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US Indices ends in the red. Dow snaps 3-day winning streak.

  
Analysis, US Market

US yields down marginally as FOMC rate decision awaited

The US stocks are ending the day in the red. In the process, the Dow has snapped a 3 day winning streak.  The Nasdaq and S&P are down 3 of the last 4 trading days.
The final numbers are showing:
  • The S&P index -7.79 points or -0.26% at 3013.18. The high reach 3017.19 while the low extended to 3000.94 (just above the 3K level).
  • The NASDAQ index fell -19.715 points or -0.24% at 8273.61. The high reached 8295.46. While the low extended to 8228.02 on the day.
  • The Dow fell -23.33 points or -0.09% at 27198.02. The high reached 27224.36. The low extended to 27069.86.
Below is a visual of the %low and %high and %close for the North American and major European indices. The Russell 2000 of small cap stocks seems to be the only index that moved higher today.
US yields down marginally as FOMC rate decision awaited
In the US debt market, yields are ending the session lower, with both the 2-year and 30 year down -1.2 basis points.
US yields are ending the session marginally lower

S&P and NASDAQ indices close at record high levels

  
Analysis, US Market

The Dow industrial average lagged behind but still closes higher

The S&P index the NASDAQ index both closed at record high levels. The Dow industrial average lagged behind but still closed higher on the day.  The Dow remains below its record high as Boeing and Caterpillar declines this week on earnings hurt that index. Nevertheles for the week, it still eked out a gain for the week.
The final numbers are showing:
  • The S&P index rose 22.19 points or 0.74% at 3025.86
  • The NASDAQ index rose 91.67 points or 1.11% at 8330.21
  • The Dow industrial average rose 51.47 points or 0.19% 27192.45.
For the week, the NASDAQ index led the way to the upside:
  • S&P index rose 1.65%
  • NASDAQ index rose 2.26%
  • Dow industrial average rose 0.14%

Wall Street drops on earnings as euro swings on ECB rhetoric

  
Analysis, US Market
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The S&P 500 retreated from a record high on Thursday as adverse reactions to a handful of corporate results weighed on the market and as the latest assessment of monetary policy rhetoric from the European Central Bank triggered a volatile session for the euro.

The US equities benchmark was down 0.5 per cent owing to poorly-received results from a number of technology and industrial companies.

American Airlines shed 8.4 per cent after saying it expected a larger hit to pre-tax earningsfrom the grounding of Boeing’s 737 Max jets. Southwest Airlines said it expected cost pressures from the grounding to weigh on results in the second half and decided it would cease operations out of Newark Liberty International airport, which helps serve the New York City area, although its shares managed to reverse early declines to finish roughly flat.

Rivals Delta Air Lines and United Airlines were both lower. Boeing remained under pressure, down nearly 4 per cent, after flagging on Wednesday it might have to cease production of the jet that was involved in two fatal crashes earlier this year.

Facebook and Tesla were down 2 per cent and nearly 14 per cent, respectively, after reporting results following Wednesday’s closing bell.

The leg down in US equities also came as investors digested better than expected US economic data that raised concerns that Federal Reserve policymakers may not be as dovish as markets expect at next week’s investor meeting.

There was much interest in the ECB, though. As President Mario Draghi gave his regular press conference after leaving interest rates on hold, investors measured his words against hopes for a return to economic stimulus in the region, which had pointed to more bond-buying as soon as September.

It sent the euro on a volatile run, and a rally for the region’s government bonds also faded, drawing yields higher as the trading day developed. Stocks also dropped back from highs, although banking shares remained in demand.

The shared currency bounced up off two-year lows after Mr Draghi spoke to reporters, and was about flat at $1.1144.

European stocks were also unsettled, with the extent of the ECB’s concern at an economic slowdown outweighing the hopes for fresh stimulus. Frankfurt’s Xetra Dax stood out, falling back by 1.3 per cent, surrendering earlier gains that took it up as much as 0.6 per cent for the session.

S&P and Nasdaq close at record highs

  
Analysis, US Market

Dow lags (blame Boeing and Caterpillar)

The broaders S&P and Nasdaq indices closed at record levels.  The S&P old record close came in at 3014.30. The index is closing at 2019.56
The record close in Nasdaq comes in at 8258.18. The index is closing at 8321.50.
Below are the low, high and close point ranges for the major indices.

Dow lags (blame Boeing and Caterpillar)The % changes (low, high and close) are below for the major NA and European indices.

% gains of the major indices

Wall Street ends higher as tech and oil stocks rally

  
Analysis, US Market
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Technology stocks led the advance for the broader US market as investors kept an eye on the strained geopolitics of the Gulf.

The S&P 500 finished 0.3 per cent higher on Monday, with an afternoon rally at one point putting up as much as 0.5 per cent. That also saw the Dow Jones Industrial Average turn positive and close fractionally higher, but it was tech names that led the way, with the Nasdaq Composite rising 0.7 per cent.

Brent crude, the international oil marker, was up 1.5 per cent to $63.43 a barrel, although that left it off earlier highs that took it up as much as 2 per cent after Iran seized a British-flagged tanker in the Gulf on Friday. Furthermore, Libyan output was interrupted after an unidentified group sabotaged production at the country’s largest field, according to its state oil company.

The S&P 500 energy sector was up 0.5 per cent, lagging only tech, as major producers including ExxonMobil, Chevron and ConocoPhillips turned positive during the afternoon session. Halliburton topped the leaderboard with a 9.2 per cent advance following an earnings beat.

European energy stocks fared better earlier on Monday, with a gain of 0.5 per cent for the Stoxx index tracking the sector standing out against a 0.1 per cent rise for the Europe-wide Stoxx 600. London’s FTSE 100 rose 0.1 per cent and Frankfurt’s Xetra Dax 30 was up 0.2 per cent. BP was among the top performers on the main UK index, with the oil major’s shares rising 1 per cent.

Bets that the Fed will aggressively cut rates at its policy meeting this month were being pared back. Bloomberg data showed that under 20 per cent of economists polled were forecasting a 50 basis point cut, down from about 40 per cent late last week. That followed confusion on Friday after the New York Fed clarified that an ultra-dovish speech from John Williams, its president, should not be seen as a guide to future policy.

Investor caution towards geopolitical issues in the Gulf, as well as debate over the prospect for monetary easing from the Federal Reserve, on Friday pushed gold to a six-year high. On Monday afternoon the metal was flat at $1,424.49 an ounce.

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