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European major indices end their nightmare of a day

  
Analysis, Global Indices
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Major indices down over 7%

The European stock markets are now close for the day and the nightmare is over.  The major indices all closed over 7% lower.   For the year the declines are near the -20% level. Ouch.
The provisional closes for the major indices are showing:
  • German DAX, -7.4%
  • France’s CAC, -7.9%
  • UK’s FTSE 100, -7.3%
  • Spain’s Ibex, -8.1%
  • Italy’s FTSE MIB, -11.1%
For the trading year, the provisional changes are showing
  • German DAX, -19.8%
  • France’s CAC, -20.67%
  • UK’s FTSE 100, -20.3%
  • Spain’s Ibex, -18.9%
  • Italy’s FTSE MIB, -20.3%
In other markets as London/European traders look to exit:
  • spot gold is down $6.20 or -0.37% at $1667
  • WTI crude oil futures are down $8 or -19.43% at $33.26
In the US stock market:
  • S&P index is down -169 points or -5.7% the 2802
  • NASDAQ index is down -425 points or 4.98% at 8148
  • Dow is down -1600 points or -6.2% at 24263
In the US debt market yields remain sharply lower.
Major indices down over 7%_

Bank of Canada cut rates 50 bps. Stocks soar. Biden Super Tuesday results help.

  
  Analysis
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Highlights for today’s near trading session:

  • The Bank of Canada cut the rates by 50 basis points. The expectations was for a 60% chance of a 50 basis point cut. As a result, the Canadian dollar weakened. The USDCAD went from a pre-decision low of around 1.3330, to a session high of 1.34308 (100 pip move). The move took the price above the swing highs from yesterday and the NY session high between 1.3090 to 1.30953. The prices since rotated back to the downside and afternoon trading and trades just above that swing high area.  a move below in the new day would next target the rising 100 hour moving average 1.3377
  • In the US the ADP employment report showed a bigger than expected gain of 183K versus 170K estimate. However the prior month was revised lower to 209K from 291K. The BLS will release the US job data on Friday with a change in nonfarm payroll of 175K estimate. It’s prior month came in at 225K. The revision down in the ADP report brings its number closer to the US number
  • Democratic nominee Biden was resurrected after the Super Tuesday primaries. Biden won 9 of the 12 contests, and took the lead over Bernie’s Sanders in the delegate vote. The big reversal helped to calm market fears about the implications of a Sanders nominee.
  • The US stocks surged with the Dow industrial average rising by over 1100 points on the day.  The Fed easing yesterday was not greeted with as much excitement, but Canada cut rates by 50 basis points as well and others were rumored to be moving in the cut direction.  That stimulus along with the Biden Super Tuesday showing, helped to send stocks soaring. In addition to the NASDAQ rising by over 1100 points or 4.4%, the S&P index is up over 120 points or 4.1% and the NASDAQ index is up 317 points or 3.66%. A huge day to the upside for US equities
  • European shares also close higher but off there high levels of the day. I would expect that all things being equal, they should play some catch up to the US afternoon gains

US stocks catch a big bid in the final 15-minutes of trading to limit the damage

  
Analysis, US Market
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Dramatic move late

The S&P 500 finished the day down just 24 points at 2954 in a big win for the bulls late in the day.
The index gained more than 70 points in the final 15 minutes of trading in a huge bid, that was likely helped by month-end rebalancing. The huge rallies in bond and selling in stocks this month left pensions and other balanced funds heavily overweight bonds, so they’re forced to buy to get back on target.
There may also be hopes for an emergency Fed cut on the weekend or some good coronavirus news. There’s no doubt the market could have overshot this week, with the S&P 500 posting its worst weekly performance since October 2008 — when Lehman Brothers collapsed.
The intraday chart shows the huge reversal that kicked off a test of the earlier low of 2880.
SPX
On the day:
  • S&P 500 -25 points to 2954 (-0.8%)
  • Nasdaq – flat
  • DJIA -1.4%
On the week:
  • S&P 500 -11.5%
  • DJIA -12.4%
  • Nasdaq -10.5%
The weekly chart is still ugly but at least the bulls have some lift as we closed off the weekly lows:
SPX weekly
We will have to get back above the 200-dma at 3046 to generate any real optimism.

