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No records today. Major indices close lower

  
Analysis, US Market
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Nasdaq leads the month charge forward

The major US stock indices are ending the day with declines but it could have been worse.
The final numbers are showing:
  • The S&P fell -9.21 points oro -0.30% at 3037.56. Yesterday was a record close. So the decline today is makes it easy. No record today.  The high price reached 3046.90 . The low was down at 3023.19.
  • The Nasdaq fell -11.617 points or -0.14% at 8292.35. The high reached 8321.80. The low extended to 8248.80
  • The Dow is closing down -140.46 points or -0.52% at 27046.23. The high reached 27188.37. The low extended down to 26918.29
The % changes of the major stock indices today
Today is also month end (Happy Halloween). The major indices are ending the month higher.
  • Dow, up 0.48%
  • S&P up 2.04%
  • Nasdaq up 3.66%.

For the year, the major indices are still showing strong gains after the down year in 2018.

  • Dow, +15.94%
  • S&P, +21.17%
  • Nasdaq, +24.97%.

US stocks close the session higher. Record close for the S&P

  
Analysis, US Market
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New record close for the S&P

The US stocks are closing the session higher after the FOMC cut rates by 25 basis points and Fed chair Powell said that rates would not go higher unless inflation goes higher.
  • The S&P index rose 9.88 points or 0.33% at 3046.77
  • The Nasdaq rose 27.125 points or 0.33% at 8303.97
  • The Dow rose 115.27 points or 0.43% at 27186.69.
In after hours, Facebook beat on the revenues and earnings-per-share
  • EPS $2.12 versus $1.91 expected
  • Revenues $17.65 billion versus an estimate $17.35 billion

Facebook shares are up 2.3% in volatile trading after the close.

FOMC meet today – rate cut is widely expected but its ‘what’s next?’ of most focus

  
  Analysis
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Via the WSJ a good in summary look at what will be the focus in the
  • Without signs of a sharper deterioration in economic data, officials on Wednesday may seek to tamp down on expectations that they will keep cutting rates-including at their final scheduled meeting of the year in December
  • At the same time, soft economic data of late could make officials uncomfortable delivering an “all clear” signal, particularly because any residual damage from the U.S.-China trade war may not yet be fully reflected. 
The Journal characterize Powell press conference as him walking a tightrope given those two points they make.
Other metaphors include:
  •  “The challenge is threading a needle where the eye has become extremely tiny,” said Ellen Zentner, chief U.S. economist at Morgan Stanley
Link here for more, may be gated.
Earlier previews of the Federal Reserve Federal Open Market Committee policy meeting are here:

US stocks end near the lows but give up gains

  
Analysis, US Market
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Early declines still holding the lows

The US stocks are ending the day near, but above) the day’s lows (from earlier in the day) but they gave up gains in the processs in what was an up and down day.
The final numbers are showing:
  • The S&P index fell -13.22 points or -0.45% at 2938.79. The high reached 2959.75. The low extended to 2935.68
  • The NASDAQ index fell -26.181 points or -0.33% at 7956.29. The high reached 8013.316. The low extended to 7942.08
  • The down industrial average fell -95.70 points or -0.36% at 26478. The high reached 26655.84. The low extended to 26424.54

The NASDAQ index closed below its 100 day moving average at 7967.39. The index close back above that MA on Friday. Failure to keep the momentum to the upside going is a disappointment for the bulls.

The S&P index remains above its 100 day moving average at 2928.07, but is closing below its 50 day moving average at 2940.64

China delegation cancels US farm trip after trade talks wrap

  
  Analysis
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A Chinese trade delegation is heading back to Beijing earlier than scheduled, having canceled a planned visit to U.S. farms after mid-level trade talks wrapped in Washington.

The sudden itinerary change, confirmed Friday by the Montana Farm Bureau Federation, is putting a damper on U.S.-China trade optimism, sending the Dow Jones Industrial Average down more than 200 points.

The Chinese officials skipping the farm visit, led by Vice Minister for Agriculture and Rural Affairs Han Jun, were part of the delegation in the U.S. for preliminary trade talks, ahead of cabinet-level negotiations to take place in Washington next month.

In a brief statement Friday, the Office of U.S. Trade Representative sounded a positive note on the talks.”These discussions were productive, and the United States looks forward to welcoming a delegation from China for principal-level meetings in October,” the statement said.

