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Fri, 20th January 2017

Anirudh Sethi Report

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Archives of “nasdaq” Tag

Overnight US Market :Dow closed -72 points

The Dow Jones industrial average erased its gain for the year on Thursday, part of a pullback for stock indexes as Treasury yields continued their upward march.

The Dow Jones industrial average fell 72 points, or 0.4%, to 19,732.40. That puts the Dow down about 32 points for the year and will makes this the fifth straight day of losses. The Standard & Poor’s 500 index fell 0.4% to 2,263.69. The Nasdaq composite fell 0.3% to 5,540.08.

Four stocks fell for every one that rose on the New York Stock Exchange.

Stocks have slowed in 2017 following an electrifying jump higher since Election Day. Investors are waiting to see what a Donald Trump presidency will really mean for stocks. They’ve already seen the optimistic case, as shown in the nearly 6% jump for the S&P 500 since Donald Trump’s surprise victory of the White House, propelled by expectations for lower taxes and less regulation on businesses.

But on the possible downside, increased tariffs or trade restrictions could mean drops in profits for big U.S. companies.

Bond yields continued their march higher, and the 10-year Treasury yield rose to 2.47% from 2.43% late Wednesday. Yields have generally been climbing since Election Day on expectations that President-elect Donald Trump’s policies will spur more inflation and economic growth. The 10-year yield is still below its perch above 2.60% that it reached in mid-December, but it’s well above the 2.09% yield it was at a year ago.

Reports have shown that the U.S. economy has been improving recently, and the latest on Thursday showed encouraging signs for the housing and labor markets. The fewest number of workers sought unemployment claims last week in 43 years, a sign that corporate layoffs are subsiding.

Overnight US Market :Dow closed -63 points (Intraday was down 180 pts )

Stocks dipped Thursday but finished off early, sharp lows, giving back  gains from the day before.

The Nasdaq composite, off 0.3%, snapped a seven-day winning streak and posted its first loss of 2017.

Losing as much as 180 points earlier, the Dow settled for a 63-point loss, 0.3% lower, to 19,891 even. The S&P 500 slipped 0.2%.

Financial, industrial and technology stocks were down the most, while phone company and real estate stocks edged higher. Investors were turning their focus to the next wave of corporate earnings reports in the weeks ahead.

Banks and other financial companies were down as the yield on the 10-year Treasury note fell. Lower yields mean lower interest rates on loans and lower profits for banks. The yield on the 10-year Treasury slipped to 2.35% from 2.37% late Wednesday.

Benchmark crude oil finished up 76 cents, or 1.5%, to $53.01 a barrel in New York.

In Europe, Germany’s DAX ended down 1.1%, while France’s CAC 40 lost 0.5% despite new data showing eurozone industrial production jumped 1.5% in November. Britain’s FTSE 100 ended flat. In Asia, Japan’s benchmark Nikkei 225 dropped 1.2%. Hong Kong’s Hang Seng dipped 0.5%, while Australia’s S&P/ASX 200 slipped 0.1%. South Korea’s Kospi bucked the trend to rise 0.6%.

Overnight US Market :Dow closed +99 points. 46 pts short to cross 20k;Nasdaq at new high

Stocks ended higher Wednesday — and the super-hot Nasdaq notched another new high — in a volatile session that saw sharp swings after President-elect Donald Trump met with the press in a news conference for the first time in six months.

The Dow Jones industrial average climbed 99 points, or 0.5% to 19,954.28, while the S&P 500 ended up 0.3% to about a point and half shy of its record closing high of 2276.98.

It was the seventh winning session in a row for the Nasdaq composite, which gained 0.2%. It notched a new closing high of 5563.65, a dozen points above the previous record set the day before.

Health care stocks got hit after Trump criticized the industry moving production overseas as well as the bidding process for drugs. Energy stocks continued their strength as oil prices headed higher.

The health care sector was the biggest loser among the S&P 500 sectors. Trump said the government has to create new bidding procedures for the pharmaceutical drug industry “because they’re getting away with murder.” The remarks sent the S&P health care sector down 1.7%. Several pharmaceutical companies slumped, with Endo International (ENDP) falling 9%, the biggest decliner in the S&P 500. Perrigo (PRGO) lost 7% and Mallinckrodt (MNK) tumbled 7%.

