Tag Archives: Dow Industrials

Stock Market Higher on Positive Banking Earnings

U.S. equities rose on Friday as investors parsed through quarterly results from several big banks and economic data.

The Dow Jones industrial average rose more than 150 points before holding about 110 points higher, with Goldman Sachs contributing the most gains. The S&P 500 rose approximately 0.4 percent, with information technology and financials leading advancers.

The Nasdaq composite gained 0.4 percent.

JPMorgan Chase, Wells Fargo and Citigroup all posted better-than-expected quarterly results, beating estimates on both the top and bottom lines.

In economic news, U.S. retail sales rose 0.6 percent in September, matching expectations. Meanwhile, the Labor Department said its producer price index for final demand increased 0.3 percent after being unchanged in August.

Other data released Friday included business inventories, which rose 0.2 percent in August. Meanwhile, October consumer sentiment came in at 87.9, well below an estimate of 92, as concerns over the U.S. presidential election weighed.

Investors have been heavily scrutinizing U.S. economic data recently, trying to gauge the likelihood that the Federal Reserve raises interest rates later this year. According to the CME Group’s FedWatch tool, market expectations for a December rate hike are more than 60 percent.

The dollar rose 0.43 percent against a basket of currencies, with the euro near $1.099 and the yen around 104.18.

In oil markets, U.S. crude traded about 1 percent lower at $49.96 per barrel.

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Stocks Lower After Data

MONDAY – U.S. stocks traded lower on Monday, the first trading day of the fourth quarter, as investors digested key economic news and kept an eye on oil prices.

The Dow Jones industrial average fell about 100 points in midmorning trade before holding about 50 points lower, with UnitedHealth contributing the most losses. The S&P 500 fell 0.25 percent, with real estate and utilities leading decliners, as both fell 1 percent. The Nasdaq composite slid approximately 0.1 percent.

In economic news, the September Markit Manufacturing PMI came in at 51.5, a three-month low. “U.S. manufacturers signalled another moderate upturn in both production volumes and incoming new work during September, but the latest survey indicated a further loss of growth momentum from July’s recent peak,” Markit said.

The ISM Manufacturing index for September came in at 51.5, up from 49.4 in the previous month. Construction spending fell 0.7 percent in August, with analysts expecting a 0.2 percent increase.

This Week:

Monday

Auto sales

Wednesday

8:15 a.m.: ADP payrolls
8:30 a.m.: Trade deficit
9:45 a.m.: Markit services PMI
10 a.m.: ISM non-manufacturing
10 a.m.: Factory orders

Thursday

8:30 a.m.: Jobless claims

Friday

8:30 a.m.: Employment report
10 a.m.: Wholesale trade
3 p.m.: Consumer credit

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US stocks fall following ECB rates decision

THURSDAY – U.S. stocks traded lower Thursday as investors digested the European Central Bank’s latest monetary policy decision and remarks made by its president, Mario Draghi.

The Dow Jones industrial average traded about 60 points lower, with Apple contributing the most losses.

The ECB kept interest rates unchanged and did not announce an extension of its quantitative easing program. Draghi said in a news conference the central bank did not discuss an extension of said program, but added the program will run until the end of next March or beyond, if necessary.

U.S. stock futures traded mostly flat after the ECB announced its decision, before holding lower.

Investors have been closely eyeing each data set, looking for clues about whether the Fed will raise interest rates in September. Market expectations for a rate hike in September were 18 percent, according to the CME Group’s FedWatch tool.

Coming Up:

Thursday

3:00 p.m. Consumer credit

Friday

7:45 a.m. Boston Fed President Eric Rosengren
10:00 a.m. Wholesale

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Stocks slightly higher; materials lead

THURSDAY – U.S. equities traded slightly higher Thursday, a day ahead of a key speech from Federal Reserve Chair Janet Yellen, and following the release of solid economic data.

The Dow Jones industrial average rose just 10 points, with Home Depot contributing the most losses. The S&P 500 rose about 0.15 percent, with materials leading. Investors also kept an eye on health care a day after posting its worst day since June 24.

The sector fell Wednesday after presidential candidate Hillary Clinton tweeted about Mylan’s price increases of the allergy drug EpiPen.

The three major indexes have held in a tight range recently amid low trading volume and a lack of volatility. On Wednesday, the S&P recorded its 33rd straight session without a 1 percent move on a closing basis.

