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Higher close for US equities with the Dow leading the way

  
Analysis, US Market
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2 of 3 days higher.

Earlier in the day, when stocks opened lower, the headline was “Stocks down – 4 of 5 days lower”.
Now after a higher close, the headline reads “Stock up – 2 of 3 days higher”
Both are NOT fake news, but the 2nd one is the reality for the day.
US major indices are ending higher with the Dow stocks leading the way today.
The final numbers are showing:
  • The S&P index rose 18.78 points or 0.65% at 2887.94.
  • The Nasdaq index rose 29.937 points or 0.38% at 7856.88
  • The Dow rose 258.20 points or 1.00% at 26036.10.
The biggest Dow 30 winners on the day included:
  • Pfizer, +2.15%
  • UnitedHealth, +1.98%
  • United Technologies, +1.85%
  • Nike, +1.78%
  • Home Depot, +1.73%
  • Walt Disney, +1.51%
  • Boeing, +1.45%
  • Bank of America, +1.44%.

An ugly day for US equities. Major indices down for the week.

  
Analysis, US Market
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Dow falls over 600 points.  Nasdaq down -3.0%

It was an ugly day for the US equities. The Dow fell over 600 points. The Nasdaq is closing down -3%.  UGLY.
The escalation of the trade ward is to blame. Pres. Trump has threatened retaliation for the new China tariffs.  He also continued the criticism of the Fed’s Powell.
The final numbers are showing:
  • The S&P fell -75.84 points or -2.59% at 2847.11
  • The Nasdaq fell -239.62 points or -3.00% at 7751.77
  • The Dow fell -623.34 points or -2.37% at 25628.90
Looking at the % ranges for the major indices below, the major indices in US and Europe all closed at or near the session lows today.
Dow falls over 600 points.  Nasdaq down -3.0%

Looking at the point changes, the Dow was down -745 points at the lows.

The point changes of the major indices
For the week, the major indices are ending the week in the red as well:
  • The S&P fell -1.43%
  • The Nasdaq fell -1.83%
  • The Dow fell -0.99%.
Big losers today:
  • AMD, -7.4%
  • Broadcom, -5.39%
  • NVIDIA, -5.16%
  • Tesla, -4.84%
  • Qualcomm, -4.71%
  • Apple, -4.62%
  • Alibaba, -4.29%
  • Micron, -4.06%
  • Intel, -3.89%
  • American Express, -3.65%

US stocks erase yesterday’s declines (and then some) and close with decent gains

  
Analysis, US Market
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Ignores the 2-10 going negative again

The US stocks erased the declines from yesterday (and then some). The gains also ignored what was a flattening of the yield curve to flat 2-10s again (although positive now by a basis point or two).
The final numbers are showing:
  • The S&P index +23.92 points or 0.82% at 2924.43
  • The NASDAQ index of 71.646 points or 0.90% at 8020.20
  • The Dow industrial average of 240.29 points or 0.93% at 26202.73.
Below is a summary of the % change high/% change low/% change close for the North American and European major indices.  Most European indices had an even better day.
Ignores the 2-10 going negative againBelow are the changes and ranges for the US debt curve (from 2-30 years).  The 2-10 spread is 1.53 bps currently, down from 4.32 bps at the close yesterday. The thing about today’s move is the yields are higher across the board with the shorter end up more due to the taking out more of the 50 BP cut idea.
US yields are higher with a flatter yield curve.

US stock indices go out near the lows for the day

  
Analysis, US Market
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  • The S&P index fell -23.11 points or 0.79% at 2900.53
  • The NASDAQ index fell -54.25 points or -0.68% at 7948.56
  • The Dow industrial average fell -173.35 points or -0.66% at 25962.42
Selling into the closeThe major indices open lower but did recover midday and traded marginally higher before reversing and moving back down.
The European indices were higher earlier in the day, but gave up those gains and also ended near low levels.
Winners on the day included:
  • Beyond Meat, +6.55%
  • Home Depot, +4.45%
  • LYFT, +3.81%
  • Qualcomm, +1.60%
  • Twitter, +1.44%
  • Broadcom, +0.57%
  • Square, +0.48%
  • Intuitive Surgical, +0.47%

Losers included:

  • Netflix, -3.36%
  • AMD, -2.41%
  • American Express, -2.38%
  • Bank of America, -2.02%
  • UnitedHealth, -1.90%
  • Micron, -1.73%
  • Nvidia, -1.70%
  • PNC financial, -1.68%
  • General Mills, -1.65%
  • Pfizer, -1.59%
  • Coca-Cola, -1.5%
  • IBM, -1.44%
  • Alphabet, -1.41%
  • Facebook, -1.39%

US stock closes higher, but off the higher extreme

  
Analysis, US Market
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Nasdaq leads the indices on the day. Dow lags

The major US stock indices are ending the session with solid gains but off the session highs. The indices opened higher and remained higher on the back of the Trump administration talking up the economy and more Fed criticism (and calls for sharply lower rates ….i.e. Pres. Trump wants 100 bps lower).  The Trump Administration also extended its reprieve on penalties for doing business with Huawei which gave a boost to stocks.
The final numbers are showing:
  • The S&P index up 34.97 points or 1.21% at 2923.65. The high reached 2931.00. The low extended to 2913.48.
  • The Nasdaq index is closing up 106.81 points or 1.35% at 8002. 81. The high reached 8026.75. The low reached 7974.25
  • The Dow is closing up 249.78 points or 0.96% at 26135.79. The high reached 26222.32. The low reached 26020.06.

US stocks edge up to new records as investors eye earnings season

  
Analysis, US Market
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Wall Street notched fresh record highs in cautious trading on Monday as investors awaited the first onslaught of quarterly earnings reports.

The S&P 500 bounced off session lows seen in afternoon trading to gain about half a point at 3,014.30. The Dow Jones Industrial Average ticked 0.1 per cent higher, and the Nasdaq Composite rose 0.2 per cent.

The modest rally extended a record run on Wall Street that was fuelled last week by expectations for looser monetary policy at the Federal Reserve. The benchmark S&P 500 secured its third closing high in as many sessions, while the Dow and tech-heavy Nasdaq set records for a second consecutive day.

Citigroup offered the opening salvo in a busy week of bank earnings. Goldman Sachs, JPMorgan Chase and Wells Fargo will file on Tuesday. Bank of America’s financials will arrive a day later.

Citi’s shares fell 0.1 per cent, paring a gain of 1.5 per cent made last week in the run-up to its numbers.

A number of further corporate reports due throughout the week will start to reveal if the US is on course for its first earnings recession since 2016, playing into investors’ perceptions of the outlook for the economy as the Trump administration’s trade dispute with Beijing continues.

Growth data from China published on Monday showed the country’s rate of quarterly expansion was its slowest in 27 years at 6.2 per cent, but there was relief that the tariff battle between the world’s two biggest economies had not taken a deeper toll on the data.

Early gains on Wall Street helped European bourses consolidate gains after an uncertain showing in the region. The international Stoxx 600 rose 0.2 per cent.

Frankfurt’s Xetra 30 was up 0.5 per cent. London’s FTSE 100 rose 0.2 per cent, with its gains underpinned by miners.

US Major indices all close at record highs (and close at the highs for the day)

  
Analysis, US Market
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S&P index closes above the 3000 level for the 1st time ever

Its the Triple Crown. All three of the major US stock indices closed at session highs. For the S&P index, it is closing above the 3K level for the very first time after toying with moves above on Wednesday and Thursday only to fail.
The final numbers are showing:
  • The S&P index of 13.84 points or 0.46% at 3013.75
  • THE NASDAQ index of 48 points 102 points or 0.59% at 8244.14
  • The Dow is up 243.95 points or 0.90% at 27332.02
Below is a graphical look at the %low, %high and %close. The highs and the close % are basically the same thing today.
For the week, the major indices are ending higher with the Dow leading the way:

  • Dow, up 1.52%
  • Nasdaq, up 1.01%
  • S&P, up 0.78%
For the month of July, the major indices have tacked on decent gains (after a stellar 1H)
  • Dow up 2.75%
  • S&P, up 2.45%
  • Nasdaq up 2.97%.
Next week will begin earning announcements for the 2Q. Below are a snapshot of some of the major releases over the next two weeks, starting with Citigroup on Monday and JP Morgan on Tuesday. The market is going into earnings at all time record highs (I don’t know if that is good or bad).  The market seems extended but it is “hard to fight City Hall”
the earnings calendar for the next few weeks

Nasdaq closes at record highs. S&P trades above 3000 for first time, but backs off.

