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NASDAQ the big winner today but major indices close lower for the week

  
Analysis, US Market
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All 11 sectors higher

The major indices all closed higher for the day led by the NASDAQ index which rose 1.17%.
  • All 11 sectors of the S&P are higher
  • indices close near the session highs
  • Dow snaps a three-day losing streak
  • S&P and NASDAQ close up for the second consecutive day
  • major averages post weekly losses
  • Dow has its worst week since mid-June
  • NASDAQ had its best day in four weeks
the final numbers are showing
  • Dow industrial average rose 225.50 points or 0.65% at 35120.08
  • S&P index rose 35.86 points or 0.81% at 4441.66
  • NASDAQ index rose 172.88 points or 1.19% at 14714.66
  • Russell 2000 index gained will 35.18 points or 1.65% at 2167.60
Technology and utilities led the gains today. Consumer staples and energy lagged but still closed higher on the day.
For the week:
  • Dow industrial average fell -1.11%
  • S&P index fell -0.61%
  • NASDAQ index fell -0.73%
For the Dow 30 stocks, the big winners today were:
  • Microsoft, +2.52%
  • Home Depot, +1.96%
  • Cisco, +1.68%
  • Walgreens, +1.58%
  • Nike, +1.32%
  • Salesforce, +1.21%
The laggards today were led by:
  • Intel -0.82%
  • Amgen, -0.39%
  • Coca-Cola, -0.39%
  • Visa, -0.11%
  • Honeywell, -0.04%
  • Chevron, -0.02%

Elon Musk is now the world’s richest person

  
  Analysis
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Elon Musk passes Jeff Bezos

Elon Musk passes Jeff Bezos
Shares of Tesla are up another 4.2% today and with that, Tesla CEO Elon Musk has passed Jeff Bezos to become the world’s richest person, according to Bloomberg calculations. His net worth is $188 billion dollars, about $1.5 billion more than Bezos.
In the past 12 months, Musk’s net worth has risen by more than $150 billion on a 750% rise in Tesla’s share price. He owns 20% of the company but also holds options that are now worth $42 billion.
The Tesla chart is breathtaking
Tesla musk
Tesla is now the world’s sixth-largest company.
It’s not just Musk, the 500 richest people in the world added 31% to their wealth last year, according to Bloomberg.

TSLA (Tesla) earnings released, Q2 EOPS

  
  Analysis
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Q2 EPS 50c (vs. loss/share $2.310 y/y)

  • Free cash flow $418m, estimate loss $617.9m
  • revenue $6.04bn, estimate $5.40bn
Says delivering half million vehicles in 2020 remains the target
  • Says its Shanghai factory is progressing as planned
  • remains difficult to predict whether there will be further operational interruptions or how global consumer sentiment will evolve in H2 2020
It appears there is some financial engineering involved in generating that positive EPS number, generated a record amount from sales of regulatory credits of 428m USD

NASDAQ index rises over 2.50% on the day. New record close

  
Analysis, US Market
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eBay #Sponsored Wallstreet Stock Market Bull and Bear Head Bookends Bronze ElectroplatedThe buyers return to Amazon, Microsoft, Tesla ahead of their earnings over the next 2 weeks

The NASDAQ index rose over 2.5% on the day, outpacing small gains in the S&P index and Dow industrial average (which barely closed above unchanged).
The final numbers are showing:
  • S&P index up 27.11 points or 0.84% to 3251.83. The high price reached 3258.61. The low extended to 3215.16
  • NASDAQ index closed up 263.90 points or 2.51% at 10767.09. That is a record high close for the NASDAQ index
  • Dow industrial average closed up 8.92 points or 0.03% at 26680.83. The high price reached 26765.02. The low extended to 26504.20
Leading the way were some of the years biggest gainers including:
  • Tesla, +9.47% to $1643
  • Amazon, +7.93%
  • Microsoft, +4.3%
Tesla Microsoft will announce their earnings on Wednesday, July 22. Amazon will announce earnings on Thursday, July 30.
After the close IBM has announced higher earnings on the top and bottom line
  • EPS comes in at $2.18 vs. $2.17 estimate
  • revenues came in at $18.12 billion vs. $17.72 billion estimate
IBM shares are up in after hours trading and trades at $130.25 up 3.88% on the day

A big earnings calendar this week.

  
  Analysis
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Stocks trading modestly higher in premarket activity

In premarket trading the major indices have turned back to the upside after earlier declines. The gains are limited however.

This week the earnings calendar really heats up after the financials started the process last week. Below is a look at some of the major releases this week:
Monday, July 20
  • IBM
  • Phillips
Tuesday, July 21
  • Coca-Cola
  • Snap
  • United Airlines
  • Lockheed Martin
  • Texas Instruments
Wednesday, July 22
  • Microsoft
  • Tesla
  • Chipotle
  • Whirlpool
  • Biogen
Thursday, July 23
  • Intel
  • American Airlines
  • AT&T
  • Travelers
  • Hershey
Friday, July 24
  • American Express
  • Honeywell
  • Verizon
  • Schlumberger

Coronavirus – Chief financial officer of Jefferies Group dies

  
  Analysis
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Jefferies LLC is a US multinational independent investment bank and financial services company.

  • The firm is headquartered in New York City.
A company statement says its chief financial officer Peregrine “Peg” Broadbent has died from “coronavirus complications”
The virus is cutting a swathe through New York, deaths in the city are nearing (if not above as I post) 1000.
Jefferies LLC is a US multinational independent investment bank and financial services company.

CFTC Commitments of Traders report: GBP shorts trimmed but not as much as you might think

  
Analysis, Forex
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Forex futures positioning data for the week ended Tuesday, December 10:

Forex futures positioning data for the week ended Tuesday, December 10:

  • EUR short 68K vs 69K short last week. Shorts trimmed by 1K
  • GBP short 23K vs 30K short last week. Shorts trimmed by 7K
  • JPY short 44K vs 48K short last week. Shorts trimmed by 4k
  • CHF short 21K vs 22K short last week. Shorts trimmed by 1K
  • AUD short 37k vs 36K short last week. Shorts increased by 1K
  • NZD short 25K vs 27K short last week. Shorts trimmed by 2K
  • CAD long 21k vs 21K long last week.  No change
The big shifts recently have been paring GBP and NZD shorts. Those trends both continued this week but at a slower pace than you might have expected given the rallies in both. Next week’s data will capture the UK election and that should be instructive.

ECB announces cut to deposit facility rate by 10 bps to -0.50%

  
  Analysis
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uropean Central Bank monetary policy decision – 12 September 2019

  • Prior decision
  • Main refinancing rate 0.00%
  • Marginal lending facility 0.25%
  • Deposit facility rate -0.50%
  • Announces rate tiering system
  • To introduce two-tier system for negative rate policy
  • Reintroduces QE, €20 billion per month from 1 November
  • Says to buy bonds as long as needed
  • To stop purchases shortly before raising rates
  • Modalities of TLTROs will be changed
  • Sees rates at present or lower levels until inflation outlook robustly converges to central bank’s aim
Overall, the decision here looks to be a weak one in terms of what markets are expecting. But the fact that QE is being reintroduced is giving bond buyers something to chew at (although it is just €20 billion per month). In my view, that’s not good enough.

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