for the trading week:
It is a great move. It is the largest move higher since the pandemic. There is room to roam, but understand that there may come a day where it realized that it still rose 0.4% for the month. That inflation is still well above the 2% target for both the headline and the core.
However, enjoy it while you can and look for higher levels to potentially sell (like the 200 day MA).
The major US stock indices are closing higher for the 3rd consecutive day. The gains are led by the Dow industrial average also the pattern for the 3rd consecutive day. The rise in stocks ignored the tumble in the crypto assets:
Over the stock markets 3 day rally the:
Looking at today’s moves, the final numbers are showing:
The big contributors to the Dow rise today came from:
The biggest losers in the Dow today were:
The major US indices are closing higher for the 2nd consecutive trading day. The gains are being led by the Dow 30, also for the 2nd consecutive day.
Within the Dow, the top 5 gainers were:
There were 3 Dow stocks which ended negative on the day
The gains in the major indices come despite a rise in the short term rates including the 2 year yield which is up about 7 basis points.
Although the yields are higher, the US dollar is moving lower and that help the stock tone today.
The greenback fell sharply vs the GBP (-1.23%), the EUR (-0.60%) and the CHF (-0.47%). The dollar was only up vs the greenback CAD.
Election day tomorrow the US which traders may be thinking the results may be good for stocks. Adam thinks that may not be the case (click here).
The final numbers are showing:
losing changes:
About half the loss in the S&P 500 was directly due to the 25% decline in Meta and the news is even worse after hours with Amazon down 20%. That’s knocked Nasdaq futures down another 2%.
The major US stock indices are closing near there lows. The S&P and the NASDAQ index both closed lower on the day and snap their 3 day win streak. The Dow industrial average eked out a small gain extending its win streak to 4 trading days (but just barely).
A look at the final numbers shows:
The lower yields in the US tried to help the price rebounded intraday. In addition Bank of Canada’s rate hike of 50 basis points which was less than the 75 expected helped. However the headwinds from major big caps including Microsoft (-7.72%), Google (-9.65%), and Boeing (-8.70%) was just too hard to overcome. Apple fell -1.92% and Amazon fell by -4.10%. Both will announce their earnings after the close tomorrow.
After the close Microsoft and Alphabet will both report. Later in the week Meta, Apple, Amazon, and Intel will report.
The final numbers are showing:
