The stock market is headed for strong weekly gains despite a rising number of reported coronavirus cases and disappointing consumer data. The S&P 500 and DOW are each up more than +1% for the week as we head into Friday afternoon trading. The NASDAQ, meanwhile, has risen +2% for the week lead by strong earnings in the tech sector, which has dominated or Top Stocks list this week.
Core retail sales, which exclude autos, gas, building materials, and food services, were unchanged last month, the Commerce Department said. The department added clothing-store sales had its most significant one-month decline since 2009. Continue reading "Disappointing Consumer Data Weakens Rally"→
Stocks were up sharply for the week, entering Friday on the back of a four-day rally as strong earnings and economic data outweighed worries over the coronavirus' economic impact.
The S&P 500 was up +3.3% for the week through lunchtime on Friday and was on pace for its best weekly performance since early June. The DOW is up +3.2% for the week issuing a new green weekly Trade Triangle entering into a long-term uptrend, while the NASDAQ led the pack by gaining +4.3%.
The major averages also reached record highs on Thursday, boosted by China's decision to halve tariffs on a slew of U.S. products. The world's second-largest economy announced it would halve tariffs on $75 billion worth of U.S. imports on Thursday. Continue reading "Four Day Rally Comes To An End"→
The first trading month of 2020 is closing out with a thud. For the second time this week, the DOW has fallen over 500 points, triggering a new red weekly Trade Triangle indicating that a move to a sidelines position may be in order. To add to that, with today's losses, the DOW is having its worst day since Oct. 2nd and has erased its monthly gains booking its first January loss since 2016, standing at -.6%.
As we head into afternoon trading, the DOW and S&P 500 will post a weekly loss of over -2%. However, The S&P 500 will try to hang on to a monthly gain of .+1%. The NASDAQ will lose over -1.5% on the week but will hang onto a monthly increase of +2.3%.
Manufacturing activity in the Midwest sank in January to the lowest level since December 2015, according to a survey of businesses released Friday by MNI Indicators. The Chicago Purchasing Managers Index (PMI) fell to 42.9 this month from 48.9 in December. Any reading below 50 indicates deteriorating conditions. Economists surveyed by Econoday had expected a small dip to 48.5. Continue reading "Market Falls On Weak Data And Virus Fears"→
A broad-based market sell-off has been the theme of the day to start the week. The reason for the sell-off? The Coronavirus, there are 2,862 confirmed cases so far in China, and the death toll in China has risen to 81. The World Health Organization's director-general is traveling to China to meet with government and health officials. In the U.S., the fifth case of coronavirus was confirmed over the weekend.
The DOW fell over 500 points, and one point or -1.6% at the open and has continued to trade at those levels, the S&P 500 dropped -1.4%, and the NASDAQ has lost -1.8%. All three indexes were poised for their worst day since October. Continue reading "Stocks Tumble On Coronavirus Fears"→
Hello traders everywhere. The stock market gave back early Friday morning gains after the second U.S. case of the deadly coronavirus was confirmed. The Centers for Disease Control and Prevention (CDC) said a Chicago resident who traveled to Wuhan, the Chinese city where the coronavirus originated, in December was diagnosed with the sickness. So far, the outbreak in China killed 26 people and infected more than 900 in the past week, raising concerns about its fallout on the global economy.
That report pushed the DOW was down over -175 points, the S&P 500 slid -08% and the NASDAQ fell -.75% on the day. Overall for the week, the DOW is on pace to lose -.8%, it's the first weekly loss in two weeks. The S&P 500 will also post its first loss in two weeks, with a loss of -.5%. However, the bigger shock to the system is that the NASDAQ will post a weekly loss of -.1% its first weekly loss in over six weeks.
Crude oil continues to under heavy pressure from rising inventories and weakening demand. Crude will post it's third straight week of losses with a loss of -7.9% trading below $54 a barrel. The EIA itself earlier this week said it expected crude oil production in the shale patch to continue increasing, adding 22,000 bpd next month to reach a total of 9.2 million bpd. The increase will come from the Permian and the Bakken, which will together add 50,000 bpd to their daily average, more than offsetting declines across the rest of the shale patch. Continue reading "Coronavirus Sickens The US Market"→
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