Energy stocks were the biggest winners as oil prices jumped. Benchmark U.S. crude rose rose $1.43, or 2.8%, to $52.25 a barrel in electronic trading. Shares of Exxon Mobil rose 0.8%.

Bond prices rose after Trump’s news conference, sending the yield on the 10-year Treasury note down to 2.37% from 2.38% Tuesday.

Overnight US Market :Dow closed -43 points.

Stocks ended mixed Thursday as retailers dominated the news with Macy’s and Kohl’s both plunging following weak holiday-season reports that led the chains to cut their profit forecasts.

Still, the Nasdaq composite’s modest gain of 11 points, or 0.2%, was enough to notch a new all-time high. Settling at at 5487.94, it topped the old record by half a point.

The Dow Jones industrial average finished down 43 points, a 0.2% decline to 19,899.29. Losing 0.1% was the S&P 500, which settled at 2269 even.

nvestors were also focusing on upcoming U.S. jobs data following the publication of the minutes to the Federal Reserve’s last board meeting.

Private U.S. companies added 153,000 jobs in December, according to payroll processor ADP. That total was a bit lower than analysts expected and slightly slower than the pace of hiring for the rest of 2016. The government will issue its own hiring report on Friday.

Overnight US Market :Dow closed -32 points

Stocks ended slightly lower Wednesday but the major indexes remain near record levels and the Dow is still within striking distance of the big 20,000 milestone.

The Dow Jones industrial average ended down about 32 points, or 0.2% after rising as high as 19,986.56 in the opening minutes of trade. The Dow jumped 91.56 points Tuesday to close at a record 19,974.62.

It’s now at 19,941.96 — about 58 points shy of 20,000.

The Standard & Poor’s 500 index ended down 0.3% and the Nasdaq composite lost 0.2% as it retreated from its record close of 5483.94.

Investors were once again watching the Dow in its ongoing quest for the psychologically-important 20,000 mark as the blue-chip index has made several attempts to break through but each time has fallen just short. The index has rallied strongly since the election of Donald Trump as the next U.S. president amid hopes that the incoming administration will be kind to business and back more spending on such things as infrastructure.

Oil prices were lower as benchmark U.S. crude fell 1.5% to $52.49 per barrel in electronic trading on the New York Mercantile Exchange.

Bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.54% from 2.56% late Tuesday.

Global stock markets were trading in narrow ranges Wednesday.

European markets were mixed as Britain’s FTSE 100 fell less than 0.1% and Germany’s DAX gained less than 0.1%. France’s CAC-40 fell 0.3%.

Overnight US Market :Dow Closed +40 points

Stocks closed mixed Monday as the Dow hit a new all-time high and as oil prices jumped after several non-OPEC countries agreed to join the cartel in cutting output and as investors focused on interest rates. The S&P 500 and Nasdaq snapped 6-day winning streaks and retreated from record highs.

Investors were also focusing on interest rates as Federal Reserve  policymakers meet this week and most economists expect the Fed to announce a rate hike at the conclusion of the 2-day meeting on Wednesday.

The Dow Jones industrial average rose 39.58 points, or 0.2%, to a record close of 19,796.43, according to preliminary calculations. The Standard & Poor’s 500 index fell 0.1% to 2256.96,  after rising in early trading to set a new intraday record. The Nasdaq composite index dropped fell 0.6% to 5412.54.

Energy stocks got a boost as the price of U.S. benchmark crude oil jumped 2.6% to $52.83 a barrel as oil-producing countries outside of OPEC agreed to reduce production by 558,000 barrels per day. That comes after OPEC countries agreed in November to reduce production by 1.2 million barrels per day.

Overnight US Market :Dow closed up 298 points.

Stocks rallied Wednesday and continued their record-setting run as the Dow soared almost 300 points and leaped to another new record closing high. The rally was broad-based as the S&P 500, Dow transports and Russell 2000 also set new record closes.

The Dow Jones industrial average jumped 297.84 points, or 1.6%, to an all-time closing high of 19,549.62. The Standard & Poor’s 500 index jumped 1.3% to a record close of 2241.35. The small-stock Russell 2000 index gained 0.9% to an all-time high of 1364.51.

The tech-heavy Nasdaq composite index rose 1.1% to 5393.76, about 5 points shy of its record close.