Dow tumbles more than 1000 points. Worst day since Feb 8, 2018

  
Analysis, US Market
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S&P worse day since December 2018

The Dow is closing down over 1000 points on the day. It is the workstations February 8, 2018. The S&P index at its worst day since December 2018.  The Dow, S&P and Nasdaq each fell over 3.3% on the day with the NASDAQ hit the hardest at -3.71%.
The Dow and the S&P are now negative on the year:
  • Dow -2.02%
  • S&P index, -0.15%
  • The Nasdaq index is still up on the year at +2.77%
The final numbers are showing:
  • S&P index -111.82 points or -3.35% at 3225.93.  The low price for the day reach 3214.65. The high extended to 3259.81.
  • Nasdaq index fell minus 355.309 points or -3.71% at 9221.28. The low for the day reached 9166.00. The high reached 9322.879.
  • Dow fell -1031.33 points or -3.56% at 27961. The low for the day reached 27912.44. The high for the day was up at 28402.93

Big losers on the day include:

  • United health, -7.87%
  • AMD, -7.83%
  • Tesla, -7.49%
  • Schlumberger, -7.4%
  • Nvidia, -7.13%
  • Delta airlines -6.31%
  • Twitter, -6.29%
  • Wynn Resort, -6.03%
  • Intuitive Surgical -5.38%
  • Morgan Stanley, -5.21%
  • Charles Schwab, -5.19%
  • FedEx -5.16%
  • Citigroup, -5.10%
  • American Express, -4.97%
  • Cisco, -4.95%
  • Visa, -4.82%
Are there any winners today?
  • Gilead, +4.66%
  • US steel, +1.73%
  • Chewy, +1.3%
  • First Solar, +1.25%
  • Verizon, -0.3%. Verizon was the strongest of the Dow 30 stocks
  • General Mills only fell -0.37%

 

Stocks end ugly as weekend coronavirus fears can’t slow the slide

  
Analysis, US Market
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Dow down -600 points/-2.09%

The US stocks end an ugly day near the lows for the day. The Dow industrial average fell by over 600 points/2%. It was the worst day since August 23.  Moreover the Dow ended the month lower for the 1st time in 5 months. For the S&P it had their worst day since October 2 . The Dow ended the month lower for the 1st time in 5 months.  The S&P and NASDAQ had their worst start to the year in 5 years.  You get the picture.

The final numbers are showing:
  • S&P fell -58.14 points or -1.77% to 3225.52
  • Nasdaq fell -148 points or -1.59% to 9150.94
  • Dow fell -603.41 points or -2.09% to 28256.03.
For the month, the Nasdaq did still and positive for the month, but the S&P and Dow closed the month lower.
  • S&P, -0.16%
  • Nasdaq, +1.99%
  • Dow, -0.99%
In Europe today the major indices also closed near session lows. On what happened and Portugal but the PSI 20 did peek out a gain for the day.
Dow down -600 points/-2.09%

Dow and S&P have the worst day since October

  
Analysis, US Market
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NASDAQ has its worst day since August.   Fears about coronavirus send major indices lower.

Major indices are ending the session sharply lower. The Dow and S&P had their worst day since October. The NASDAQ index fared even worse with its worst day since August.
The final numbers are showing:
  • S&P index -51.89 points or -1.57% to 3243.57. The high reached 3258.85. The low extended to 3234.50 (early in the session).
  • NASDAQ index fell -175.60 points or -1.89% to 9139.30. The high reached 9185.449. The low extended to 9088.043.
  • Dow industrial average fell -453.93 points or -1.57% to 28535.80.  The high reached 28671.79. The low extended to 28440.47.
Some losers on the day included:
  • United Airlines, -5.26%
  • Schlumberger, -5.06%
  • Broadcom, -4.69%
  • Nvidia, -4.12%
  • Intel, -4.07%
  • Micron, -4.04%
  • Alibaba, -3.78%
  • Intuitive Surgical, -3.65%
  • FedEx -3.65%
  • DuPont, +3.4%
  • Delta airlines -3.38%
  • Caterpillar, -3.35%
  • American Express, -3.32%
  • Disney, -3.05%
  • Apple -2.93%
Winners in a huge down day included:
  • Beyond Meat, +4.43%
  • Chewy, +1.79%
  • target, +1.29%
  • Walmart, +1.28%
  • Gilead, +1.12%
  • Pfizer, +0.8%
  • Procter & Gamble, +0.42%
  • Walgreens Boots, +0.35%
  • Stryker, +0.16%
  • Merck, +0.16%
Whirlpool is reporting and beat of $4.91 versus estimate of $4.27.  Revenues fell short of expectations at 5.38 billion versus 5.52 billion estimate.  Whirlpool shares are trading at $149 per share that’s up $0.77 or 0.52%.

