Fri, 23rd June 2017

Anirudh Sethi Report


Archives of “US Market” Category

Dow closed +89 points up.Nasdaq Composite crashed 114 points down.

S&P down but limited. Dow ends the day up. ROTATION.

The stock market rotated out of the high flying tech stocks.
  • The Nasdaq reached an all time high earlier in the day, but the afternoon saw the market tumble.  The high reached 6341.695. The low 6137.67 – a range of over 200 points. That is huge.   The index is settling at 6207.92, down -113.85 or -1.80%. For the week, the index declined by -1.55%.
In the other major indices:
  • The S&P fell -2.02 points or 0.08%. For the week the index was down -0.30%
  • The Dow closed higher up 89.44 points or +0.42%. For the week the Dow was up 0.31%.

Overnight US Market :Indices recover early losses. End the day higher despite sharply lower oil.

S&P up 0.16%.  Nasdaq up 0.36%

Oil prices and energy stocks were hit after the weekly inventory data showed an unexpected rise in supply.  Crude oil prices fell over 5% on the news, and currently trades with a $45 handle.   The fall also hurt energy stocks. 
Despite the fall, the major indices recovered and each are ending the session higher.
  • The S&P index is up 3.81 points or 0.16%. to 2433.14. The high reached 2435.28. The low 2424.75
  • The Nasdaq is closing up 22.32 points or 0.36% to 6297.37. The high reached 6302.78. The low 6267.17
  • The Dow is closing at 21173, up 37.46 points or 0.18%. The high reached 21189.84. The low 21113.31.  
Today is another day of course. The Comey testimony  in front of the Senate Intelligence committee, and ECB interest rate statement and press conference will be the early influences. China will also release trade data overnight, which may have an impact on equities. As the day progresses, the UK election results will become the focus.  Remember after round 1 of the French elections, the markets got a big boost on relief that there were no upsets. We will see how the cards fall in the UK. 

Overnight US Market :All 3 Indices closed in Red

S&P down -0.28%. Nasdaq -0.33%. Dow down -0.23%

The major US stock indices are ending the day with negative signs.
  • The S&P index is ending down -6.77 points or -0.28% to 2429.33. The high reached 2436.21. The low 2428.12.
  • The Nasdaq composite index is ending down -20.625 points or -0.33% to 6275.059. The high reached 6304.207. The low 6269.86
  • The Dow is ending down -47.81 points or -0.23% to 21136.23. The high reached 21180.47. The low 21118.46.
A negative day for the US stocks but action was somewhat confined. Nevertheless, no new records in any of the major US indices.

Overnight US Market :Dow closed -22 points

The major US stock indices are ending the session with modest losses.
  • The S&P is ending down -2.96 points or -0.12%
  • The Nasdaq is ending down -10.112 points or -0.16%
  • The Dow is ending down -22.12 points or -0.10%
The ranges were fairly narrow but most of the day was in the red.
In the US debt markets today, rates are up as the close approaches:
  • 2 year 1.302%, up 1.4 bp
  • 5 year 1.7385%, up 1.9 bp
  • 10 year 2.1782%, up 1.9 bp
  • 30 year 2.8373%, up 2.7 bp
Crude oil is lower by -$0.28 to $47.38
Spot gold is little changed (+$0.55 or +0.04%)


Overnight US Market : Another record close for the major US indices

Nasdaq leads the charge

All  3  major US indices are closing at record levels for the 2nd day in a row.
  • The S&P is up 9.01 points or 0.37% on the day. For the week, the broad index is up 0.99%
  • The Nasdaq is up 58.97 points today as tech was on fire.  That is a gain of 0.94% for the day. For the week, the index is up 1.62%,
  • The Dow added 62.11 points or 0.29%. For the narrow 30 stock industrial index, the gain for the week was 0.59%..
For the year, each of the indices are not doing to shabby either.
  • The less volatile Dow is up 7.31%
  • The broader S&P is up 8.94%
  • The tech heavy Nasdaq is up a whooping 17.14%.
When you get these types of days, and see these kind of returns, I get the feeling there are a lot of money managers who are under performing and having to catch up.  It is a dangerous game.

