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Overnight US Market : Dow record close

  
Analysis, US Market
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It could have been worse.

The US had a semi holiday today in observance of Veterans Day. The bond market was closed, government offices were closed (so no economic news). The US stock markets were open, however.
After opening lower and extending to the downside, a slow grind higher took the Dow into positive territory. The S&P and Nasdaq stilll ended down, but well off the lows.
The final numbers are showing:
  • The S&P index fell -6.07 points or -0.20% to 3087.01
  • The NASDAQ index fell -11.036 points or -0.13% t0 8464.27
  • The Dow rose 10.25 points or 0.04% to 27691.49.
The Dow gain was good enough for a record close once again. The S&P and NASDAQ which also closed at record levels on Friday, could not repeat the feat today.
Below is a graphical look at the percentage high, low, and close for the major indices in North America and Europe today.
The Dow closes at a new all-time record high

The S&P and Dow off highs but still close at record highs

  
Analysis, US Market
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All major indices close higher

The major stock indices closed off their high levels for the day as US/China trade deal details go back and forth.  However, they S&P and Dow still closed at record levels. The NASDAQ was higher but still off its record close level.
The final numbers are showing
  • S&P index, 8.42 points or 0.27% at 3085.20. The high reached 3097.77. The low extended to 3080.23
  • NASDAQ index +23.88 points or 0.28% at 8434.51. The high reached 8483.156. The low extended to 8415.87
  • Dow is up 182.24 points or 0.66% at 27674.80. The high for the day reached 27774.67 The low reached 27590.16
After the close, Disney EPS came in higher than expectations at $1.07 versus $0.95 estimate. The revenues came in at $19.10 billion versus $19.04 billion estimate.  Is the stock is trading at $136.00 after closing at $133.12.

US Indices reverse from the sharp declines and close at session highs

  
Analysis, US Market
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NASDAQ index up 1.12%. S&P index also up nicely

The US stocks fell sharply after the worse than expected ISM nonmanufacturing index. The NASDAQ and S&P index fell -1.1% added slows. The Dow industrial average was down -1.29%. However, buyers into the market by the close, the major indices were trading at session highs.
The final numbers are showing:
  • The S&P index rose 23.02 points or 0.80% at 2910.63
  • The NASDAQ index rose 87.02 points or 1.12% at 7872.26
  • The Dow industrial average rose 122.42 points or 0.47% at 26201
The percentage change ranges for the major indices in the North America and Europe are outline below. In Europe, the German DAX got creamed falling -2.76%. The UK FTSE was also lower but a more modest -0.63%.
NASDAQ index up 1.12%. S&P index also up nicely_

Some winners today:

  • Slack, +6.27%
  • Nvidia, +4.83%
  • Micron, +3.57%
  • Square, +3.25%
  • Pepsi, +2.95%
  • Facebook, plus a 2.75%
  • Pfizer +2.22%
Some losers on the day included
  • Tesla -4.16%
  • Charles Schwab, -3.83%
  • Delta Air Lines, -2.8%
  • Alcoa, -1.35%
  • Disney, -0.76%
  • UnitedHealth, -0.66%
  • Johnson & Johnson, -0.5%

US major indices ending near session lows

  
Analysis, US Market
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Not a good day for the major stock indices

The major US stock indices were spooked by weaker than expected ISM manufacturing data . Shortly after the data came out, the major indices turned from being up to being down.