Earnings releases pickup tomorrow with 3M, Starbucks, Apple, Pfizer and Lockheed Martin as some of the key releases.

Other key releases this week include:
  • Wednesday: Tesla, McDonald’s, Microsoft, Boeing, Facebook
  • Thursday: Amazon, UPS, Coca-Cola, Electronic Arts, Biogen
  • Friday: Chevron, Honeywell, Caterpillar, Exxon Mobil, Colgate-Palmolive

European shares rebound to end the week

  
Analysis, Global Indices
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German Dax up 1.3%.  France’s CAC, up 0.8%.  UK’s FTSE 100, +1.1%

The major European indices are ending the day higher.  For the week all but the German Dax fell.
A look at the provisional closes are showing:
  • German DAX, +1.3%
  • France’s CAC, +0.8%
  • UK’s FTSE 100, +1.1%
  • Spain’s Ibex, +0.4%
  • Italy’s FTSE MIB +1.0%

For the week, all but the German Dax are ending lower.  Provisional changes are showing

  • German DAX +0.32%
  • France’s CAC -1.34%
  • UK’s FTSE 100 -1.1%
  • Spain’s Ibex -1.3%
  • Italy’s FTSE MIB -0.82%
In other markets as the European/London traders look to exit:
  • Spot gold is trading up $9.80 or 0.64% at $1572.90
  • WTI crude oil futures are trading down $1.43 or -2.57% at $54.16
US stocks have tilted back to the downside as a US Sen. tells of the 3rd case of the coronavirus in the US.  Weekend fear is being elevated:
  • S&P index -15.78 points or -0.46% at 3309.78
  • NASDAQ index -24.97 points or -0.26% at 9377.62
  • Dow -87 points or -0.29% at 29073.83

European shares close lower on China virus concerns

  
Analysis, Global Indices
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German DAX unchanged

The coronavirus concerns have sapped upside momentum from European shares. The falls come despite economic data out of Europe that was not bad.   UK employment data was strong and German/EU ZEW sentiment data was also better-than-expected.

The provisional closes are showing:
  • German DAX, unchanged
  • France’s CAC, -0.54%
  • UK’s FTSE 100, -0.57%
  • Spain’s Ibex, -0.57%
  • Italy’s FTSE MIB, -0.6%
In the European debt market, the benchmark 10 year yields are ending mostly lower with Italian yields up marginally.  France’s 10 year yield move back toward the 0.0% level. The low reached 0.001%.
German DAX unchanged_
In other markets,
  • gold slid earlier to a low price of $1546.41, but has rebounded and currently trades at $1557.19. That’s down about $3.50 or -0.23%
  • WTI crude oil futures are down $0.25 or 0.43% of $58.29
In the US stock market the NASDAQ index turned positive after opening lower and traded to it a new all-time high.
The current prices are showing:
  • S&P index -3.04 points or -0.09% 3326.60
  • NASDAQ index +5.068 points or 0.06% at 9394.20
  • Dow industrial average -41.7 points or -0.14% at 29306.64
In the US debt market yields are lower led by declines in the 10 year yield up -4.6 basis points. The yield curve is also flattened with the 2 – 10 spread falling to 23.74 basis points from 26.23 basis points on Friday..

US equities close higher again with a strong finish to cap a great week

  
Analysis, US Market
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US equity performance on Friday

  • S&P 500 up 13 points to 3329 or +0.4%
  • DJIA +0.2%
  • Nasdaq +0.3%
On the week:
  • S&P 500 +1.9%
  • DJIA +1.8%
  • Nasdaq +2.3%
The gains have been non-stop in large caps but it hasn’t been quite the same party in small and mid-caps. I’ll be watching the Russell 2000 in the weeks ahead as it approaches resistance.
US equity performance on Friday

US stocks stumble after hitting record highs

  
Analysis, US Market
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Closing changes for North American trade on January 10, 2020:

Closing changes for North American trade on January 10, 2020:
On the day:
  • S&P 500 down 9 points to 3265 after hitting 3282 (-0.3%)
  • DJIA down 133 points to 28823
  • Nasdaq down 24 points to 9178

On the week:

  • S&P 500 up 0.9%
  • DJIA up 0.7%
  • Nasdaq +1.75%

The turnaround today is a bit of warning signal. Note that January is a weak seasonal month but there is a long-term trend of strength early in the month. I also tend to think the signing of the ‘phase one’ deal is sell-the-fact risk.

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