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S&P index close at record level. NASDAQ string of record closes comes to an end

  
Analysis, US Market
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5 days in a row of record closes comes to an end for the NASDAQ

Well, the S&P index close at a record level, but could not push above 3500 at the close. It has closed higher for 6 consecutive days. The NASDAQ index failed to extend its 5 day record close string. It fell in trading today. The Dow industrial average also failed to close positive for the year for the 1st time since February 21.

The final numbers are showing:
  • S&P index rose by 5.86 points or 0.17% at 3484.60
  • NASDAQ index fell -39.725 points or -0.34% at 11625.33
  • Dow industrial average rose 160.22 points or 0.57% to 28492.05. It closed -0.16% from the end of 2019 level of 28538.
Airlines and financials did well today.
For the airlines:
  • United Airlines, +5.75%
  • American Airlines, +3.79%
  • Southwest Airlines, +3.49%
  • Delta Air Lines, +2.87%
For the financials:
  • J.P. Morgan, +3.28%
  • Wells Fargo, +2.27%
  • PNC financial, +2.01%
  • Bank of America, +1.96%
  • Charles Schwab, +1.89%
  • Morgan Stanley, +1.74%
  • Citigroup, +1.73%
  • Goldman Sachs, +1.39%
Other oversize winners today included:
  • Box, +4.87%
  • Walmart, +4.55%
  • Marriott, +4.54%
  • Tesla, +4.02%
  • Stryker, +3.85%
  • Northrop Grumman, +2.23%
  • Slack, +2.05%
  • Uber, +1.55%
  • Salesforce, +1.48%
  • Ford, +1.47%
  • MasterCard, +1.42%
  • General Dynamics, +1.37%
Losers today included:
  • Netflix -3.84%
  • Facebook -3.543%
  • Adobe, -3.34%
  • AliBaba, -2.67%
  • AMD, -2.53%
  • Chewy, -2.45%
  • Twitter, -1.66%
  • Exxon Mobil, -1.33%
  • Corning, -1.29%
  • Amazon, -1.26%
  • Apple, -1.19%

US initial jobless claims 1006K vs 1000K estimate

  
  Analysis
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US initial jobless claims and continuing claims

  • initial jobless claims 1006K vs 1000K estimate
  • jobless claims four-week average 1068K vs 1175.25K last week
  • continuing jobless claims 14535K vs 14400K estimate
  • continuing claims four-week average 15215K vs 15819.75 last week
Initial jobless claimsThe claims data continues to disappoint with the weekly numbers back above 1 million for the 2nd week in a row after dipping below for one week early in August (to 971).
Continuing claims also was slightly higher than expectations. Nevertheless it was still lower vs. the last week’s revised 14758K number.

US Q2 GDP second reading -31.7% vs -32.5% expected

  
Analysis, Economy
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The second reading on Q2 gross domestic product

US GDP second reading Q2 2020
  • The first estimate was -32.9%
  • Q1 was -2.5%
  • Final sales -28.5% vs -29.3% prelim
  • Business investment -26.0% vs -27.0% prelim
  • Consumer spending -34.1% vs -34.6% prelim
  • Exports -63.2% vs -64.1% prelim
  • Imports -54.0% vs -53.4% prelim
  • Inventory change -$286.4B vs -$315.5B prelim
  • GDP deflator -2.3% vs -2.0% expected
  • Full release
Despite the headline, there’s more good news here than bad. The revision higher in inventories means that inventory rebuilding will be less of a tailwind in Q3 and Q4 than anticipated. The drop in inflation also added to real GDP.
“In the second estimate, real GDP decreased 31.7 percent in the second quarter, an upward revision of 1.2 percentage points from the previous estimate issued last month. The revision primarily reflected upward revisions to private inventory investment and PCE,” the BEA said in the release.

New confirmed COVID-19 cases in Italy hit their highest since May on Wednesday

  
  Analysis
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Italy reported 1,367 new coronavirus cases on Wednesday

  • highest daily tally since May
  • Wednesday number of tests was 93,529 (around almost 20,000 more than Tuesday and a record since the beginning of the pandemic)
Despite the renewed surge in infections, authorities in the country persist with saying there are no plans for a new lockdown.

S&P and NASDAQ closed at record levels once again

  
Analysis, US Market
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Dow within 1% of unchanged on the year

the S&P and NASDAQ index are closing at record levels once again with strong gains of over 1%. The NASDAQ outperformed with a 1.73% rise. The Dow industrial average was down earlier today but pushed to the upside and is closing within 1% of the closing level from 2019. The NASDAQ index is now up 30% on the year. The S&P is up 7.67%
The final numbers are showing:
  • S&P index up 35.11 points or 1.02% at 3478.73. The high price extended to 3481.07. The low price fell to 3444.15
  • NASDAQ index rose 198.59 points or 1.73% to 11665.06. It’s high price reached 11672.05. It’s low price fell to 11507.46
  • the Dow industrial average rose 83.48 points or 0.3% to 28331.92. It’s high price reached 28353.80, while its low fell to 28153.91
Some oversize gainers included:
  • Salesforce, +26.06%
  • Netflix, +11.59%
  • Adobe, +9.10%
  • Facebook, +8.27%
  • Box, +7.04%
  • Tesla, +6.32%
  • Slack, +5.85%
  • Rack space, +4.05%
  • Uber, +3.53%
  • Chewy, +2.93%

