Market Summary
from Briefing.comIndustry Watch
Strong:
Weak:
Market Moving Factors
[BRIEFING.COM] The stock market began the new week on the defensive with the Nasdaq (-0.8%) and S&P 500 (-0.8%) pacing the slide. The Dow (-0.5%) and Russell 2000 (-0.3%) outperformed, but the two indices also spent the bulk of the day in negative territory.
Equity indices opened the trading day with slim gains that evaporated during the first few minutes of the session. The S&P 500 slumped back below its 50-day moving average (2046) at the start and spent the rest of the day well below that level as influential sectors weighed.
Most notably, the energy sector (-2.8%) was the weakest performer with crude oil contributing to the pressure after Goldman Sachs lowered its short-term forecast for the commodity. WTI crude ended the pit session on its low, down 4.9% at $46.07/bbl.
Meanwhile, the remaining cyclical groups registered slimmer losses, but heavily-weighted financials (-0.9%) and technology (-1.3%) kept the market under pressure throughout the session.
The top-weighted tech sector spent the day in a steady retreat as components of all sizes registered losses. Large cap names like Apple (AAPL 109.25, -2.76), Google (GOOGL 497.06, -3.66), and Microsoft (MSFT 46.60, -0.59) lost between 0.7% and 2.5%, while chipmakers also lagged with the PHLX Semiconductor Index falling 2.0%.
To be fair, a small pocket of relative strength could be found among cybersecurity names after President Obama spoke about online safety, and is expected to touch on the subject once again during the State of the Union Address on January 20. Cyber-Ark Software (CYBR 38.37, +1.31) and FireEye (FEYE 35.29, +1.61) gained 3.5% and 4.8%, respectively.
Elsewhere, biotechnology names also found themselves among the outperformers, thanks in large part to Celgene (CELG 117.00, +3.33). The stock soared 2.9% after the company issued guidance for 2015 at the JP Morgan Healthcare Conference. Meanwhile, the iShares Nasdaq Biotechnology ETF (IBB 315.06, +1.74) gained 0.6% while the health care sector (-0.1%) could not stay above its flat line.
Similar to health care, countercyclical consumer staples (-0.3%) and utilities (-0.3%) outperformed while the telecom services sector (+0.6%) spent the day in the green.
Treasuries slumped overnight, but spent the day in a steady advance. The benchmark 10-yr yield fell four basis points to 1.91%.
Today's participation was roughly in-line with average as nearly 760 million shares changed hands at the NYSE floor.
Tomorrow, the Job Openings and Labor Turnover Survey will be released at 10:00 ET while the Treasury Budget for December (Briefing.com consensus $3.00 billion) will be reported at 14:00 ET.
Equity indices opened the trading day with slim gains that evaporated during the first few minutes of the session. The S&P 500 slumped back below its 50-day moving average (2046) at the start and spent the rest of the day well below that level as influential sectors weighed.
Most notably, the energy sector (-2.8%) was the weakest performer with crude oil contributing to the pressure after Goldman Sachs lowered its short-term forecast for the commodity. WTI crude ended the pit session on its low, down 4.9% at $46.07/bbl.
Meanwhile, the remaining cyclical groups registered slimmer losses, but heavily-weighted financials (-0.9%) and technology (-1.3%) kept the market under pressure throughout the session.
The top-weighted tech sector spent the day in a steady retreat as components of all sizes registered losses. Large cap names like Apple (AAPL 109.25, -2.76), Google (GOOGL 497.06, -3.66), and Microsoft (MSFT 46.60, -0.59) lost between 0.7% and 2.5%, while chipmakers also lagged with the PHLX Semiconductor Index falling 2.0%.
To be fair, a small pocket of relative strength could be found among cybersecurity names after President Obama spoke about online safety, and is expected to touch on the subject once again during the State of the Union Address on January 20. Cyber-Ark Software (CYBR 38.37, +1.31) and FireEye (FEYE 35.29, +1.61) gained 3.5% and 4.8%, respectively.
Elsewhere, biotechnology names also found themselves among the outperformers, thanks in large part to Celgene (CELG 117.00, +3.33). The stock soared 2.9% after the company issued guidance for 2015 at the JP Morgan Healthcare Conference. Meanwhile, the iShares Nasdaq Biotechnology ETF (IBB 315.06, +1.74) gained 0.6% while the health care sector (-0.1%) could not stay above its flat line.
Similar to health care, countercyclical consumer staples (-0.3%) and utilities (-0.3%) outperformed while the telecom services sector (+0.6%) spent the day in the green.
Treasuries slumped overnight, but spent the day in a steady advance. The benchmark 10-yr yield fell four basis points to 1.91%.