Overnight US Market : A hat trick on the major indices today. S&P, Nasdaq and Dow close at record levels

S&P up 0.76%. Nasdaq up 0.78%. Dow up 0.65%

The major indices in the US are all closing at record levels….
  • The S&P closed up 18.26 or +0.76% at 2430.06, That is the high for the day
  • The Nasdaq closed up 48.312 points or 0.78% at 6246.82. The high ticked to 6247.07.
  • The Dow closed up 135.53 points or +0.65% at 21144.18. That is the high for the day.

Overnight : US Indices end the day down, but could have been much worse…

S&P down -0.05%. Nasdaq down -0.08%. Dow down -0.10%.

The US stock major market indices are ending the day in the red but things could have been much worse.
  • The S&P is ending down -1.11 points or -0.05% at 2411.80. The high was early in the day at 2415.99. The low extended to 2403.59.
  • The Dow is closing at 21008.65, down -20.82. The high reached 21051.70. The low 20942.57.
  • The Nasdaq index is ending down 4.674 points or -0.08% to 6198.516. The high came in at 6221.98. The low was at 6164.06.
Looking the Nasdaq intraday price action, the high was in the first few minutes of trading. The low was not that long after the opening. The rest of the day saw the price test the 50% of the days range until the last 30 or so minutes when that level was broken (at 6193.026).
So the day was a down day. No new record closes. However, it could have been much worse.


Overnight : S&P 500 closes at record high for third straight day

The S&P 500 and Nasdaq Composite inched forward just 0.7 and 4.9 points respectively to new highs on Friday.

The US stock indices were nearly unchanged throughout the trading day and the S&P 500 ended flat at 2,415.80 while the Dow Jones Industrial Average was also nearly unchanged at 21,080.11. The Nasdaq Composite eked out a modest 0.1 per cent gain to end the day at 6,210.20.

For the S&P 500, the record close was the 20th closing high of this year and the 28th record high since the US presidential election. In all of 2016, by comparison, the S&P 500 notched 18 record closings, according to data from S&P Dow Jones indices.

The price of oil had its steepest fall on Thursday in three weeks after Opec said it would extend output cuts as investors appeared disappointed by the agreement. After paring back some losses on Friday, however, Brent crude settled 2.7 per lower for the week. Stocks within the S&P 500 energy index lost 2.2 per cent over the same period.

Elsewhere, the US dollar index measuring the buck against a basket of its peers was also 0.28 per cent higher at 97.417.

Overnight US Market : S&P ,Nasdaq sets another record (what’s new?).

S&P ends up 0.44%. Nasdaq up 0.69%

Yes…it is another record for US stocks today.
  • The S&P is ending up 0.44% to 2415.07. The high reached 2418.71. The low 2408.01
  • The Nasdaq is ending up 42.234 points or 0.69% to 6205.25. The high reached 6217.34. The low 6174.52
  • The Dow is closing up 21082.95. The high reached 21112.32.  The low 21051.41.  The index was up 0.34% (closed at 21082.95).

Overnight US Market :S&P closed at Record High

What sell-off? In a feat that has not been accomplished in more than a week, the S&P 500 on Wednesday notched a fresh record closing high.

The S&P 500 gained 0.25 per cent to 2,404, the Dow Jones Industrial Average added 0.36 per cent to 21,012.4, and the Nasdaq Composite gained 0.44 per cent to 6,163.

Last week, equities markets took a blow from rising concern over the political fortunes of US President Donald Trump.

Still, after Wednesday’s gains, the most recent bout of selling has been entirely reversed and then some. The S&P 500 index is up 7.4 per cent for the year.

Investors on Wednesday parsed through minutes from the Federal Reserve’s May meeting, which set the table for next month’s meeting, which could see it raise rates for the second time this year. Investors interpreted the news as dovish on margin, however, with the US dollar slipping 0.26 per cent against a basket of six peers.

The yield on the benchmark 10-year Treasury note fell 0.0298 per cent to 2.2502 per cent.