  
Analysis, US Market
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Major indices all closing higher

The major indices in the US are closing higher with the Nasdaq closing at a new record high. The S&P index traded above the 3000 level for the first time ever, but backed off that level. It is still closing higher on the day. The Dow snapped a 3 day losing streak today.
The final numbers are showing:
  • The S&P index, +13.44 points or 0.45% at 2993.07. The high reached 3002.98. The low extended to 2984.61
  • The Nasdaq rose 60.80 points or 0.75% at 8202.53. The high reached 8228.598. The low extended to 8160.56
  • The Dow rose 76 points or 0.29% at 26860.20. The high reached 26983.45 The low extended to 26813.11.
Some winners today:
  • Tesla, +3.85%
  • Micron, +3.75%
  • Beyond Meat, +3.61%
  • General Mills, +2.27%
  • AMD, +1.93%
  • Facebook, +1.77%
  • Nvidia, +1.75%
  • Chevron, +1.69%
  • Pfizer,+1.57%
  • Intuit, +1.53%
  • Alphabet, +1.48%
  • Amazon, +1.46%
  • Exxon Mobil,+1.43%
  • Cisco, +1.40%
  • Disney, +1.34%
  • Microsoft, +1.02%
 Some losers today included:
  • QUALCOMM, -2.86%
  • Target, -2.22%
  • Daimler, -1.57%
  • Deere and Company, -1.56%
  • Charles Schwab, -1.56%
  • Wells Fargo, -1.44%
  • Slack, -1.28%
  • Caterpillar, -1.22%
  • Bank of America, -1.16%
  • Morgan Stanley, -1.10%
  • Goldman Sachs, – 0.87%
  • Citigroup, -0.61%
  • PNC financial, -0.58%
  • Home Depot, -0.58%
  • Twitter, -0.52%

S&P closes higher. That means it is another record close.

  
Analysis, US Market
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Major indices rise modestly on the day in up and down session

The S&P is closing higher. Since yesterday was a record high, that means today is a record as well (that analysis is pretty simple).
The Nasdaq remains below it’s record close at 8163.99.  The high today reached 8109.36 – near the closing level for the day.

The final numbers are showing:

  • The S&P index rose 8.68 points or 0.29% at $1413.56
  • The Nasdaq index rose 17.931 points or 0.22% at 8109.09
  • The Dow rose by 69.25 points or 0.26% at 26786.68
Looking at the % changes and % high/low levels, the major US stock are all closing at/near the highs for the day.   European shares (apart from the Portugal PSI20) closed higher as well.
Some winners today:
  • Verizon, +2.61%
  • Cisco, +1.95%
  • McDonald’s, +1.53%
  • Gilead, +1.49%
  • MasterCard, +1.41%
  • Delta Airlines, +1.33%
  • alphabetic, +1.15%
  • Facebook, +1.04%
  • Pfizer, +1.03%
  • Intuit,, 0.81%
  • visa, +0.78%
  • Microsoft, +0.66%
  • Walt Disney, +0.64%
  • Amazon, +0.63%
  • Apple, +0.59%
Some losers on the day include:
  • Nvidia, -2.37%
  • Beyond Meat, -1.88%
  • Chewy, -1.87%
  • Broadcom, -1.67%
  • Chevron, -1.52%
  • Charles Schwab, -1.42%
  • Dow DuPont, -1.31%
  • micron, -1.27%
  • Tesla, -1.15%
  • Exxon Mobil, -1.06%
  • Wells Fargo, -0.96%
  • Bank of America, -0.95%
  • Box, -0.91%
  • QUALCOMM, -0.66%
  • Boeing, -0.62%

 

Black Monday October 19th 1987 ,Dow Jones Lost 22.6% in Single session

  
  Education
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black_monday

Where were you on Monday, Oct. 19, 1987?

Today is the first time since 2009 that October 19 has fallen on a Monday, and that has me thinking about that day. 

For you youngsters, that is the day better known as Black Monday, when the stock market plunged 508 points in a single session. The Dow Jones Industrial Average lost 22.6 percent, the worst daily percentage loss on record, closing at 1,738.74.

The New York Times front page headline the next day asked, “Does 1987 Equal 1929?”

Anyone working on Wall Street today who is under 40 is unlikely to have any professional memories of the event. To you, I suggest reading “Black Monday: The Stock Market Catastrophe of October 19, 1987” by Tim Metz. It is the definitive account of the crash, including the key players, personalities, decisions, news flows and first-hand accounts of what happened that day.

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