Coming Up:

Thursday

Earnings: Autodesk, GameStop, Pure Storage, Splunk
1 p.m. $28 billion 7-year note auction

Friday

Earnings: Big Lots
Fed Chair Janet Yellen speaks at Jackson Hole, Wyoming
8:30 a.m. Real GDP Q2 (second); international trade
9:45 a.m. Services PMI
10 a.m. Consumer sentiment

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Stocks close mostly lower

U.S. equities closed mostly lower on Friday as investors digested disappointing economic data, following a record-setting day on Thursday.

Retail sales for July came in unchanged, with economists expecting a 0.4 percent increase. Meanwhile, the July reading of the producer price index showed a decline of 0.4 percent, as economists forecast a 0.1 percent gain.

The weak retail sales data were released a day after strong earnings from retail giants Macy’s and Kohl’s pointed to further strength for the overall U.S. consumer.

Excluding Thursday, U.S. stocks have traded in a very narrow range this week, with volatility hovering around multi-year lows. The CBOE Volatility index (VIX), widely considered the best gauge of fear in the market, traded about 1.4 percent lower, near 11.5. In afternoon trade Friday, Schwab’s Frederick said there were four calls on on the Vix for every put in the options market, which indicates investors think the index “can’t go much lower.”

Earlier on Friday, the S&P and the Nasdaq briefly traded in positive territory.

TheDow Jones industrial averagefell 37.05 points, or 0.2 percent, to close at 18,576.47, with DuPont leading decliners and ExxonMobil the top advancer.

TheS&P 500 closed 1.74 points lower, or 0.08 percent, at 2,184.05, with materials leading seven sectors lower and energy the biggest riser.

TheNasdaq rose 4.5 points, or 0.09 percent, to end at 5,232.89.

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Dow Jones Down 100, But Retail Stocks Rise

U.S. stocks traded lower Monday, with energy stocks weighing as oil prices declined, as investors looked ahead to major earnings reports and central bank meetings.

Chevron, Exxon Mobil and UnitedHealth contributed the most to declines in the Dow Jones industrial average, which held about 100 points lower in afternoon trade. The Dow is up about 3 percent for the month so far.

No major economic data was due Monday. The Dallas Fed manufacturing index improved from June’s negative 18.3 to minus 1.3 in July. Second-quarter GDP and housing data are among the major reports due later in the week.

About nine stocks declined for every five advancers on the New York Stock Exchange, with an exchange volume of 423 million and a composite volume of 2.0 billion in afternoon trade.

Coming Up:

Tuesday:

Two-day Fed meeting begins

9 a.m. S&P/Case-Shiller home prices

9:45 a.m. Services PMI

10 a.m. New home sales<br>10 a.m. Consumer confidence

1 p.m. $34 billion 5-year note auction

Wednesday:

7 a.m. Mortgage applications

8:30 a.m. Durable goods; pending homes

11:30 a.m. $15 billion 2-year floating rate notes auction

2 p.m. FOMC rate decision

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All major indexes lower; oil falls after inventory data

THURSDAY – U.S. stocks traded narrowly mixed Thursday as investors eyed oil prices ahead of the highly anticipated jobs report due Friday.

The Dow Jones industrial average gave up opening gains to trade a touch lower, with Chevron, Exxon Mobil and Travelers having the greatest negative impact. The S&P 500 turned negative, attempting to hold the psychologically key 2,100 level. Utilities and telecoms led decliners, while energy also gave up earlier gains.

U.S. crude oil futures erased gains to trade more than 3 percent lower just below $46 a barrel after the EIA said weekly crude inventories declined 2.2 million barrels, far less than the 6.7 million barrel drawdown the American Petroleum Institute reported late Wednesday. A reversal in oil prices higher helped stocks close higher on Wednesday.

European markets bounced back Thursday, with the pan European Stoxx 600 Index trading more than 1 percent higher, helped by gains in banking stocks.

On the earnings front, PepsiCo reported better-than-expected earnings. Barracuda Networks and Helen of Troy are among companies set to report after the bell.

Coming Up:

Friday

8:30 a.m. Employment report
3 p.m. Consumer credit

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Dow Falls 100 Points

U.S. stocks opened lower Tuesday as the yen and euro strengthened against the dollar. Weaker-than-expected Chinese manufacturing data also weighed slightly.

