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US Stocks end the day lower in volatile trading

  
Analysis, US Market

Dow was down -960 at the lows

The major indices close lower on the day. The Dow is on pace for the worst month since 1931.  The major indices to close off session lows. The Dow was down -960 points and is closing down -597.94 points.  Other indices had similar rebounds.

The NASDAQ index tried to close higher, but gave up small gains in the last few minutes of trading to end down -0.27%.
The final numbers are showing:
  • S&P index fell -67.52 points or -2.93% to 2237.40.  The low for the day was down -4.91%. The high was down -0.18% on the day.
  • Nasdaq fell -18.846 points or -0.27% at 6860.67. The low for the day fell -3.61%. The high for the day extended up to +1.53% on the day.
  • The Dow close down -558.05 points or -3.04% to 18591.93. The low for the day was down -5.01%. The high reached up to -0.28% on the day.
Price action is getting increasingly volatile. Each of the indices jumps up and down at large increments suggesting liquidity conditions are not right. Today, the New York Stock Exchange traded all shares electronically as their floor was closed to specialists and traders.
Dow was down -960 at the lows

US Indicies plunge to end the week but not as bad as some recent days

  
Analysis, US Market
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When you have -10% days, a fall of -4.35% doesn’t sound that bad

The US stocks plunged once again today with the declines led by the Dow.  Although sharply lower, a fall of over 4% does not sound so bad when we’ve endured -10% moves of late.  What we know is the numbers are not pretty today/this week/YTD and over the last year.
A look at the final number for the day are showing:
  • S&P index fell -104.47 points or -4.34% to 2304.92
  • Nasdaq index fell -271.05 points or -3.79% to 6879.52
  • Dow fell -913.21 points or -4.55% to 9173.98
For the week, the numbers were horrible as well:
  • S&P index fell -14.98%
  • NASDAQ index fell -12.64%
  • Dow fell -17.3%
Year to date numbers for the major indices are showing:
  • S&P index, -28.66%
  • Nasdaq index, -23.33%
  • Dow -32.81%

Finally, going back 1 year:

  • S&P index, -18.39%
  • NASDAQ index, -10.99%
  • Dow, -25.53%
No matter how you slice it, the final numbers for the day, the week, the year to date and the year are not pretty….not pretty at all.

US stocks close higher but well off highs in volatile trading

  
Analysis, US Market
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Nasdaq was down -1.88% at the lows, and up 5.03% at the high today

The US stock indices are closing higher on the day but off the highs for the day. I guess you can say there well off the lows for the day too.  The NASDAQ index was down -1.8% at the lows, and up 5.03% the highs. It closed up 2.3%. The volatility is red hot.

The final numbers are showing:
  • The S&P index rose 11.29 points or 0.47% to 2409.39. The low price was at 2319.78, down -3.27% at the time. The high was at 2466.97, up 2.87% at the peak.
  • The Nasdaq index rose  160.73 points or 2.3% to 7150.57.
  • The Dow rose 188.27 points or 0.95% to 20087.19. The low price was at 19177.13, or down -3.63%. The high reached 20442.63, or up 2.73%.
A hugely volatile day for the US stocks.
The US stocks had a hugely volatile day

US stocks have another wild ride in trading today

  
Analysis, US Market

Big swings in the major indices

Another down day with wild up and down swings.
  • S&P index closed the day at 2398.10. That was down 131.09 points or -5.18%. The low for day took the price down -9.83%. The high for the day peaked at -2.99% for the day.
  • NASDAQ index closed the day at 6989.84. That was down -344.93 points or -4.7%. The low for the day saw the index fall -8.84%. The high for the day peaked at -2.07% for the day.
  • Dow closed at 1908 98.92 points. That was down -1338.46 points or -6.3%. The low for the day so the index fall – -10.92%. The high for the day peaked at -3.52% for the day

Big swings in the major indices

A Turnaround Tuesday. Major indices close higher.

  
Analysis, US Market
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6% gains for S&P and Nasdaq.

It is a Turnaround Tuesday for the major US stock indices.

The summary of what was a wild swing day is showing:
  • The S&P index rose 142.88 points or 5.99% to 2529.01. The low reached 2367.04. The high was up at 2553.93
  • The Nasdaq index rose 430.189 points or 6.23% to 7334.78. The low reached 6828.91. The high moved up to 7406.23
  • The Dow rose 1049.27 points or +5.2% to 21237.79. The low reached 19882.26. The high reached 21379.35
In the last hour of trading, their was what has been more typical volatility.  Below is the summary of the changes. Not only did stocks move higher, but the US 10 year yield moved up by 5 basis points.
6% gains for S&P and Nasdaq.
Although off the highs the major US indices are ending the day well off the lows.
Major indices close higher

Nasdaq worst day ever. Stocks plunge.

  
Analysis, US Market
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What an active day:

  • The Fed cut rates 1% in the Asian session, surprising the market.
  • The Fed announced quantitative easing to the tune of 500bn Treasuries & 200bn MBS
  • The Fed announced that banks can borrow from the Discount window for up to 90 days
  • They added liquiidity via daily repo action.  The Fed basically said, whatever you need, we will provide
  • Later in the day, the Senate Democrats offered a $750B stimulus package (TBD how it progresses).

So what happened in the markets?

Stocks plummeted

  • The Nasdaq had its worst day ever.
  • The Dow and the S&P % decline was the worst since 1987
  • The Dow’s point drop was the worst point loss ever
Many superlatives, but unfortunately they are all negative.
The numbers at the close are showing:
  • Dow industrial average fell 2997.10 points or -12.93% to 20188.52.
  • S&P index fell -324.89 points or -11.98% to 238-6413
  • Nasdaq index fell -970.28 points or -12.32% at 6904.59
Forex news for NY trading on March 16, 2020
In the US debt market, not only did yields tumble with the 10 year leading the way at -23.4 basis points….
US yields traded higher with the longer and moving up the most.
…but the spreads between European and US started to converge. European 10 year yields were mostly higher with Germany up 8.3 basis points and France up 14.8 basis points.  The combination has pushed those levels closer and closer.
European yields rose in trading today

In the gold and precious metals market, prices fell.

  • Spot gold had a volatile day and is closing down $-18.46 or -1.21% at $1511.37.  The high for the day was up at $1575.47 while the low extended all the way down to $1451.55
  • Spot silver also traded violently. It is closing at $12.90, down $-1.81 or -12.35% It traded in a $3.30 trading range. The high reached $15.15, while the low extended to $11.80. Crazy volatility
The oil markets were also volatile and moved lower as Saudi Arabia said they were not backing down from production cuts. The final numbers are showing:
  • WTI crude oil futures $28.70. $-3.03 or -9.55%. The high price reached $33.75. The low price extended to $28.10.
  • Brent crude oil is trading at $29.52, or $-4.33 or -12.79% on the day.  It’s high price extended to $35.84 while the low fell to $29.50.
Finally in the forex market, the flows so the JPY and the EUR benefit the most. They were the strongest of the major currencies. The JPY benefited from the Pavlovian flight into the “safety of the JPY”. The EUR is a bit of a head scratcher as it is the current epicenter of the coronavirus.
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