Market Summary
from Briefing.comIndustry Watch
Strong: Consumer Staples, Health Care, Technology
Weak: Energy, Industrials, Utilities
Market Moving Factors
- No new developments between Greece and its creditors
- S&P 500 tests 100-day moving average (2,089)
[BRIEFING.COM] The stock market ended the Tuesday session on an upbeat note with the S&P 500 adding 0.6%. In addition to posting a solid gain, the benchmark index reclaimed its 100-day moving average (2,089) after settling below that mark on Monday.
Equity indices began the day near their flat lines and rallied throughout the day, unperturbed by the lack of progress between Greece and its creditors. Furthermore, the rhetoric in Athens intensified with Greek Prime Minister Alexis Tsipras saying the International Monetary Fund bears "criminal" responsibility for the current state of the Greek economy. Mr. Tsipras' remarks were made in front of the Greek parliament with the premier adding that another round of elections is not in the cards.
Similar to U.S. equities, European stocks were able to rally despite the lack of positive developments. Meanwhile, Germany's 10-yr bund climbed, sending its yield lower by three basis points to 0.80% while the U.S. 10-yr note also rallied with its yield slipping four basis points to 2.32%.
All ten sectors posted gains with consumer staples (+1.1%) leading the advance. The sector rebounded from yesterday's underperformance amid broad strength while other countercyclical groups ended mixed with respect to the broader market. Similar to consumer staples, the telecom services sector (+0.8%) outperformed while health care (+0.5%) and utilities (+0.4%) settled behind the broader market.
The health care sector ended a bit behind the S&P 500 with biotechnology contributing to the underperformance. Still, the iShares Nasdaq Biotechnology ETF (IBB 364.38, +0.70) added 0.2%.
Moving to the cyclical side, the top-weighted technology sector (+0.6%) outperformed throughout the session while three of the remaining five growth-sensitive groups also displayed relative strength. The energy sector (+0.8%) rallied alongside crude oil, which rose 0.8% to $60.00/bbl.
Also of note, the industrial sector (+0.1%) turned positive during the late afternoon, but still ended behind the remaining nine sectors as transport stocks weighed. The Dow Jones Transportation Average lost 0.3%, extending this week's decline to 0.8%. United Continental (UAL 51.23, -1.02) was the weakest performer, falling 2.0%, while Con-way (CNW 40.30, -0.96) lost 1.6% after peer Oshkosh (OSK 46.71, -3.59) lowered its guidance.
Once again, today's participation was below average with roughly 640 million shares changing hands at the NYSE floor.
Economic data was limited to Housing Starts and Building Permits:
Equity indices began the day near their flat lines and rallied throughout the day, unperturbed by the lack of progress between Greece and its creditors. Furthermore, the rhetoric in Athens intensified with Greek Prime Minister Alexis Tsipras saying the International Monetary Fund bears "criminal" responsibility for the current state of the Greek economy. Mr. Tsipras' remarks were made in front of the Greek parliament with the premier adding that another round of elections is not in the cards.
Similar to U.S. equities, European stocks were able to rally despite the lack of positive developments. Meanwhile, Germany's 10-yr bund climbed, sending its yield lower by three basis points to 0.80% while the U.S. 10-yr note also rallied with its yield slipping four basis points to 2.32%.
All ten sectors posted gains with consumer staples (+1.1%) leading the advance. The sector rebounded from yesterday's underperformance amid broad strength while other countercyclical groups ended mixed with respect to the broader market. Similar to consumer staples, the telecom services sector (+0.8%) outperformed while health care (+0.5%) and utilities (+0.4%) settled behind the broader market.
The health care sector ended a bit behind the S&P 500 with biotechnology contributing to the underperformance. Still, the iShares Nasdaq Biotechnology ETF (IBB 364.38, +0.70) added 0.2%.
Moving to the cyclical side, the top-weighted technology sector (+0.6%) outperformed throughout the session while three of the remaining five growth-sensitive groups also displayed relative strength. The energy sector (+0.8%) rallied alongside crude oil, which rose 0.8% to $60.00/bbl.
Also of note, the industrial sector (+0.1%) turned positive during the late afternoon, but still ended behind the remaining nine sectors as transport stocks weighed. The Dow Jones Transportation Average lost 0.3%, extending this week's decline to 0.8%. United Continental (UAL 51.23, -1.02) was the weakest performer, falling 2.0%, while Con-way (CNW 40.30, -0.96) lost 1.6% after peer Oshkosh (OSK 46.71, -3.59) lowered its guidance.
Once again, today's participation was below average with roughly 640 million shares changing hands at the NYSE floor.
