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Closing changes: US equities almost complete the comeback

  
Analysis, US Market

US equity market performance

On the day:
  • S&P 500 -0.2%
  • Dow -0.2%
  • Nasdaq -0.1%

On the week:

  • S&P 500 +1.7%
  • Dow +1.2%
  • Nasdaq +1.9%
The S&P 500 had been down as much as 28 points but finished down just 5. The Nasdaq also turned briefly positive late before finishing lower. The market is sending signals that bad news can’t keep it down.
I can find a half-dozen good fundamental reasons to argue against stocks but I can’t find any technical ones.
SPX

Six reasons why US stock markets have trounced the rest of the world

  
Analysis, US Market
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The lessons of equity markets don’t apply universally

It’s the US independence day holiday and this chart should give Americans more to cheer about than any other.
The lessons of equity markets don't apply universally
It shows equity returns since 1985 and the S&P 500 absolutely crushes every other major global index. The only one that’s even close is the MSCI World Index and that’s partly because it contains a heavy weighting in US equities.
Corporate America  truly is the champion of the world.

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S&P closes higher. That means it is another record close.

  
Analysis, US Market
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Major indices rise modestly on the day in up and down session

The S&P is closing higher. Since yesterday was a record high, that means today is a record as well (that analysis is pretty simple).
The Nasdaq remains below it’s record close at 8163.99.  The high today reached 8109.36 – near the closing level for the day.

The final numbers are showing:

  • The S&P index rose 8.68 points or 0.29% at $1413.56
  • The Nasdaq index rose 17.931 points or 0.22% at 8109.09
  • The Dow rose by 69.25 points or 0.26% at 26786.68
Looking at the % changes and % high/low levels, the major US stock are all closing at/near the highs for the day.   European shares (apart from the Portugal PSI20) closed higher as well.
Some winners today:
  • Verizon, +2.61%
  • Cisco, +1.95%
  • McDonald’s, +1.53%
  • Gilead, +1.49%
  • MasterCard, +1.41%
  • Delta Airlines, +1.33%
  • alphabetic, +1.15%
  • Facebook, +1.04%
  • Pfizer, +1.03%
  • Intuit,, 0.81%
  • visa, +0.78%
  • Microsoft, +0.66%
  • Walt Disney, +0.64%
  • Amazon, +0.63%
  • Apple, +0.59%
Some losers on the day include:
  • Nvidia, -2.37%
  • Beyond Meat, -1.88%
  • Chewy, -1.87%
  • Broadcom, -1.67%
  • Chevron, -1.52%
  • Charles Schwab, -1.42%
  • Dow DuPont, -1.31%
  • micron, -1.27%
  • Tesla, -1.15%
  • Exxon Mobil, -1.06%
  • Wells Fargo, -0.96%
  • Bank of America, -0.95%
  • Box, -0.91%
  • QUALCOMM, -0.66%
  • Boeing, -0.62%

 

New record close for the S&P index. Other indices close higher but well off session highs

  
Analysis, US Market

Major indices close higher

It is a new record close for the S&P index. The index closed up 22.58 points at 2964.34 (up 0.77%). That close surpassed the old record at 2954.18. The index also moved to a new intraday high at 2977.93. That surpassed the old intraday high at 2964.15.

The final numbers are showing:
  • S&P index +22.58 points or 0.77% at 2964.34
  • NASDAQ index +84.92 points or 1.06% at 8091.16
  • Dow rose 117.47 points or 0.44% at 26717.43
Below are the % changes of the major indices in the North American and European markets.  The major indices closed off higher levels.
Major indices close higher

It was the best June for the S&P 500 since 1958

  
Analysis, US Market

June usually isn’t a great month to buy stocks

June usually isn't a great month to buy stocks
Changes for the S&P 500:
  • Daily +0.6% (+17 points to 2941)
  • Monthly +6.9%
  • Quarterly +3.8%
All the US indexes performed roughly in-line over the month, with gains around 7% and slight outperformance in the Nasdaq (+7.4%).
This was really about the reversal of the Mexican tariffs. The market was up 3.0% from where they were on May 22 before the tariff talk started

Dow lags and closes lower (thanks to Boeing). S&P and Nasdaq close higher

  
Analysis, US Market

S&P first gain in 5 days

The US major indices are now closed with mixed results.
The Dow lagged once again, and you can blame Boeing for it’s woes (sans Boeing the index would have been higher).  The S&P had it’s first up day in the last 5. Nasdaq stocks led the way higher.
The final numbers are showing:
  • Dow, down -10.24 points or -0.04% at 26526.58
  • S&P, up 11.14 points or 0.38% at 2924.92
  • Nasdaq, up 57.787 points or 0.73% at 7967.758.
Winners:
  • First Solar, +4.63%
  • Chewy, +3.17%
  • micron, +2.78%
  • AMD, +2.74%
  • Nvidia, + 2.49%
  • Netflix, +2.16%
  • General Mills, +1.7%
  • Tesla, +1.63%
  • Adobe, +1.56%
  • Broadcom, +1.52%
Losers:
  • Boeing, -2.94%
  • Slack, -2.53%
  • Cisco, -1.54%
  • Intel, -1.51%
  • Twitter, -1.36%
  • Disney, -0.80%
  • Alphabetic, -0.34%

Mixed day as earlier days erode. Nasdaq close higher. S&P and Dow end day lower.

  
Analysis, US Market

All major indices well off the highs

The US major indices are ending the day with mixed results. The NASDAQ index ended higher while the S&P and down ended with modest declines.   However, all three indices closed well off session highs and in fact, are clsoing just off the session lows
Below are the high, low change levels and the close change for the major indices in North America and Europe.
All major indices well off the highsThe chart below shows the % changes for the high, low and close.
The % changes for the day

The Nasdaq index leads a down day in the US stock market

  
Analysis, US Market

Nasdaq is down -1.51%

The Nasdaq index has led a down day in the US stock market.    The price of that index fell back below its 50 hour MA (a bearish tilt to the downside) and stayed below.  The catalyst was less dovish comments from the most dovish Fed official, James Bullard (or the one who voted to cut rates at the last meeting).  He said that 50 bps at the next meeting would be stretch.
The 100 hour MA was approached at 7864, but it was a stretch for today to get all the way there today.
The final numbers are showing:
  • S&P index fell 027.97 points or -0.95% at 2917.38. The low reached 2916.01. The high extended to 2946.52
  • Nasdaq fell -120.97 points or -1.51% at 7884.71. The low reached 7879.15. The high extended up to 8007.31 before moving lower
  • The Dow fell -179.32 points or -0.67% at 26548.22. The low reached 26517.66. The low extended to 26752.31.
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