Market Summary
from Briefing.comIndustry Watch
Strong: Consumer Staples, Materials, Telecom Services
Weak: Consumer Discretionary, Energy, Industrials, Technology
Market Moving Factors
- No progress between Greece and creditors
- Dow Jones Transportation Average weak once again
- S&P 500 undercuts its 100-day moving average, which has been an important area of support throughout 2015
- Apple and many large-cap tech stocks are underperforming
[BRIEFING.COM] The major averages began the new trading week on a cautious note with the S&P 500 (-0.7%) settling beneath its 100-day moving average (2,085) for the first time since late March. The benchmark index retreated into the afternoon while the Nasdaq Composite (-0.9%) underperformed throughout the day.
Broadly speaking, the Monday session was very quiet with no corporate news to account for the decline; however, the continued lack of progress between Greece and its creditors weighed on investor sentiment in Europe and the U.S.
As for Greece, Finance Minister Yanis Varoufakis met with his German counterpart, Wolfgang Schaeuble, today, describing the meeting as "very helpful." That being said, Bloomberg reported there appear to be growing differences between German Chancellor Angela Merkel and Mr. Schaeuble with regard to the handling of the crisis.
Interestingly, the S&P 500 climbed off its session low in the afternoon once the Wall Street Journal reported that Greece's creditors have offered to extend the current bailout program until March 2016. The extension would be achieved by drawing EUR11 billion from the bank bailout fund. The news helped the benchmark index make a brief return above its 100-day average before sliding to a new low ahead of the close.
Nine sectors registered losses with all six cyclical groups ending in the red. The largest sector by weight—technology (-1.2%)—lagged throughout the day, which kept a lid on the overall market. Top-weighted components like Apple (AAPL 127.80, -0.85), Microsoft (MSFT 45.73, -0.41), and Google (GOOGL 543.48, -6.05) lost between 0.7% and 1.1% while high-beta chipmakers also struggled. Shares of Intel (INTC 31.30, -0.54) settled lower by 1.7% while the broader PHLX Semiconductor Index fell 1.9%.
Similarly, another high-beta group—transport stocks—kept the market under pressure with the Dow Jones Transportation Average losing 2.1%. The bellwether complex narrowed its June advance to 0.4% as all 20 components registered losses with JetBlue's (JBLU 19.02, -1.47) 7.2% plunge leading the way. For its part, the industrial sector (-0.7%) underperformed throughout the day.
Unlike technology and industrials, the remaining cyclical groups ended near the broader market while the four countercyclical sectors settled ahead of the S&P 500. Consumer staples (-0.1%) and telecom services (+0.2%) ended near their flat lines while health care (-0.4%) and utilities (-0.6%) settled just ahead of the broader market.
Interestingly, the utilities sector received no respite from today's strength in Treasuries that pressured the benchmark 10-yr yield to 2.39% (-2 bps).
Today's participation was on the light side with fewer than 685 million shares changing hands at the NYSE floor.
Tomorrow, the Wholesale Inventories report for April (Briefing.com consensus 0.2%) and the April Job Openings and Labor Turnover Survey will both be released at 10:00 ET.
Broadly speaking, the Monday session was very quiet with no corporate news to account for the decline; however, the continued lack of progress between Greece and its creditors weighed on investor sentiment in Europe and the U.S.
As for Greece, Finance Minister Yanis Varoufakis met with his German counterpart, Wolfgang Schaeuble, today, describing the meeting as "very helpful." That being said, Bloomberg reported there appear to be growing differences between German Chancellor Angela Merkel and Mr. Schaeuble with regard to the handling of the crisis.
Interestingly, the S&P 500 climbed off its session low in the afternoon once the Wall Street Journal reported that Greece's creditors have offered to extend the current bailout program until March 2016. The extension would be achieved by drawing EUR11 billion from the bank bailout fund. The news helped the benchmark index make a brief return above its 100-day average before sliding to a new low ahead of the close.
Nine sectors registered losses with all six cyclical groups ending in the red. The largest sector by weight—technology (-1.2%)—lagged throughout the day, which kept a lid on the overall market. Top-weighted components like Apple (AAPL 127.80, -0.85), Microsoft (MSFT 45.73, -0.41), and Google (GOOGL 543.48, -6.05) lost between 0.7% and 1.1% while high-beta chipmakers also struggled. Shares of Intel (INTC 31.30, -0.54) settled lower by 1.7% while the broader PHLX Semiconductor Index fell 1.9%.
Similarly, another high-beta group—transport stocks—kept the market under pressure with the Dow Jones Transportation Average losing 2.1%. The bellwether complex narrowed its June advance to 0.4% as all 20 components registered losses with JetBlue's (JBLU 19.02, -1.47) 7.2% plunge leading the way. For its part, the industrial sector (-0.7%) underperformed throughout the day.