The momentum continued through the day.
The final numbers are showing:
  • S&P index, -36.56 points or -1.23% in 2940.18. That is just off the session low at 2938.70. The pair fell below its 50 day moving average today which had been holding support for most of September. That MA comes in at 2948 area.  Stay below going forward keeps the bears in control.  The 100 day MA is down at 2925.50 currently.  A move below that level increases the bearish bias for the pair
  • NASDAQ index, -90.654 points or -1.3% at 7908.68. The low for the day reach 7906.293. For the Nasdaq index, it tumbled below its 100 day moving average at 7963.81 today.  The next major target would be its 200 day moving average. However that is still a bit away at 7704.411.
  • Dow fell -343.79 points of -1.28% at 26573.04.. The low for the index reached 26562.22.
Selling with broad-based today with all the major sectors moving lower.
Some of the major losers today included:
  • Charles Schwab, -9.73%. They lowered commissions $0 on trades
  • DuPont, -4.73%
  • Schlumberger, -4.36%
  • 3M, -3.67%
  • General Motors, -3.66%
  • Slack, -3.46%
  • Cisco, -3.36%
  • Caterpillar, -3.14%
  • Morgan Stanley, -3.05%
  • Ford motors, -2.84%
  • Wells Fargo, -2.76%
  • Fed ex, -2.72%
  • McDonald’s, -2.64%
  • Bank of America, -2.50%
  • Exxon Mobil, -2.37%
  • Twitter, -2.33%
  • Goldman Sachs, -2.20%
Some winners on the day included
  • Phillip Morris, +2.52%
  • Tesla, +1.59%
  • Visa, +1.34%
  • Box, Inc, +1.15%
  • Wynn resorts, +1.11%
  • Netflix, +0.73%
  • Papa John’s +0.42%
  • Coca-Cola, +0.37%
  • Apple, +0.25%
  • Pepsi, +0.20%

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%

Solid up day for the European stock indices today

  
Analysis, Global Indices
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Major indices are all in the black

The major European stock indices are ending the day with solid gains, helped by decreased attention in Hong Kong, increasing hope for US/China relations, less no-deal risk for the UK, and more dovish Fed officials (the ECB is set to act in September too).
The provisional closes are showing:
  • German DAX, +0.94%
  • France’s CAC, +1.21%
  • UK’s FTSE, +0.60%
  • Spains Ibex, +0.61%
  • Italy’s FTSE MIB, +1.58%
In the benchmark 10 year note sector in Europe, yields are higher as well (with the exception of Italy).
Major indices are all in the blackIn other markets as London/European traders look to exit:
  • spot gold is near unchanged at $1547. The high price reached $1550.23. The low extended to $1533.93
  • WTI crude oil futures are up $2.25 or 4.17% at $56.17. That is near the high price for the day at $56.22. The US impose tighter sanctions on Iran today.
In the US stock market major indices are enjoying solid gains as well.  A snapshot of the market currently shows:
  • S&P index 27 points or 0.93% at 2933.22
  • NASDAQ composite index is up 84 points or 1.07% at 7958.13
  • Dow Jones industrial average is up 212 points or 0.81% at 26329.70
US yields have come off high levels and trade mixed with the longer and up marginally and the shorter end unchanged or down marginally:
US yields are trading mixedA snapshot of the forex market shows that the GBP is still the strongest of the majors (but off earlier higher levels). The JPY and USD remain the weakest.  The CAD  has gotten stronger on stronger oil and a was dovish Bank of Canada statement.

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.

Major US stock indices close with (go on, have a guess!) …. big declines

  
Analysis, US Market
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Ladies and gentlemen, as a special for today only, the four stock codes to watch are

  • U
  • G
  • L
  • and Y
Closing numbers for the big 3 are showing:
  • S&P index down 87.99 points, which is -3.00% at 2,844.06
  • NASDAQ index down 279.54 points or -3.49% at 7,724.53
  • Dow down 772.89 points or -2.92% at 25,712.12
Off lows but not a good day. All three with their biggest daily losses for this year.
The context of the moves today:
  • global growth weaker and weakeneing
  • global trade getting rocked by trade wars
  • The Federal Reserve recently cut and is likely to do so again (a bit of tail and dog, chicken and egg here …. shoose whichever you like)
  • Stock valuations are …. well … high. Some ludicrously so, but they have been for years …
  • what have I missed?
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