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Wall Street edges higher to new record peak

  
Analysis, US Market

Wall Street equities rose on Monday to new record peaks, as muted inflation and robust consumer spending further support the Federal Reserve’s dovish stance and embolden investors to snap up high-growth stocks.

The S&P 500 climbed 0.1 per cent to close at 2,943 having struck a fresh intraday higher earlier in the session as well, ticking above the previous historic intraday high that was set in September 2018. The benchmark index’s rise was fuelled by a roughly 0.9 per cent increase in financials and communications services that was partially offset by the real estate sector.

The index had first reached a record closing high last week and sentiment was boosted further after stronger-than-expected US growth data for the first three months of 2019.

Meanwhile, the tech-heavy Nasdaq Composite also struck a new high, rising 0.2 per cent to 8,162, having joined the S&P 500 in notching a fresh intraday peak earlier in the day. The Dow Jones Industrial Average meanwhile, was roughly flat at 26,554.

The dollar held around some of its strongest levels in two years after the data, with the index tracking the world’s reserve currency slipping 0.2 per cent to just under 98 points.

The gains on Wall Street bucked a more muted performance in Europe, where the continent-wide Stoxx 600 index ended the day up less than 0.1 per cent.

An Update :Dollar Index ,Euro ,JPY ,AUD ,INR ,GBP ,CAD ,Brent ,WTI ,SPX ,Nasdaq Composite ,DJIA ,Shanghai Composite -ANIRUDH SETHI

  
Analysis, Crude, Forex, US Market
By all reckoning, the US dollar had a good week.  It rose against nearly all the major currencies, and against many broke out of recent ranges.  Ironically, the dollar gains more mostly scored before the surprisingly strong Q1 GDP print of 3.2%.  In fact, all the major currencies but the Norwegian krone recouped some of their recent losses ahead of the weekend.  Nokkie appeared to have been weighed down by the biggest drop in oil prices in a couple of months after setting six-month highs earlier in the week after the US announced it was not going to renew any waivers that exempted a handful of countries from the embargo against Iran.
Some purists argue that just like space has a shape so does nature.  Technical analysis is about uncovering these shapes in prices.  Fibonacci relationships exist in nature, for example,  they can be found in the markets too.  Another school argues that technical analysis is a study of group psychology.  Individuals may learn, but groups apparently do not, and behavior (patterns) are often repeated.  Two elements of market psychology have percolated into pop culture.
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S&P and Nasdaq close at record levels

  
Analysis, US Market

Major indices close higher. Dow down on the week. S&P and Nasdaq rise.

The major indices are all closing higher with the Nasdaq and the S&P closing at record levels.
The final numbers are showing:
  • The S&P up 13.71 points or 0.47% at 2939.88
  • The Nasdaq up 27.72 points or 0.34% at 8146.40.  The two-day high price for the NASDAQ was reach us we get 8160.
  • The Dow closed up 81.25 points or 0.31% at 26543.33
For the week, the indices are closing mixed with the S&P and Nasdaq moving higher and the Dow ending with modest declines. The numbers are showing:
  • The S&P was up 1.20%
  • The Nasdaq rose for the 5th straight week, rising by 1.85%
  • The Dow fell -0.06% for week.   Intel, 3M hurt the Dow this week. Intel is down over 9.4% in trading today after weaker guidance after the close yesterday.
Some winners today
  • Ford Motor, +10.74%. They reported higher earnings
  • General Electric, +4.99%. GE reports earnings next week
  • Amazon, +2.54%. Amazon said they would look to deliver to Prime members in 1 day.
  • Procter & Gamble, +2.50%
  • Caterpillar, +2.08%
  • Walt Disney, +1.95%
  • QUALCOMM, +1.85%
  • Netflix, +1.77%
  • General Mills, +1.71%
  • Gilead, +1.57%
  • Adobe, +1.55%
  • American Express, +1.48%
  • Alphabet, +0.69%. Alphabet will report earnings on Monday after the close.
Losers for the day included:
  •  Intel, -8.99%.  Beat on earnings but gave dismal for guidance
  • Target, -5.66%. The price tumbled on the Amazon news
  • Kessler, -5.04%
  •  Nvidia, -4.72%. He was dragged down by Intel
  • into it, -3.9%
  • Exxon Mobil, -2.18%. Earnings disappointed.
  • Walmart, -1.94%. See Target explanation above
  • Nucor, -1.74%
  • Square, -1.56%
  • micron, -1.52%
  • Home Depot, -1.4%
  • Apple, -0.48%. Apple will report earnings on Tuesday

Indices end the session mixed. Nasdaq up. S&P flat. Dow down.

  
Analysis, US Market

Nasdaq closes just below record close

The US stocks are ending the session mixed.
  • The Nasdaq index closed up 16.669 points or 0.21% at 8118.68
  • The S&P closed near unchanged at 2926.17. That is down -1.08 points ro -0.04%
  • The Dow is closing lower by -134 points or-0.51% at 26462
After the close, Amazon beat by alot on EPS ($7.09 vs $4.67 est). Revenues were as expected
Intel beat on earnings by a few cents but guided lower on future revenues. The stock is down

Strong earnings so far with Visa, Microsoft and Facebook all higher

  
Analysis, US Market

Solid gains

It looks like a good day for earnings with Visa, Microsoft and Facebook all beating estimates.
Microsoft:
  • Rev $30.6B vs $29.9B expected
  • EPS $1.14 vs $1.00 estimate
  • Cloud computer also beat
Shares at $128.00 versus $125.30 at the close.
Facebook:
  • Revenue $15.08B vs $14.97B exp
  • Daily active users 1.56B vs 1.56B exp
  • Takes $3B legal expense
  • Shares up to $191 vs $182 at the close
Excluding the legal expense, it would have been a bigger win.
Visa:
  • EPS $1.31 vs $1.24 estimate
  • Operating revenue $5.5B vs $5.47B estimate
  • Shares $161.65 vs $161.50 at the close
This should be a tailwind for USD/JPY in the day ahead as money keeps flooding into US stocks (and out of Europe).
On the flipside, shares of Chipoltle were down despite some seemingly great earnings (it’s had a monster run this year). Paypal and some others are still to come. It’s a busy, busy day for earnings.
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