Stocks moved steadily higher throughout the day after a mixed open. Phone and real estate companies made the largest gains, but the rally moved into high gear in the afternoon, as airlines, railroads and trucking companies soared.

Investors took the rally in transportation stocks as a sign of optimism about economic growth. Technology and consumer-focused companies also jumped. Biotech drug companies took steep losses after President-elect Donald Trump said he wants to reduce drug prices.

U.S. government bond prices rose, sending yields lower. The yield on the 10-year Treasury note fell to 2.34% from 2.39%. Bond yields have risen sharply since the summer but have slipped in the last few days.

Oil prices fell back below $50 a barrel as benchmark U.S. crude dropped 2.3% to $49.77 a barrel in New York.

Overnight US Market :Dow closed +35 points

The Dow and Russell 2000 hit new closing highs Tuesday as stock indexes turned positive in the afternoon and stayed there, helped by shares of telecommunications companies such as Verizon, Sprint and AT&T.

The Dow Jones industrial average gained 35 points, or 0.2%. That’s up about 36 points to 19,251.78, its new all-time closing high.

The Russell 2000 soared 1.1%, up 15 points. Its new closing high: 1,352.67.

Also gaining were the S&P 500 and the Nasdaq composite, ending up 0.3% and 0.5%, respectively.

Sprint and T-Mobile shares climbed sharply after President-elect Donald Trump said in a tweet that Japanese company Softbank, which owns the majority of Sprint, was going to invest $50 billion in the U.S. to create 50,000 jobs over the next four years. However, it’s not clear if Softbank’s announcement is new.

U.S. government bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.39% from 2.40% late Monday. In foreign exchange trading, the dollar rose to 114.06 yen from 113.75 yen. The euro fell to $1.0718 from $1.0770.

Italy’s stock market jumped 4.2%, a day after slipping in the wake of the failure of a constitutional referendum that forced the resignation of that country’s premier. France’s CAC 40 added 1.3%, Britain’s FTSE 100 was up 0.5% and Germany’s DAX rose 0.8%.

CEO of India’s National Stock Exchange resigns ahead of IPO filing

Chitra, Chitra RamakrishnaThe head of the National Stock Exchange of India has resigned weeks before the country’s largest exchange was due to file details about a public listing.

The group said on Friday that Chitra Ramkrishna had decided to step down. “Ms Ramkrishna had tendered her resignation due to personal reasons and expressed her desire to step down with immediate effect,” the NSE said in a statement.

Her decision comes as the NSE was due to announce to file with markets regulators about a stock market flotation. The NSE said in June that it would file a draft prospectus by January. Analysts have said a listing could value the NSE at around $6bn.

Most global equities trade on listed exchanges, but plans to float India’s bourses have repeatedly run into problems with the country’s markets regulator, the Securities and Exchange Board of India.

Overnight US Market :Dow closed +89 points.S&P 500 Up 16 points.

U.S. stocks jumped Monday as all four major U.S. indexes closed at new record highs.

Stocks got a lift from energy stocks as the price of oil jumped. Investors are hoping that OPEC countries will soon finalize a deal that would cut oil production and help support prices. The start of the week once again brought several corporate deals, with companies in the energy and technology industry making moves.

The Standard & Poor’s 500 index rose 16.28, or 0.8%, to close at a record 2198.18. The Dow Jones industrial average gained 88.76, or 0.5%, to a record close of 18,956.69. The Nasdaq composite index gained 47.35, or 0.9%, to close at an all-time high of 5368.86.  The Russell 2000, an index of smaller companies, rose 6.59, or 0.5%, to 1322.23.

For the past couple of weeks, the main driver in markets has been the election of Donald Trump as the next U.S. president and bullishness about possible pro-growth fiscal policies. In general, his victory has helped stocks and the dollar but weighed on bonds. But slowly attention is shifting onto other matters, including next month’s widely anticipated interest rate hike from the Federal Reserve.

Also generating attention is the next meeting of oil ministers from the OPEC oil cartel on Nov. 30 in Vienna, Austria. Expectations are growing that the ministers will push through a production cut following an indication recently that one was on the cards. That’s helped buoy oil prices in markets.

Benchmark U.S. crude oil rose to its highest price this month. It gained $1.80, or 3.9%, to $47.49 a barrel while Brent crude, the international standard, rose $2.04, or 4.4%, to $48.90 a barrel in London.