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Major indices have worst day since March 16th.

  
Analysis, US Market
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Dow and S&P down for the 3rd day in a row

The major indices had there worst day since March 16 as concerns about the growth prospects and increases in coronavirus cases weigh on equities.  Initial jobless claims should another 1.5 million increase which certainly did not help.

  • The Dow is closing at the lowest level since May 27.
  • The Dow and S&P are down for the 3rd day in a row
  • all 30 of the Dow stocks close lower with Boeing the weakest at -16.42%
  • worst day since March 16 for the major indices
  • The NASDAQ index snapped it’s a 4 day win streak
  • Dow and S&P on track for its worst week in 3 months
  • S&P index closes below its 200 day moving average at 3013
  • the Dow industrial average is within 300 points of a 10% decline from the high (24824 is the level)
  • the Dow industrial average fell back below its 100 day moving average at 25123.55, but is closing just above that level at 25128.13
The final numbers are showing:
  • S&P index -188.04 points or -5.89% up 3002.10. The low for the day reached 2999.49. The high was way up at 3123.53
  • NASDAQ index fell -527.62 points or -5.27% to 9492.72. That was just above the low for the day at 9491.30. The high was up at 9868.02
  • The Dow industrial average fell 1861.82 points or -6.9% to 25128.13. The low for the day reached 25082.72. The high was up at 26294.08
big losers today included:
  • Boeing, -16.42%
  • United Airlines, -16.09%
  • Delta Air Lines, -14.01%
  • Citigroup, -13.37%
  • Schlumberger, -11.60%
  • Southwest Airlines, -11.58%
  • Marriott, -10.91%
  • Fiat Chrysler, -10.10%
  • Bank of America, -10.0%
  • Ford Motor, -9.9%
  • Wells Fargo, -9.83%
  • PNC financial, -9.62%
  • Goldman Sachs, -9.14%
  • IBM, -9.12%
  • J.P. Morgan, -8.37%
The pattern of airlines and financials are chief among the biggest decliners today.
The biggest gainer in the Dow 30 today was Walmart which only fell by -0.87%. Procter & Gamble was the next best performer with a -2.41% decline.
Were there any winners today?
  • Zoom increase by 0.54%

European indices end the day with declines

  
Analysis, Global Indices
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German DAX, -1.4%

The major European indices are ending the day with declines. A look at the provisional closes shows:

  • German DAX, -1.4%
  • France’s CAC, -1.5%
  • UK’s FTSE 100, -2.1%
  • Spain’s Ibex, -0.7%
  • Italy’s FTSE MIB, -1.3%
  • Portugal PSI 20, -1.63%
In the European debt market, the benchmark yields are moving higher, with investors shunning the risk year countries including Spain, Italy, and Portugal. France 10 year yields remain above the 0.0% level at 0.072%.

Major indices close near session highs.

  
Analysis, US Market
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Dow was down -362 points at the low

The major indices are closing higher and near session highs. Hopes for a successful reopening of America is helping the indices move higher today. Earlier in the session, the indices were down as concerned about the reigniting of US China trade tensions on the back of the Trump administration putting the blame of the coronavirus to China over the weekend.
Time heals all wounds in US stocks (or so it seems), and the NASDAQ was the 1st index to turn positive, followed by the S&P and finally the Dow industrial average. Disney and Boeing were the earlier drags on the Dow. Disney trading as low as $100.55. It is closing at $103.26 down -2.14%. Boeing traded as low as $124.35. It is closing at $131.38, down -2%.
The final numbers for the major indices are showing:
  • The S&P index +12.03 points or 0.43% at 2842.74. The S&P index traded as low as -1.16%.
  • The NASDAQ index rose 105.76 points or 1.23% 8710.71. The NASDAQ index traded as low as -0.78%.
  • The Dow industrial average rose 26.07 points or 0.11% at 23749.76. The Dow industrial average traded as low as -1.53%.

Major indices end the day with solid gains and at the highs

  
Analysis, US Market
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The Dow and S&P rises for the 3rd day in around.