High hopes were set for trade talks this week in Washington, which came after both sides softened trade tensions this month with such gestures as tariff exemptions and delays.

U.S. Agriculture Secretary Sonny Perdue had told reporters on Thursday that the delegation would visit American farms next week.

President Donald Trump had also said earlier this week that China was making large quantities of agricultural purchases from the U.S.

“They are starting to buy our farm products big league,” he said in a tweet Tuesday.

At a White House press conference Friday, Trump told reporters that his relationship with President Xi Jinping is “doing very well,” though the two are having a “little spat.”

“We are looking for a complete deal,” he stressed. “I am not looking for a partial deal.”

US Indices close the day down and also close lower on the week

  
Analysis, US Market
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Nasdaq falls 0.8% to today

The major US stock indices are ending the session in the red for the day. The declines today also helped push/keep the week lower.
The final numbers are showing:
  • S&P index -14.72 points or -0.49% at 2992.07.
  • NASDAQ index -65.20 points or -0.80% at 8117.68
  • Dow industrial average -159.72 points or -0.59% at 26935.07
For the week, the major indices fell with the Dow industrial average falling the most.
  • S&P index, -0.51%
  • NASDAQ composite index -0.72%
  • Dow industrial average, -1.05%

US Indices close with mixed results. Earlier gains taken away.

  
Analysis, US Market
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S&P unchanged. Nasdaq up marginally. Dow down.

The major US stock indices are closing the day with mixed results.  Each however had earlier gains taken away into the close.
Looking at the three major indices, one ended unchanged, one was up marginally and one was down.  The final numbers are showing:
  • S&P index, unchanged at 3006.79. The high reach 3021.99.. The low extended to 3003.16
  • NASDAQ closed up 5.487 points or 0.07% at 8182.87. The high reached 8237.43. The low extended 28174.32
  • The Dow industrial average closed down -52.29 points or -0.19% at 27094.79. The high reached 27272.17. The low extended to 27064.21.
The chart below shows the percentage change high, the percentage change low, and the closing percentage change for the major North American and European stock indices today. European shares closed near their high levels for the day. The US major indices closed near their session lows.
S&P unchanged. Nasdaq up marginally. Dow down.

What seemed to be a negative catalyst for stocks was a report that a White House official commented that tariffs on China could go as high as 50 to 100%. That spooked the market and prices started to ratchet lower.

Trump will meet with advisors today on cutting capital gains

  
  Analysis
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Trump to meet economic team today

Dow Jones reports that Trump will once again meet with advisors today on the topic of cutting capital gains taxes by indexing them to inflation. The move would be a massive boon to long-term investors but punch a huge hole in the deficit over time. It would also face court challenges from Congress.
The meeting will also focus on broader proposals to cut taxes, according to the report which cities unnamed sources.

US stocks close near session highs for the day

  
Analysis, US Market
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Nasdaq up 1.30%.  S&P up 1.08%

The US stocks are closing not far off the highs for the day, with the Nasdaq leading the way higher. Ever sector in the S&P was higher.  Dow closes higher for the 4th time in 5 sesssions.
The final numbers are showing:
  • The S&P index closed up 31.51 points or 1.08% at 2937.78
  • The Nasdaq index closed up 102.72 points or 1.30% at 7976.87
  • The Dow index closed up 237.45 points or 0.91% at 26355.42
The % changes and ranges are outlined below. Yesterday, the indexes in US and Europe traded below the 0% line for all of the day. Today, the major indices all traded above the 0.0% line alll day.   All indices opened higher and traded higher.

US stocks opened lower and closed lower

  
Analysis, US Market
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…but off lows for the day

The US major stock indices opened lower and closed lower. The low for the Dow reached -1.61%. For the Nasdaq it reached -1.45%. For the S&P it fell by as much as -1.18%.  However, the indices did recover some of those declines by the close.
The final numbers are showing:
  • The S&P fell -20.02 points or -0.69% at 2906.27
  • The Nasdaq fell -88.72 points or -1.11% at 7874.16
  • The Dow fell -285.26 points or -1.08% at 26118
Below are the % ranges for the North American and European markets for the day.  All major indices are ending lower.
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