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Tech stocks lead Wall Street rally after Fed’s dovish turn

  
Analysis, US Market

US stocks rose sharply on a boost from the technology sector, while sovereign debt and the US dollar also rallied as investors digested a dovish shift at the Federal Reserve.

The S&P 500 was 1.1 per cent higher. The Dow Jones Industrial Average climbed 0.8 per cent, and the tech-heavy Nasdaq Composite surged 1.4 per cent.

The broad rally came one day after the Fed signalled no rate rises this year, bringing its projections more in line with market expectations. Policymakers raised rates four times last year and forecast two additional rate rises for 2019 as recently as December.

The central bank also said it will slow the monthly reduction of its Treasury holdings starting from May with a cut from $30bn to $15bn, and will cease trimming its balance sheet in September — prompting economists at Bank of America to note the Fed has completed its 180-degree turn.

Financials were the lone sector in the red, while technology shares advanced 2.5 per cent on the day. The real estate and consumer discretionary sectors also fuelled the market’s lurch higher.

US government debt remained in demand, pushing yields lower early in the session, after a rally around the Fed announcement. The yield on the 10-year Treasury was mostly unchanged at 2.5369 per cent, after earlier touching a fresh 15-month low.

Investors also moved into eurozone debt, pushing the 10-year German Bund yield back towards zero, down 3.5 bps to 0.047 per cent.

London’s FTSE 100 outperformed wider European equities benchmarks with a rise of 0.9 per cent, helped by sustained pressure on the pound — down a further 0.7 per cent to $1.3101 — as investors tracked the UK’s fraught domestic politics.

With the Brexit deadline looming and no clarity on any extension to it, investors moved into the relative safety of UK government debt and at a faster pace than the rally for its eurozone neighbours. The yield on 10-year gilts fell as low as 1.052 per cent, touching its lowest level since September 2017.

Nasdaq holds gains after Fed, but the S&P and Dow give up gains

  
Analysis, US Market

Prices run higher but give up gains on concerns about the economy

The inital reaction was higher, but on reflection, no hikes in 2019 may not be good news for the economy/earnings. So gains were erased in the S&P and Dow stocks. The Nasdaq closed with modest gains.
The final numbers are showing:
  • The S&P closed down -8.34 points or -0.29% at 2824.23. The high reached 2843.54
  • The Nasdaq closed up 5.023 points or 0.07% at 7728.96. The high reached 7779.238
  • The Dow fell -141.71 points or -0.55% at 25745.62. The high reached 25929.52

The US stocks end the session mixed

  
Analysis, US Market

FedEx misses on top and bottom after the close

The US stocks are ending tghe session mixed.  The Dow and S&P ending the session lower (marginally). The Nasdaq ended higher (also marginally). All were well off the highs
  • The S&P was nearly unchanged (down -0.37 points or -0.01%) at 2832.57. THe high reached 2852.42. The low extended to 2823.27
  • The Nasdaq rose 9.467 points or +0.12% at 7723.94. The high reached 7767.89. The low extended to 7699.156
  • The Dow closed down -26.72 points or -0.10% at 25887.38. The high reached 26109.89
For Fed Ex they reported earnings after the close and they were disappointing:
  • earnings came in at $3.03 which is lower than the $3.11 expected
  • revenues came in at $17.0 billion versus $17.67 billion estimate
  • the stock price is down 3.8% in after-hours trading at $174.50
Winners today included:
  • Nvidia, +4.0%
  • Micron, +1.92%
  • Broadcom, +1.6%
  • Pfizer, +1.24%
  • Alphabet, +1.23%
  • Celgene, +1.23%
  • Amazon, +1.13%
  • Walgreens, +1.094%
  • Adobe, +1.03%
  • J&J, +0.94%
  • Gilead, +0.72%
  • Facebook, +0.69%
some losers on the day included:
  • Disney, -2.66%
  • Deutsche Bank, -2.38%
  • PNC financial, -1.8%
  • travelers, -1.49%
  • Netflix, -1.28%
  • Verizon, -0.95%
  • General Mills, -0.82%
  • Apple, -0.79%
  • American Express, -0.76%
  • Goldman Sachs, -0.65%

US major indices start the week with gains

  
Analysis, US Market

Midday dips into the red, reversed and close well off  the lows

The major US stock in the US are ending the day in the black after a dip midday sent the pair in the red.   Even the Dow closed higher despite a drag by Boeing. The shares of Boeing subtracted 40 some odd points from the Dow.
The final numbers are showing:
  • S&P, up 10.52 points or 0.37% at 2833.01. The low reached 2821.99 but remained well above the 2800 level
  • Nasdaq, up 25.95 points or 0.34% at 7714.47. The high reached 737.66. The low reached down at 767.74
  • Dow rose 65.23 points or 0.25% at 25914.10.  The low reached 25785.66. The high extended to 25924.
Winners included financials:
  • Deutsche Bank, +4.17%
  • Goldman Sachs, +2.13%
  • Wells Fargo, +2.13%
  • Bank of America, +1.81%
  • Morgan Stanley, +1.64%
  • PNC financial, +1.54%
  • Citigroup, +1.12%
  • Charles Schwab, +0.99%
Other winners included:
  • Amazon, +1.74%
  • Microsoft, +1.43%
  • Broadcom, +1.22%
  • Caterpillar,1.06%
  • Apple, +1.02%
  • Home Depot, +0.66%

Losers included:

  • Facebook, -3.32%
  • Tesla, -2.16%
  • Boeing, -1.71%
  • Walt Disney, -1.60%
  • United Continental, -1.18%
  • Delta Airlines, -0.88%
  • Southwest airlines, -0.58%
  • Celgene, -0.53%
  • Nvidia, -0.51%
  • Intel, -0.42%
  • Twitter, -0.42%

Crucial Update :Dollar Index ,Euro ,INR ,YEN ,GBP ,CAD ,AUD ,PESO ,CRUDE ,SPX 500 .NASDAQ Composite -Anirudh Sethi

  
Analysis, Crude, Forex, US Market
The US dollar fell against all the major currencies except the Japanese yen in the week following the disappointing job growth in February.  The Norwegian krone was the strongest of the majors, appreciating 2.8% against the dollar and nearly 2% against the euro amid speculation the central bank will be the first, and maybe only major central bank to hike rates this year.
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