Yesterday both the S&P index and the Dow closed higher for the 2nd day in a row. The NASDAQ did not join them as it fell in trading yesterday. However all 3 indices are closing higher in trading today with solid gains. The indices closed near/at the session highs.

The final numbers are showing:
  • S&P index rose 151.74 points or 6.13% at 2627.30
  • NASDAQ index rose 413.24 points or 5.6% at 7797.53
  • Dow industrial average rose 1351.62 points or 6.38% at 22552.17.
The final hour of trading – which has been very volatile of late – once again saw the major indices rock ‘n’ roll ‘n:
  • S&P index, was at 2594.44 at 3 PM ET. The high in the last hour reached 2637.01. The low reached 2574.92. That is a range of 63 points.
  • NASDAQ index was trading at 7686.41 at 3 PM. The high in the last hour reached 7809.82. The low extended to 7639.95. That is a range of 170 points.
  • Dow industrial average was trading at 22227.47 at 3 PM. The high in the last hour reached 22595. The low reached 21964.24. That is a range of 631 points in the last hour.

The indices are also closing well off there lows for the day (the major indices did not go negative today).  Looking at the % low, % high and % Close, the % lows for the indices reached:

  • S&P index, +1.02%
  • NASDAQ index, +1.06%
  • Dow industrial average, +1.07%
Of the lows from Monday:
  • The Nasdaq is up 17.77%
  • The S&P index is up 20.31%
  • The Dow is up 24.06%
Of course those gains are impressive, but understand the gains are off much lower levels. The major indices are still well off the highs for the year.

Late rally takes some of the sting away from the sharp declines today

  
Analysis, US Market
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Rate cut hopes into the weekend helps erase some of the declines on the day.

A late rally has taken some of the sting away from the sharp decline today in US stocks. The Dow industrial average was down close to 894 points an hour before the close. The index is still down around -250 points but well off those low levels.
The final numbers are showing:
  • The S&P index -51.46 points or -1.7% at 2972.46. The index was down over -4% at its lows. So the late day rally erased a lot of those declines.
  • The NASDAQ index is closing down -1.87% or 162.97 points at 8576.61. The low for the day reached 8375.13. The high reached 8612.359. At the low, the index was down -4.16%
  • The Dow industrial average is closing down -255.69 points or -0.98% at 25865.59. The low price reached 25226.62. The high price extended to 25994.38. At the session low the Dow was down -894 points or -3.43%.
Rate cut hopes into the weekend helps erase some of the declines on the day.

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European shares close mostly lower but off lows for the day

  
Analysis, Global Indices
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German DAX, -0.16%, France’s CAC, -0.36%

The major European indices are now close for the day and indices are closing lower but well off the lows for the day. The provisional closes are showing:

  • German DAX, -0.16%. It was as low as -1.26%
  • France’s CAC, -0.36%. It was as low as -1.25%
  • UKs FTSE 100, -1.25%. It was as low as -1.69%
  • Spain’s Ibex, -0.16%. It was as low as -1.47%
  • Italy’s FTSE MIB bucked the trend and rose by 0.19% That is up from a low of -1.10%.
In debt market, the benchmark 10 year yields are mostly lower with the exception of the UK. The ranges and changes are currently showing:
The European 10 year yields are mostly lowerIn other markets:
  • Spot gold is trading up $10.07 or 0.64% $1576.09
  • WTI crude oil is up $0.27 or 0.53% of $51.45
in the US equity market, the earlier declines in stocks have been mostly raised in the broad indices at least. The Dow is still negative:
  • S&P index is down -1.5 points or -0.5% at 3378. The hi reached 3380.36
  • NASDAQ index is unchanged at 9725.40. The high reached 9732.87.
  • Dow is down 78 points or -0.27% at 29471.4.
In the US debt market, yields are off lows but still remain modestly lower on the day.
US yields are still lower but off the lowest levels
The ranking of the major currencies shows the GBP is the strongest and the NZD is the weakest.

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.
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