Today's participation was roughly in-line with average as nearly 760 million shares changed hands at the NYSE floor.
Tomorrow, the Job Openings and Labor Turnover Survey will be released at 10:00 ET while the Treasury Budget for December (Briefing.com consensus $3.00 billion) will be reported at 14:00 ET.
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Economic Data
from Briefing.com
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Technical Update
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Market Internal
NYSE :Higher than prev day volume @ 778.5M vs 731.9M
Decliners outpaced Advancers(adv/dec): 1160M/1931M
New highs outpaced low(high/low): 177/143
NASDAQ :
Higher than prev day volume @ 1853.8M vs 1706.1M
Decliners outpaced Advancers(adv/dec): 1067M/1709M
New lows outpaced highs(high/low): 82/95
Decliners outpaced Advancers by an average 1.63 to 1 on higher volumes than prev day (+194.3 +7.97%)
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Bonds, Currencies & Commodities
from Briefing.comBonds
Yields Fall, 30Y Approaches Record Low:
- Treasuries ended just off their best levels of the day.
- Today's advance marked the 11th gain in 12 sessions.
- Maturities firmed overnight and ticked to new highs ahead of the solid $24B 3Y note auction.
- The auction drew 92.6bps and a 3.33x bid/cover. Indirect bidders (45.8%) provided support as directs (14.8%) were a bit light. Primary dealers were left with just 39.4% of the supply.
- Post-auction buying pressed yields to fresh lows before seeing slight relief into the cash close.
- Up front, the 2Y eased -2.4bps to 54.1bps. Action finished at a one-month low.
- In the belly, the 5Y fell -5.5bps to 1.388%. The yield finished at a three-month low and is less than 9bps away from levels last seen in November 2013.
- The 10Y sank -5.9bps to 1.912%. The benchmark yield put in its lowest close since May 2013.
- Outperformance at the long end dropped the 30Y -6.4bps to 2.492%. These levels are being watched closely as the yield holds 4bps from a record low print.
- Curve flattening continued as the 2-10-yr spread narrowed to 137bps.
- Data: JOLTS - Job Openings (10) and the Treasury Budget (14).
- Auction: $21B 10Y note reopening.
- Fed Speak: Minny's Kocherlakota opines on "Goal-Based Monetary Policy Report" (17).
Currencies
Dollar Gives Up Early Gains:
- The Dollar Index has given up its early gains and now drifts little changed near 91.95.
- The Index threatened its best levels since November 2003 early in the session, but was unable to breakout as sellers emerged in defense of the 92.30 area.
- EURUSD is flat @ 1.1840 after recovering its early losses. The single currency probed the 1.1800 level early, but support there managed to hold.
- GBPUSD is +30 pips @ 1.5185 as action has fought its way into positive territory. Support near 1.5100 withstood an early test, provoking the bounce. British data out tomorrow includes CPI, PPI Input, RPI.
- USDCHF is unchanged near 1.0140. The pair trimmed its early gains as the euro rallied back to the breakeven line.
- USDJPY is -20 pips @ 118.25 and is contending with its first sub-50 dma close since the end of July. A breakdown of 118.00 puts the 116.00 area in play. Japan's current account balance will cross the wires this evening.
- AUDUSD is -35 pips @ .8165. The hard currency saw overnight strength following the mixed ANZ Job Advertisements and home loans data, but is now sliding back toward the key .8100 area. China's trade balance and new loans are tentatively set for release.
- USDCAD is +85 pips @ 1.1950 as trade breaks out to a fresh six-year high. The latest Bank of Canada Business Outlook Survey showed most firms remain optimistic despite weakness in the energy sector.
Commodities
- Oil crashed again after Goldman Sachs lowered its price forecast for WTI and Brent crude oil, falling to new lows seen since the recent collapse
- At the end of today's session, Feb crude closed $2.33 lower at $46.07/barrel
- Natural gas futures tanked on a mild weather outlook, leaving Feb nat gas closed $15 cents lower at $2.80/MMBtu
- Feb gold rose $12.60 to $1228.0/oz, while Mar silver gained $0.11 to $16.52/oz
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Preview: Tuesday, 13 Jan 2015
Economic Data
| Date | ET | Release | For | Actual | Briefing.com Forecast | Briefing.com Consensus | Prior | Revised From |
|---|---|---|---|---|---|---|---|---|
| Jan 13 | 10:00 | JOLTS - Job Openings | Nov | NA | NA | 4.834M | ||
| Jan 13 | 14:00 | Treasury Budget | Dec | $3.0B | $3.0B | +$53.2B |
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