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Wall Street ends week lower despite Friday bounce

  
Analysis, US Market

US markets bounced back on Friday as global markets stabilised following supportive comments on trade from Donald Trump. However the modest gains were not enough to prevent the major indices from ending the week in the red amid worsening US-Chinese trade tensions and mounting global growth concerns.

S&P 500 edged out a 0.1 per cent gain in New York on Friday, following falls in the previous session to finish the week down 1.2 per cent. This marks the benchmark’s third straight week of decline and its longest weekly losing streak since December.

The weekly drop comes even after US President Donald Trump on Thursday said there remained a “good possibility” that the negotiations with Beijing could get back on track. He added Huawei, the Chinese telecommunications network company, could still be “included” in a trade deal with Beijing.

The Dow Jones Industrial Average ended the week down 0.7 per cent despite Friday’s 0.4 per cent bounce. That makes it its fifth back-to-back week of losses, the most in eight years.

The Nasdaq Composite closed up 0.1 per cent for the day and down 2.3 per cent for the week.

The yield on US 10-year Treasury bonds was up 2.8 basis points at 2.3237 per cent, after dropping to its lowest level since 2017 in the previous session as investors sought the relative safety of sovereign debt.

The Europe-wide Stoxx 600 closed up 0.6 per cent, with the trade-sensitive technology sector rising 0.4 per cent.

UK markets pushed higher after Theresa May announced she would stand down as prime minister in two weeks’ time, while global stocks were stable following supportive words overnight on trade from Donald Trump.

Sterling traded higher than $1.27 as Mrs May outlined her June 7 departure plans from Downing Street on live television. The currency, close to its lows for the year, has fallen more than 2.5 per cent this month as Mrs May’s efforts to break the Brexit impasse have fizzled out. The yield on the benchmark 10-year gilt was recently up 2 basis point to 0.971 per cent, while London’s FTSE 100 ended the session up 0.7 per cent.

Chinese equities outperformed others in the region, with the CSI 300 rising 0.3 per cent, having given up earlier stronger gains. The benchmark index of Shanghai and Shenzhen-listed stocks has fallen 8 per cent this month, on track for its steepest monthly drop in more than three years.

Hong Kong’s Hang Seng index was up 0.3 per cent.

Brent crude prices was up 2.3 per cent at $69.30 a barrel, rebounding after a drop of as much as 5.6 per cent on Thursday on rising US inventories and persistent trade war risks.

Snapshot

Price+/- %
DXY97.59-0.3
EUR/USD$1.12+0.2
GBP/USD$1.2711+0.4
Brent$69.30+2.3
S&P 5002,826.06+0.1
FTSE 1007277.73+0.7
DAX12011,04+0.5
US 10Y2.3237+2.8 bps
Hang Seng27,353.93+0.3

Up and down session for US stocks with a negative bias.

  
Analysis, US Market

Major indices close near the lows

The USD stocks opened lower, rallied toward the unchanged line, but sold off in the last hour and is closing near the session lows.  In between, there was plenty of ups and down.
The final numbers are showing:
  • The S&P index fell -8.09 points or -0.28% at 2856.27
  • The Nasdaq index fell -34.88 points or -0.45% at 7750.84
  • The Dow fell -100.72 points or -0.39% at 25776.63

US stocks move higher after US eases restrictions on Huawei

  
Analysis, US Market

Nasdaq climbs 1% on the day. S&P up 0.8%

The major US stock indices rose in trading today on the back of the US easing of restrictions on Huawei (and reliant companies).
The final numbers are showing:
  • S&P index +24.13 points or 0.85% at 2864.36
  • NASDAQ index +83.348 points or 1.08% at 7785.72
  • Dow industrial average +197.43 points or 0.77% at 25877.33
Some winners today included:
  • Alcoa, +3.15%
  • DuPont, +3.06%
  • micron, +2.95%
  • Southwest air, +2.63%
  • Bristol-Myers Squibb, +2.42%
  • AMD, +2.51%
  • Square, +2.39%
  • Nviidia, +2.18%
  • Intel, +2.07%
  • Caterpillar, +2.03%
  • Apple, +1.92%
Losers on the day included:
  • Procter & Gamble, -0.85%
  • Pepsi, -0.72%
  • General Mills, -0.61%
  • Philip Morris, -0.55%
  • Coca-Cola, -0.53%
  • Ford, -0.49%
  • travelers, -0.48%
  • Walmart, -0.39%
  • Chipotle, -0.3%
  • Johnson & Johnson, -0.23%

Stocks down but it could have been worse

  
Analysis, US Market

Nasdaq the hardest hit

The major US indices are ending the session in the red, but it could have been worse.
The final numbers are showing:
  • The S&P index fell -19.31 points or -0.67% at 2840.23. The low reached 2831.29
  • The Nasdaq fell -113.91 points or -1.46% at 7702.37. The low reached 7678.34
  • The Dow fell -84.10 points or -0.33% at 25679.90.  The low reached 25560.55

Looking at the ranges and changes for the US and European markets, the major indices for the most part stayed below the 0.0% as global trade concerns weighed on equity sentiment.

US stocks end lower on China concerns

  
Analysis, US Market

Late day sell off in the major indices

The US stocks are ending lower on a late day China concern swoon.  The catalyst was a CNBC report that China/US trade deal was “in flux”. That did not sit well with investors heading into the weekend. Selling took the indices closer to the session lows.
The final numbers are showing:
  • S&P index fell -16.9 points or -0.59% at 2859.42. The high for the day reach 2885.48. The low extended to 2854.23
  • The NASDAQ index fell -81.76 points or -1.04% at 7816.28. The high for the day reach 7918.71. The low extended to 7810.35
  • The Dow fell -102 points or -0.39% at 25761. The high for the day reached 25948.74. The low extended to 25657.78
For the week, the major indices are ending down for the 2nd week in a row:
  • S&P index, -0.76%
  • NASDAQ index, -1.27%
  • Dow Jones industrial average, -0.69%

US Indices end higher but near mid range

  
Analysis, US Market

Above 50 day MAs for S&P and Nasdaq

The major US indices are ending the session with solid, positive gains, but off the highs and near mid range.   Nevertheless, buyers can’t be too disappointed.
Technically, the S&P and Nasdaq indices each closed above their 50 day MAs.
The final numbers are showing:
  • The S&P index rose 25.36 points or 0.89% at 2876.32. The high reached 2892.15. The 50 day MA at 2866.47.   Staying above that MA would be bullish
  • THe Nasdaq closed up 75.90 points or 0.97% at 7898.047. The high reached 7946.23. The 50 day MA is down at 7861. So it too is more bullish above that MA
  • The Dow rose 214.66 points or 0.84% at 25862. The high reached 25957
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