On the downside:

  • Schlumberger: -3.06%
  • United Airlines, -2.75%
  • Wells Fargo, -2.28%
  • Exxon Mobil, -1.84%
  • Southwest Airlines, -1.78%
  • Boeing, -1.7%
  • Bank of America, -1.69%
  • Citigroup, -1.55%
  • J.P. Morgan, -1.39%
  • Papa John’s, -1.18%
  • Pfizer, -0.89%

S&P and NASDAQ closed at record highs once again

  
Analysis, US Market
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S&P index and NASDAQ go out near highs as well

The S&P and NASDAQ index are closing at record highs once again. The broader indexes also traded to new all time high prices today.  The Dow industrial average close lower her by Apple and Boeing.

The final numbers are showing:
  • S&P index rose 12.37 points or 0.36% to 3443.65. That was just off the all-time high price of 3444.21
  • Nasdaq index closed up 86.755 points or 0.76% at 11466.47. It’s new all time high price reached 11468.25
  • Dow industrial average fell -60.02 points or -0.21%to 28248.44. It’s high reached 28400.74 .
Salesforce after the close is reporting better-than-expected earnings on the top and bottom line.  EPS came in at $1.44 vs. $0.66 estimates. Revenues come in at $5.15 billion vs. an estimate for $4.9 billion. There shares are up over 7% in after-hours trading.
Salesforce was 1 of the 3 stocks added to the Dow industrial average (along with Honeywell and Amgen).  The 3 stocks replace Exxon Mobil (down -3.38%), Pfizer (-1.11%) and Raytheon (-1.5%).
Intuit it is also posting better-than-expected earnings on the top and bottom lines. There shares are up 4.52% in after-hours trading.

Germany Q2 final GDP -9.7% vs -10.1% q/q prelim

  
Analysis, Economy
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Latest data released by Destatis – 25 August 2020

  • Non-seasonally adjusted GDP -11.3% vs -11.7% y/y prelim
  • Working day adjusted GDP -11.3% vs -11.7% y/y prelim
  • Private consumption -10.9% vs -9.8% q/q expected
  • Prior -3.2%; revised to -2.5%
  • Government spending +1.5% vs +1.5% q/q expected
  • Prior +0.2%; revised to +0.6%
  • Capital investment -7.9% vs -12.2% q/q expected
  • Prior -0.2%; revised to -0.5%
Slight delay in the release by the source. The preliminary report can be found here.
The German economy shrank by slightly less than initially estimated, but it still is the biggest quarterly contraction on record amid the fallout from lockdown measures and the virus outbreak in general from April to June.
There was a heavy drag on consumption/spending but that is largely unsurprising and that contributed to the sharp decline in economic activity seen last quarter.

S&P and NASDAQ closed at record levels. All sectors of the S&P rise

  
Analysis, US Market
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Dow leads the way with a 1.36% gain. Closes within 50 points of the end of December closing level

the S&P index and the NASDAQ index close at records.  All sectors of the S&P closed higher. The Dow industrial average closed within 50 points of the 2019 closing level. The price is not traded above its record closing level since February 21, 2020.
The final numbers are showing:
  • S&P index rose and 34.15 points or 1.01% at 3431.31. It’s high price reached 3432.09.
  • NASDAQ index rose 67.918 points or 0.60% at 11379.72. It’s high price reached 11462.05.
  • The Dow industrial average rose 378.13 points or 1.35% to 28308.46. That The price within 50 points of its 2019 closing level of 28358.44.
Airline stocks were big winners today:
  • United Airlines rose 9.9%
  • Delta Air Lines rose 9.28%
  • Southwest Airlines rose 6.49%
Boeing was also a big winner with a gain of 6.42%.
Financials also outperformed with the major banks and investment banks rising over 2%:
  • Wells Fargo, +3.68%
  • Citigroup, +3.59%
  • PNC financial, +3.21%
  • Bank of America, +2.84%
  • J.P. Morgan, +2.82%
  • Morgan Stanley, +2.5%
  • Goldman Sachs, +2.41%
  • Charles Schwab +1.97%

South Africa’s Gold Fields profit jumps on rising Bullion prices

  
  Analysis
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Via Reuters

Via Reuters
  • Gold fields interim profit up by 300%
  • Higher interim dividend revealed equal to total dividends declared last year
  • Higher gold prices boost future dividend potential
  • Lowers 2020 output guidance

Expect this kind of pciture to be repeated across gold miners as long as bullion prices remain supported.

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