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Nasdaq takes it on the chin with a loss of over 2%

  
Analysis, US Market
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Nasdaq lower for the 6th time in 7 days.

The major US indices are ending sharply lower with the brunt of the damage done in the Nasdaq index.
  • The NASDAQ closes at its lowest level since June 22
  • The NASDAQ is down 7.5% from its all-time high
  • The S&P index is closing  5.40% from its all time high.
  • S&P that the lowest level since July 19
  • Facebook fell -4.89% today and is 15% from its all-time high
  • The Dow is -4.57% from its high.

A look at the final numbers for the day are showing:

  • Dow industrial average -323.56 points or -0.54% at 34002.91
  • NASDAQ index -311.20 points or -2.14% at 14255.49
  • S&P index market 56.58 points or -1.30% at 4300.47
  • Russell 2000-24.16 points or -1.08% at 2217.47
The scathing segment on Facebook’s disregard for the safety of their content on 60 Minutes got the ball rolling in the downward direction. There was also on a number of outages at major tech companies including Google, Amazon, Facebook, Twitter, etc., which may have contributed to the negative tone. Of course there is also the fear of slowing growth in China hurting global economies, and higher inflation leading to stagflation.
Feds Bullard gave his usual hawkish comments which did not help things.

NASDAQ snaps a five day losing streak

  
Analysis, US Market
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Dow up over 700 points at the session highs

The major US indices close sharply higher on the first day of the new trading month/new trading quarter with the NASDAQ index snapping a five day losing streak.

Shares of Merck surged 8.6% on the back of a Covid drug that cuts hospitalizations by 50%. Transportation stocks like United airlines, Delta Airlines and Southwest Airlines are also higher on the back of that news. Energy was the best performing sector as oil prices move back to the upside.
  • NASDAQ up for the first time in six sessions
  • Dow S&P, NASDAQ still on track for weekly losses
  • Russell 2000 index up nearly 2%
  • All S&P sectors are higher after yesterday saw the same sectors all lower
The final numbers are showing
  • Dow industrial average rose 483.53 points or 1.43% at 34327.45
  • S&P rose 49.55 points or 1.15% at 4357.09
  • NASDAQ index rose 118.12 points or 0.82% at 14566.70
  • Russell 2000 rose 37.26 points or 1.69% at 2241.63
For the week,, the major indices all closed lower.
  • Dow Jones -3.0%
  • S&P index -3.84%
  • NASDAQ index -3.13%

Dollar gives some back

  
Analysis, US Market

Markets:

  • Gold up $29 to $1755
  • US 10-year yields  down 2.2 bps to 1.516%
  • S&P 500 down 52 points to 4307
  • WTI crude oil up 43-cents to $75.27
  • AUD leads, EUR lags
  • On the month, USD leads, GBP lags
All bets are off at quarter end and we saw that in every direction today, including some ugly late selling in equities after what had been a positive start.
The US dollar gave back a big chunk of its recent gains on a few fronts, particularly versus the yen and commodity currencies. Cable bounced a half cent after a couple of bruising days while the euro couldn’t even muster a dead cat bounce.
US political headlines were coming from all over the place but it would be hard to tie them directly to price action in markets. Along the same lines, the market didn’t react to the miss in initial jobless claims.
The headline about China buying energy at any cost helped to lift gas and oil prices. That also  gave the loonie a lift.
Quarter end flows were a big factor all around but it’s tough to say exactly how much was flows and how much was worry about: Inflation, bottlenecks, China, Washington and energy. There’s so much to unpack in markets at the moment and maybe it’s the combination that’s the real story.
Forex news for North American trading on September 30, 2021:

NASDAQ index cannot hold gains and closes lower for the fourth consecutive day

  
Analysis, US Market

S&P and Dow industrial average closed higher

The NASDAQ index was up as much as 181.4 points or 0.89% at the session highs, but could not sustain the upside momentum and is closing lower for the fourth consecutive day.  The index is down over 5% for the month and on pace for its worst month since September 2020. The Dow Jones and S&P index did closes higher with the S&P snapping a two day losing streak, but each of the indices are well off their highs and nearer its lows for the day. Both the S&P and Dow industrial average are down over 3.0% on the month.