Unlike technology and industrials, the remaining cyclical groups ended near the broader market while the four countercyclical sectors settled ahead of the S&P 500. Consumer staples (-0.1%) and telecom services (+0.2%) ended near their flat lines while health care (-0.4%) and utilities (-0.6%) settled just ahead of the broader market.
Interestingly, the utilities sector received no respite from today's strength in Treasuries that pressured the benchmark 10-yr yield to 2.39% (-2 bps).
Today's participation was on the light side with fewer than 685 million shares changing hands at the NYSE floor.
Tomorrow, the Wholesale Inventories report for April (Briefing.com consensus 0.2%) and the April Job Openings and Labor Turnover Survey will both be released at 10:00 ET.
- Nasdaq Composite +6.0% YTD
- Russell 2000 +4.2% YTD
- S&P 500 +1.0% YTD
- Dow Jones Industrial Average -0.3% YTD
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Economic Data
from Briefing.com
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Technical Update
DOW JONES INDUSTRIAL AVERAGE17849.46 -56.12 (-0.31%)
Volume: 89.14 Mil below average of 97.76 Mil
Range: 17822.9 - 17940.78
NASDAQ COMPOSITE
5021.62988 -46.83 (-0.92%)
Volume: 1712.21 Mil below average of 1756.94 Mil
Range: 5014.06006 - 5069
S&P500 INDEX
2092.83 -3.01 (-0.14%)
Volume: 559.31 Mil above average of 523.19 Mil
Range: 2085.67 - 2100.99
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Market Internal
NYSE :Lower than average volume @ 698M vs 731.34M
Decliners outpaced Advancers(adv/dec): 895M/2158M
New lows outpaced highs(high/low): 63/122
NASDAQ :
Lower than average volume @ 1700.6M vs 1754.272M
Decliners outpaced Advancers(adv/dec): 1016M/1810M
New highs outpaced low(high/low): 134/33
Decliners outpaced Advancers by 2.08 to 1 on lower volumes 2398.6 ( -3.50%) than avg 2486 (-0.17%)
VOLATILITY S&P500 (VIX) :
15.29 1.08(7.60%)
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Bonds, Currencies & Commodities
from Briefing.comBonds
10-Yr: +5/32..2.39%..
USD/JPY: 124.56..
EUR/USD: 1.1278
Yield Curve Steepens- U.S. government debt rallied today in a lackluster session with no data releases. Equities took losses but fixed-income markets continued to digest the robust Employment Situation Report from Friday and this likely kept buyers on the sidelines
- Yield Check:
- 2-yr: -4 bps to 0.68%
- 5-yr: -3 bps to 1.71%
- 10-yr: -2 bps to 2.39%
- 30-yr: unch at 3.12%
- News:
- A spokesman for the European Commission said that the EC will keep working on a solution to the Greek Crisis but that its own proposals would be the starting point
- Angela Merkel said that creditors' proposals are the only ones on the table
- French Finance Minister Michel Sapin said this morning that Grexit would "not be serious from a financial or economic point of view."
- In the afternoon, ECB governing council member Christian Noyer said the consequences of a Greek exit from the eurozone would be limited to Greece itself
- U.S. President Barack Obama spoke about Greece at the G7 Summit, saying "If both sides show sufficient flexibility, we can get this problem resolved....but it will need tough decisions from all involved."
- President Obama had to deny rumors that he had said the strong dollar was "a problem" at the G7 meeting in Germany
- The exposure of investors to higher interest rates is higher than at any point in history based on portfolio duration, according to Bloomberg
- A spokesman for the European Commission said that the EC will keep working on a solution to the Greek Crisis but that its own proposals would be the starting point
- Commodities:
- WTI Crude: -1.61% to $58.18/bbl.
- Gold: +0.46% to $1,173.50/troy oz.
- Copper: +0.41% to $2.7035/lb.
- Currencies:
- EUR/USD: +1.48% to $1.1278
- USD/Yen: -0.83% to 124.56
Currencies
Commodities
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Preview: Tuesday, 9 Jun 2015
Economic Data
| Date | ET | Release | For | Actual | Briefing.com Forecast | Briefing.com Consensus | Prior | Revised From |
|---|---|---|---|---|---|---|---|---|
| Jun 09 | 10:00 | Wholesale Inventories | Apr | 0.2% | 0.2% | 0.2% | 0.1% | |
| Jun 09 | 10:00 | JOLTS - Job Openings | Apr | NA | NA | 5.109M | 4.994M |
No comments:
Post a Comment