with mixed results (just like it opened)

  
Analysis, US Market

The final numbers are showing:

  • Dow industrial average fell -85.31 point -0.26% at 32727.20
  • S&P index fell -3.17 points at -0.08% 4152.01
  • NASDAQ index rose 52.43 points or 0.41% at 127 to 0.59
  • Russell 2000 fell -2.472 points or -0.13% at 1906.45

For the Dow 30, the biggest gainers were:

  • 3M +3.24%
  • Visa +2.3%
  • American Express +0.93%
  • Salesforce, +0.9%
  • Caterpillar +0.54%

The big losers from the Dow 30 included:

  • Walmart, -3.72%
  • Chevron, -2.73%
  • Verizon, -1.96%
  • J&J -1.61%
  • Intel, -1.37%

Russia said to be using Egypt’s El Hamra oil terminal to bypass sanctions on oil shipment

  
  Analysis

Bloomberg reporting that Moscow has for the first time ever used Egypt’s El Hamra oil terminal on its Mediterranean coast.

  • 700k bbls of oil offloaded on July 24
  • Another vessel collected a consignment from the port just a few hours later
  • Experts say the highly unusual move makes the cargo’s ultimate destination much harder to track, adding to a trend whereby Russian oil shipments are becoming increasingly obscured since European and western buyers began to shun them following the nation’s invasion of Ukraine.

Link here for more info.

US stocks roar higher: S&P 500 rises to the highest since June

  
Analysis, US Market

SPX daily

Fear has turned into FOMO. Bear market rallies can be intense.

A strong ISM services report healed recession fears while a drop in the prices paid component cooler inflation worries. Add in impressive equity momentum and it was a banner day, led by tech.

  • S&P 500 up 64 points, or 1.5%, to 4162
  • Nasdaq +2.6%
  • Russell 2000 +1.4%
  • DJIA +1.4%
  • Toronto TSX +0.3%

In terms of levels, the June high of 4177 is important short-term resistance with many eyes on the 200-day moving average beyond that.

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