The final numbers are showing:
  • Dow Jones industrial average, +90.73 points or 0.26% at 34390.71
  • S&P index +6.81 points or 0.16% at 4359.45
  • NASDAQ index down 34.23 points or -0.24% at 14512.45
  • the Russell 2000 fell -4.47 points or -0.20% at 2225.31
Looking at the different sectors of the S&P, the winners included:
  • utilities, +1.29%
  • consumer staples, +0.87%
  • healthcare +0.77%
  • real estate +0.67%
on the losing side:
  • materials -0.3%
  • communication services -0.21%
  • technology -0.1%
  • energy -0.01%

NASDAQ index has its worst day since March 18

  
Analysis, US Market

Major indices all closed sharply lower

  • The NASDAQ index got hammered today with a decline of -2.83%.
  • It was the worst day since March 18.
  • The NASDAQ index has closed lower for the third consecutive day
  • The S&P index fell 2% on the day and it was its worst day since May 12.
  • The energy sector was the only gaining sector in the S&P
  • Technology was the worst performer
  • The Dow industrial average is down around 650 point at the lows.
The catalyst is rising treasury yields.  The 10 year yield is up 5.9 basis points. The 30 year bond is up 9.2 basis points.

Stocks moving back to the downside going into the close

  
Analysis, US Market

S&P index down near 2%

the major stock indices are moving to the downside going into the close. The Dow industrial average is down 561 points or -1.61% at 34310.54. The S&P index is down 88 points or -1.99% 4354.66. The NASDAQ is index is down -408 points or -2.73% 14559.

For the S&P index is getting close to its 100 day moving average at 4342.11. A move in close below that level would be more bearish going forward.

In the forex, the US dollar remains the strongest of the majors with the moves against the GBP, NZD and AUD the biggest movers (1.17%, 0.84% and 0.65%).  The GBP is the weakest of  the major currency pairs today. The dollar index moved to a new year high today and is up 4.18% on the year.
In the US debt market, the 10 year yields are up 5.3 basis points while the 30 year yield is up 8.3 basis point and trades comfortably above the 2.0% level at 2.078%. The 2– 10 year spread has widened from 117.5 basis points to 123.2 basis points today.
The US dollar strongerUS yields are

US stocks close mixed. Nasdaq and S&P close lower. Dow up but off highs.

  
Analysis, US Market
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ASDAQ falls -0.52%. Dow posts a four day win streak

The major indices are ending the day with mixed results. The Dow is higher on the day and has posted a four day win streak. The the NASDAQ index is down for the second consecutive day. The S&P index snapped its three day win streak.

The final numbers are showing:
  • Dow +71.37 points or 0.21% at 34,869.37
  • NASDAQ felt -77.73 points or -0.52% at 14 969.98
  • S&P fell -12.37 points or -0.28% at 4443.11
  • Russell 2000 index rose 32.93 points or 1.46% at 2281.00
Some big winners today included:
  • Alcoa, +6.43%
  • Dow, +5.07%
  • First Solar, +4.88%
  • Schlumberger, +4.10%
  • Nio, +3.9%
  • Exxon Mobil, +3.76%
  • Bed Bath and Beyond +3.74%
  • Alibaba, +3.47%
  • Tencent, +3.43%
  • Beyond Meat, +3.25%
  • PNC, +2.93%
  • Ford, +2.3%
  • Dollar Tree, +2.77%
  • Bank of America, +2.66%
Losers today included:
  • Novavax, -6.94%
  • Moderna, -4.93%
  • Roblox, -3.91%
  • Palantir, -3.75%
  • Snap, -3.63%
  • Crowdstrike, -3.22%
  • Adobe, -3.06%
  • Goodrx, -2.9%
  • Intuitive surgical, -2.89%
  • Twitter, -2.76%
  • Blackberry, -2.22%
  • Salesforce, -2.08%
  • Chipotle -2.02%
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