An ugly day for US equities. Major indices down for the week.

Dow falls over 600 points.  Nasdaq down -3.0%

It was an ugly day for the US equities. The Dow fell over 600 points. The Nasdaq is closing down -3%.  UGLY.
The escalation of the trade ward is to blame. Pres. Trump has threatened retaliation for the new China tariffs.  He also continued the criticism of the Fed’s Powell.
The final numbers are showing:
  • The S&P fell -75.84 points or -2.59% at 2847.11
  • The Nasdaq fell -239.62 points or -3.00% at 7751.77
  • The Dow fell -623.34 points or -2.37% at 25628.90
Looking at the % ranges for the major indices below, the major indices in US and Europe all closed at or near the session lows today.
Dow falls over 600 points.  Nasdaq down -3.0%

Looking at the point changes, the Dow was down -745 points at the lows.

The point changes of the major indices
For the week, the major indices are ending the week in the red as well:
  • The S&P fell -1.43%
  • The Nasdaq fell -1.83%
  • The Dow fell -0.99%.
Big losers today:
  • AMD, -7.4%
  • Broadcom, -5.39%
  • NVIDIA, -5.16%
  • Tesla, -4.84%
  • Qualcomm, -4.71%
  • Apple, -4.62%
  • Alibaba, -4.29%
  • Micron, -4.06%
  • Intel, -3.89%
  • American Express, -3.65%

US stocks erase yesterday’s declines (and then some) and close with decent gains

Ignores the 2-10 going negative again

The US stocks erased the declines from yesterday (and then some). The gains also ignored what was a flattening of the yield curve to flat 2-10s again (although positive now by a basis point or two).
The final numbers are showing:
  • The S&P index +23.92 points or 0.82% at 2924.43
  • The NASDAQ index of 71.646 points or 0.90% at 8020.20
  • The Dow industrial average of 240.29 points or 0.93% at 26202.73.
Below is a summary of the % change high/% change low/% change close for the North American and European major indices.  Most European indices had an even better day.
Ignores the 2-10 going negative againBelow are the changes and ranges for the US debt curve (from 2-30 years).  The 2-10 spread is 1.53 bps currently, down from 4.32 bps at the close yesterday. The thing about today’s move is the yields are higher across the board with the shorter end up more due to the taking out more of the 50 BP cut idea.
US yields are higher with a flatter yield curve.

US stock indices go out near the lows for the day

  • The S&P index fell -23.11 points or 0.79% at 2900.53
  • The NASDAQ index fell -54.25 points or -0.68% at 7948.56
  • The Dow industrial average fell -173.35 points or -0.66% at 25962.42
Selling into the closeThe major indices open lower but did recover midday and traded marginally higher before reversing and moving back down.
The European indices were higher earlier in the day, but gave up those gains and also ended near low levels.
Winners on the day included:
  • Beyond Meat, +6.55%
  • Home Depot, +4.45%
  • LYFT, +3.81%
  • Qualcomm, +1.60%
  • Twitter, +1.44%
  • Broadcom, +0.57%
  • Square, +0.48%
  • Intuitive Surgical, +0.47%

Losers included:

  • Netflix, -3.36%
  • AMD, -2.41%
  • American Express, -2.38%
  • Bank of America, -2.02%
  • UnitedHealth, -1.90%
  • Micron, -1.73%
  • Nvidia, -1.70%
  • PNC financial, -1.68%
  • General Mills, -1.65%
  • Pfizer, -1.59%
  • Coca-Cola, -1.5%
  • IBM, -1.44%
  • Alphabet, -1.41%
  • Facebook, -1.39%

US stock closes higher, but off the higher extreme

Nasdaq leads the indices on the day. Dow lags

The major US stock indices are ending the session with solid gains but off the session highs. The indices opened higher and remained higher on the back of the Trump administration talking up the economy and more Fed criticism (and calls for sharply lower rates ….i.e. Pres. Trump wants 100 bps lower).  The Trump Administration also extended its reprieve on penalties for doing business with Huawei which gave a boost to stocks.
The final numbers are showing:
  • The S&P index up 34.97 points or 1.21% at 2923.65. The high reached 2931.00. The low extended to 2913.48.
  • The Nasdaq index is closing up 106.81 points or 1.35% at 8002. 81. The high reached 8026.75. The low reached 7974.25
  • The Dow is closing up 249.78 points or 0.96% at 26135.79. The high reached 26222.32. The low reached 26020.06.

US Indices close the session with solid gains. Erase more of the declines from this week

Major indices close up 1.2% or better

The major US indices are closing with provisional gains of 1.2% or better.
The numbers are showing
  • The S&P index rose  41.12 points or 1.44% at 2888.71
  • The NASDAQ index rose 129.38 points or 1.67% at 7895.99
  • The Dow rose 306.62 points or 1.20% at 25886.01.
For the week, despite the solid gains today, the major indices are ending the week with losses (but it could have been worse).
  • The S&P index fell -1.03%
  • The NASDAQ index fell -0.79%
  • The Dow fell -1.53%

US Indices cheer US tariff delays

Major indices close with solid gains

The US stock indices cheered Pres. Trumps decision to delay US tariffs on certain consumer items until December 15, while other products were being removed from the tariff list altogether. The administration cited health and security factors.

Pres Trump also said that delaying tariffs ahead of the Christmas season was to avoid an impact on holiday shopping.  He also said that the delays “helped a lot of people”
The decision helped the stock indices as they all closed with solid gains.
The final numbers are showing:
  • The S&P index closed up 43.24 points or 1.50% at 2926.33. The high extended to 2943.31 with the low reaching 2877.05. At the high the index was up 2.09%
  • The Nasdaq index rose 152.94 points or 1.95% at 8016.36. The high reached 8065.24 while the low extended to 7851.58. At the high the index was up 2.57%.
  • The Dow rose 382.20 points or 1.48% at 26279.91.  The high reached 26426.97, while the low extended to 25833.25. At the high the index was up 2.01%.
The chart below shows the % high, low and close changes for the day for North American and European indices.  The US indices were down early in the day but got the boost on the tariff news headlines and moved higher. European indices also rose on the day.

US stocks off lows but stay in the red for the entire day

Major indices fall over -1.2% on the day

The US stocks started the day in the red and ended in the red. In between, it was in the red too.
The best the major indices could do today was:
  • S&P -0.38%
  • Nasdaq  – 0.43%
  • Dow, -0.41%.
The low point for each was:
  • S&P, -1.56%
  • Nasdaq, -1.57%
  • Dow, -1.76%
The closing levels for each was:
  • S&P, -1.23%, down -35.97 points
  • Nasdaq, -1.20%, down -95.73 points
  • Dow, -1.49%. down -391 points.
Not a good day for the major indices as trade concerns and anxiety over Hong Kong developments, has the major indices worried.
Below is a graphical represenation of the major US and European % highs, lows and closes.  The European shares ended lower, giving up earlier gains in the day.

Dollar gains further ground as risk aversion creeps in

US futures pare gains to turn negative as bonds gain further

EUR/USD H1 12-08

The shift in the risk mood is helping the dollar push higher against the euro and commodity currencies on the day. EUR/USD just fell to a low of 1.1162 with AUD/USD and NZD/USD both falling to lows of 0.6765 and 0.6450 respectively.

Of note, EUR/USD is now challenging the 200-hour MA (blue line) and if sellers can find a break below that, then they will seize near-term control of the pair.
S&P 500 futures are now down by 0.1% while US 10-year yields have extended earlier weakness and is now lower by 4 bps to 1.703%.

US stocks end lower and a volatile week with declines

Late session sell off takes the indices to mid range

The US stocks are ending the session lower and near the middle of the trading range after selling into the close snuff out an afternoon rally that saw the Dow move briefly into positive territory.
At the end of the day the closing levels are showing:
  • The S&P index closed  down minus 19.44.2 -0.66% at 2918.65
  • The NASDAQ index closed down -8.015 points or -1.0% at 7959.14
  • The Dow close down -90.75 points or -0.34% at 26287.40
The chart below shows the %low, high and closing changes for the North American and European market today.  The European markets ended near session lows.
Late session sell off takes the indices to mid range
For the week, the major indices are ending a volatile week in the red, with the Dow down the most.   The week’s final changes for the week are showing:
  • The Dow, down -0.75%
  • The S&P down -0.46%
  • The NASDAQ index -0.56%