Stocks ended the day and week lower in a wild two-day trading session to end the week. The DOW closed 159.42 points lower or -0.6%, at 28,133.31. At one point, it fell as much as 628 points before reversing course in the late afternoon. The S&P 500 slid -0.8% to 3,426.96, and the NASDAQ fell -1.3% to 11,313.13 to post back to back losing days.
On a weekly level, both the S&P 500 and NASDAQ ended their 5-week winning streaks with the S&P 500 falling -2.3% and the NASDAQ losing -3.2% as the tech sector sold-off. The DOW ended a four-week losing streak falling -1.8% for the week.
One of the few bright spots in the overall market was the US dollar, which posted a weekly gain of +.75% as traders bailed out of the safe-haven assets and piled into the dollar. Which, in turn, caused gold to lose -1.6% on the week. Continue reading "Stock Market Winning Streak Ends"→
Stocks closed higher on the day Friday to end another record week for stocks, with the DOW erasing its losses for 2020 by gaining +0.6% to close at 28,653.87. After Friday's close, the DOW was now up +0.4% for 2020, its first foray into positive territory for the year since February.
The S&P 500 gained +0.7% to close at 3,508.01. It's the first-ever close above 3,500 for the index. The NASDAQ climbed 0.6% to end the day at 11,695.63.
For the week, the DOW rose +2.6% for its third weekly gain in four weeks. The S&P 500 and NASDAQ both notched five-week winning streaks, rising over +3% each. This marks the S&P 500's first five-week winning streak since late 2019. It's also the longest run for the NASDAQ since a six-week win streak that ended in January. Continue reading "DOW Erases 2020 Losses With Strong Close"→
Gold futures in the December contract hit a new all-time intraday high of $2,089.20 per ounce Friday morning as investors poured into the safe-haven asset ahead of the closely watched jobs report.
Gold is up about +1.8% this week, on pace for its ninth straight weekly gain for the first time since May of 2006. Gold futures, however, have since fallen about -2.2% to $2,031.10 per ounce. Spot gold dipped as well, falling about -2.1% to $2,028.70 per ounce on Friday. On a weekly level, it will still post a gain of +2.1%; it's the ninth straight week of gains.
The DOW just posted a "Golden Cross," joining the NASDAQ and S&P 500, when it's 50-day moving average broke above its 200-day moving average, which is traditionally a bullish signal for the first time since March. Continue reading "Gold Hits Record High"→
Facebook, Apple, and Amazon are leading the tech sector after announcing better than expected earnings. However, as we head into the close, all three major indexes have dipped into the red for the day.
As far as the weekly numbers go, the S&P 500 will likely eke out a weekly gain of roughly +.5%. The DOW, on the other hand, will suffer it's second straight weekly loss standing at -1.3% while the NASDAQ, on the back of the big earnings blowout by the big three, will post a weekly gain of +2.4%.
For the first time since 2011, spot gold has topped $1900, hitting an intra-day high of $1906.35. Gold futures in the December contract traded above $1900, starting on Wednesday, hitting an intra-day high of 1933.60 today. On a weekly level, gold will post its seventh consecutive week of gains with a weekly increase of +4.8%
The move higher has been attributed to a US new home sales beat with US new home sales rising 13.8% in June versus an expected 4% increase for the month.
The May numbers were also upwardly revised to 19.4% advance. New home sales were at a seasonally adjusted annualized rate of 776,000 homes in June, the US Commerce Department said on Friday. May's sales were revised up to a rate of 682,000 units.
The market consensus called for sales to advance to 700,000 units in June. On an annual basis, new home sales were up 6.9% from last year's estimate of 726,000 units. Looking at home prices, the report said that the median sales price for homes sold last month was $329,200, while the average price was $384,700. The inventory of houses for sale as of the end of June was at 307,000, representing a 4.7-month supply at the current sales rate.
The major indexes are struggling to make up ground at the end of the week with all three indexes posting weekly losses. The S&P 500 will lose roughly -.5%. The DOW stands to lose somewhere around -.7%, and as a weakness to continue to enter the tech sector, the NASDAQ will post a weekly loss standing near -1.6%.
The US dollar continues to be put under pressure losing -1.6% on the weekly extending its weekly loss streak to five weeks.
Bitcoin, on the other hand, like gold, has seen a recent increase in trading volume triggering a new green weekly Trade Triangle at 9479.57 with a weekly gain of +4.3%.
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