The Dow Jones industrial average fell more than 100 points soon after the open, with Goldman Sachs contributing the most to declines.

Among the few advancers were Pfizer and Apple, which attempted to break its first eight-day losing streak since 1998.

The euro traded near highs not seen since last August, while the yen was around its strongest against the dollar since October 2014. The dollar index hovered near 15-month lows after falling half a percent Monday for its sixth-straight day of decline.

Coming Up:

Tuesday

Earnings: Avis Budget, CBS, Illumina, Mylan Labs, Western Union, Etsy, Glu Mobile, Live Nation Entertainment, Match Group, Newfield Exploration, Noodles & Co., Papa John’s, Potbelly, Zillow

Vehicle sales
10:30 a.m. Cleveland Fed President Loretta Mester
7 p.m. Atlanta Fed President Dennis Lockhart

Wednesday

Earnings: AB InBev, Priceline, Royal Dutch Shell, Siemens, Time Warner, Humana, IntercontinentalExchange, Zoetis, Cedar Fair, Kate Spade, Shopify, Shutterstock, Virtu Financial, Wix.com, 21st Century Fox, MetLife, Allstate, Fitbit, Kraft Heinz, Murphy Oil, Tesla Motors, Transocean, Whole Foods, Eldorado Gold, GoDaddy, Weight Watchers, Yamana Gold, Zynga

7 a.m.: Mortgage applications
8:15 a.m. ADP employment
8:30 a.m. International trade; productivity and costs
9:45 a.m. Services PMI
10 a.m. ISM nonmanufacturing; factory orders
10:30 a.m.: Oil inventories
6:30 p.m. Minneapolis Fed President Neel Kashkari

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Dow Up 100+ In Early Trading

U.S. stocks traded higher Wednesday, following a global rally on encouraging China trade data, and helped by JPMorgan’s earnings beat.

The Dow Jones industrial average gained more than 100 points soon after the open. Goldman Sachs and JPMorgan Chase contributed the most to gains.

Financials are the worst performing sector in the S&P 500 for the year so far.

The Nasdaq composite gained more than 1 percent with Apple and Amazon.com leading major tech stocks higher.

Coming Up:

Wednesday

Earnings: Pier 1 Imports, Kinder Morgan, Noble

10 a.m. Business inventories

10:30 a.m. EIA oil inventories

1 p.m. $20 billion 10-year note auction

2 p.m. Beige book

Thursday

Earnings: Bank of America, BlackRock, Wells Fargo, PNC Financial, First Republic Bank, Freeport-McMoRan, Snap-on, Advanced Micro, Delta Air Lines, Shaw Communications, Infosys

8 a.m. Bank of Japan Governor Haruhiko Kuroda at CFR, New York

8:30 a.m. Jobless claims

8:30 a.m. CPI

10 a.m. Atlanta Fed President Dennis Lockhart

10 a.m. Fed Gov. Jerome Powell at Senate Banking subcommittee

1 p.m. $12 billion 30-year bond auction

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Dow Briefly Up 100 Points

Stocks traded higher today, helped by a risingoil prices, following the release of the Fed’s statement.

Federal Reserve  Chairwoman Janet Yellen said in a press conference following the statement release that policymakers have not concluded inflation has seen a significant, lasting uptick.

The Dow 30  briefly gained 100 points, with Chevron, Caterpillar and IBM among the top contributors to gains. Goldman Sachs was the greatest contributor to declines.

Coming Up Later This Week:

Thursday

Bank of England monetary policy announcement and minutes

Earnings: Tencent, Michaels Cos., Intl. Game Technology, Lands’ End, Adobe Systems

8:30 a.m.: Jobless claims

8:30 a.m.: Philly Fed business outlook survey

8:30 a.m.: Current account

10 a.m.: JOLTS

10 a.m.: Leading indicators

10:30 a.m.: Natural gas inventories

4:30 p.m.: Fed balance sheet/Money supply

Friday

Quadruple Witching

Earnings: Tiffany

9 a.m.: New York Fed President William Dudley speaks

10 a.m.: Consumer sentiment

10 a.m.: Atlanta Fed business inflation expectations

11 a.m.: Boston Fed President Eric Rosengren speaks

1 p.m.: Oil rig count

1:30 p.m.: St. Louis Fed President James Bullard

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