Archives of “US Market” category

rss

US equity close: A story in three acts

  
Analysis, US Market

Closing changes for the main US equity indexes:

  • S&P 500 -7 points to 4474 (-0.1%)
  • Nasdaq up 16 points or 0.1%
  • DJIA -0.2%
The flat finish doesn’t do the session justice. Futures were flat heading into the open but then stocks dumped. At the lows, the S&P 500 was down 37 points; that was shortly before the European close.
Sentiment steadied there though and the index climbed back into positive territory late before some moderate selling into the close.
Note that this was the fifth time in the past six days when heavy selling hit at the US equity open. That’s something to watch for tomorrow.
Closing changes for the main US equity indexes:

US House advances tax plan (higher corp tax, higher tax on wealthy)

  
Analysis, US Market

The US House of Representatives House Ways and Means Committee votes to advance the plan.

What this means is it moves the bill to the House for a vote.
With the Democratic majority, it’ll likely pass.
And then negotiations will continue with the Senate where passing will be much, much more difficult. Plenty of negotiations on this are still to come.
TL;DR is nothingburger.

US stocks close near highs

  
Analysis, US Market

Major indices all higher

The US stocks are closing near their highs for the day. The Russell 2000 index of small-cap stocks was the biggest gain or with a 1.1% rise.

  • Dow and S&P up to the last three trading days
  • NASDAQ snapped a five day losing streak
  • The major indices closed near their highs for the day
  • S&P has its best day in more than two weeks
  • All major S&P sectors rose with the exception of utilities
  • Energy +3.83%. Industrials +1.12%, Materials +1.11%, financials +0.93%.  S&P sector laggards include utilities -0.14%, consumer staples +0.41%, real estate +0.42%, and discretionary +0.67%
the final numbers are showing:
  • Dow rose 236.8 points or 0.68% at 34814.40
  • S&P index rose 37.63 points or 0.85% at 4480.69
  • NASDAQ index rose 123.78 points or 0.82% 15161.54
  • Russell 2000 rose 24.46 points or 1.11% at 2234.45
The US dollar was weaker today, despite the fact that US interest rates move higher. The Canadian dollar was the strongest of the majors.

Head of the US SEC wants faster delisting for Chinese firms not compliant with disclosure rules

  
Analysis, US Market

Gary Gensler is chair of the US Securities and Exchange Commission. He appeared before a Senate Banking, Housing and Urban Affairs Committee hearing on Tuesday.

Said he wants Chinese firms to comply with American auditing rules
  • And that the SEC supports ed legislation that would allow for faster delisting of those that do not.
More:
  • the SEC has “had discussions directly with the Chinese authorities” about the potential speeding up of delisting
  • “the clock is ticking”
Gensler’s testimony is in relation to the Accelerating Holding Foreign Companies Accountable Act. The bill is not yet law (the US Senate passed the bill in June but the House of Representatives has yet to vote on it). If it passes it would reduce the amount of time US-traded Chinese companies have to hand over their audits to US regulators to 2 years from 3 before they can be delisted from American exchanges.
Info via South China Morning Post  (may be gated)
Gary Gensler is chair of the US Securities and Exchange Commission. He appeared before a Senate Banking, Housing and Urban Affairs Committee hearing on Tuesday.

US major stock indices close lower. NASDAQ down for the fifth consecutive day

  
Analysis, US Market

All 11 sectors of the S&P are lower.

The majors stock indices are all closing lower with the Dow industrial average the worst performer.

  • The S&P and Dow have been down for five the last six trading days
  • The NASDAQ index has fallen five straight days
  • All 11 sectors of the S&P index are lower today
  • US yields are sharply lower leading to the decline in the financials.  The tenure yield is down -4.5 basis points. The 30 year yield is down -5.1 basis point.
All 11 sectors of the S&P are lower.

  • The Russell 2000 was the worst performer with a decline of over -1.4%
the final numbers are showing:
  • Dow industrial average fell -291.07 points or -0.83% at 34578.56
  • S&P index fell -25.5 points or -0.57% at 4443.23
  • NASDAQ index fell -67.82 points or -0.45% at 15037.76
  • Russell 2000 felt -30.83 points or -1.38% at 2209.95
Looking at the sectors of the S&P index (all declined), the worst performers included:
  • Energy -1.54%
  • Financials, -1.41%
  • Industrials -1.23%
  • Materials -1.16%
The best performers in a losing effort were:
  • Healthcare -0.11%.
  • Technology, -0.14%.
  • Discretionary, -0.33%.
  • Real estate, -0.34%.

Dow and S&P snap five day decline. NASDAQ down for the fourth straight day

  
Analysis, US Market

Dow Jones leads the way led by energy and financials

The Dow and S&P snapped a five day decline. The NASDAQ was not so lucky falling for the fourth consecutive day. However, late day buying did push the major indices higher into the close. The NASDAQ closed well off it’s low level. The S&P was negative going into the last few hours of trading, but erased the declines and closed higher on the day.

The winning sectors included:

  • Energy was the biggest gain or with a 2.95% gain.
  • Financials rose 1.13%
  • Real estate increase 0.49%
  • Communication services rose 0.41%
The losing sectors included:
  • Healthcare, -0.61%
  • Utilities -0.18%
  • Materials -0.01%.
  • Technology was near unchanged at +0.03
The final numbers are showing:
  • Dow industrial average rose 261.91 points or 0.76% at 34869.64
  • S&P index rose 10.15 points or 0.23% at 4468.72
  • NASDAQ index fell -9.9 points or -0.07% at 15105.59
  • Russell 2000 rose 13.24 points or 0.59% at 2240.78
Go to top