Economic data was limited to Housing Starts and Building Permits:
- Housing starts declined 11.1% in May to 1.036 million from an upwardly revised 1.165 million (from 1.135 million) in April while the Briefing.com consensus expected a decline to 1.100 million
- In April, housing starts rose 22.1%, which was a historic, multi-decade high. It was only natural for housing starts to pull back following such a large increase
- Even after the decline, May starts were above Q1 averages (978,000) and in-line with trends from Q4 2014 (1.055 million)
- Building permits rose to a seasonally adjusted annualized rate of 1.275 million in May from a revised 1.140 million for April (from 1.143 million) while the Briefing.com consensus expected a decline to 1.100 million
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Economic Data
from Briefing.com| Date | ET | Release | For | Actual | Briefing.com Forecast | Briefing.com Consensus | Prior | Revised From |
|---|---|---|---|---|---|---|---|---|
| Jun 16 | 08:30 | Housing Starts | May | 1036K | 1065K | 1100K | 1165K | 1135K |
| Jun 16 | 08:30 | Building Permits | May | 1275K | 1100K | 1100K | 1140K | 1143K |
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Technical Update
DOW JONES INDUSTRIAL AVERAGE17904.48 +113.31 (+0.64%)
Volume: 77.51 Mil below average of 95.49 Mil
Range: 17774.12 - 17919.62
NASDAQ COMPOSITE
5055.549805 +25.58 (+0.51%)
Volume: 1654.82 Mil below average of 1748.42 Mil
Range: 5022.560059 - 5063.060059
S&P500 INDEX
2096.29 +11.86 (+0.57%)
Volume: 410.71 Mil below average of 514.82 Mil
Range: 2082.1 - 2097.4
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Market Internal
NYSE :Lower than average volume @ 652.7M vs 739.53M
Advancers outpaced Decliners(adv/dec): 1962M/1111M
New lows outpaced highs(high/low): 66/79
NASDAQ :
Lower than average volume @ 1648M vs 1759.998M
Advancers outpaced Decliners(adv/dec): 1647M/1181M
New highs outpaced low(high/low): 136/42
Advancers outpaced Decliners by 1.57 to 1 on lower volumes 2300.7 ( -7.95%) than avg 2500 (+0.38%)
VOLATILITY S&P500 (VIX) :
14.81 -0.58(-3.77%)
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Bonds, Currencies & Commodities
from Briefing.comBonds
Treasuries End in Green
- The Treasury complex pushed higher in a broad-based rally today. Equities spent most of the day rallying and the economic data was neutral on balance, so a move higher ahead of FOMC is somewhat encouraging for the bulls
- Yield Check:
- 2-yr: -3 bps to 0.68%
- 5-yr: -4 bps to 1.66%
- 10-yr: -4 bps to 2.32%
- 30-yr: -3 bps to 3.05%
- News:
- Housing starts fell 11.1% in May to 1.036 mln from an upwardly revised 1.165 mln (from 1.135 mln) in April. The Briefing.com consensus called for housing starts to decline to 1.100 mln
- In April, housing starts rose 22.1%, a multi-decade high, so a pulll-back was almost inevitable
- Even after the decline, May starts were above Q1 averages (978,000)
- Building Permits sailed past expectations at 1275K for May versus the Briefing.com consensus of 1100K and a prior reading of 1140K (revised from 1143K)
- The European Court of Justice ruled that the Outright Monetary Transactions (OMT) program is legal, as expected
- Housing starts fell 11.1% in May to 1.036 mln from an upwardly revised 1.165 mln (from 1.135 mln) in April. The Briefing.com consensus called for housing starts to decline to 1.100 mln
Currencies
Dollar Edges Higher Against Euro- EUR/USD: -0.33% to 1.1241
- The specter of Greece defaulting on its obligations sent its 10-year sovereign yield up 59 bps to 12.62%
- GBP/USD: +0.35% to 1.5652
- U.K. inflation came out as expected. The May CPI grew 0.2% m/m, in line with estimates and the prior reading
- USD/JPY: -0.03% to 123.37
- Overnight, BoJ Governor Haruhiko Kuroda tempered his remarks from last week that sent $/Yen tumbling. He said last night that he was not "trying to assess the nominal exchange rate nor forecast its future movement"
- USD/CHF: +0.25% to 0.9322
- USD/CAD: -0.01% to 1.2315
Commodities
Natural Gas Ends Flat Following Big Run Yesterday; Oil Rises, Helped By Storm- Following a +5% run higher yesterday, natural gas futures ended the day on a dull note
- July nat gas futures closed floor trading flat at $2.89/MMBtu
- Overall, in the energy space, the tropical storm in the Gulf of Mexico is providing some uncertainty
- This helped oil futures today, which rose modestly
- July crude oil gained $0.45 at $60.00/barrel
- Metals fell today as the dollar index remained higher
- Aug gold lost $4.50 to $1181.10/oz, while July silver fell $0.11 at $15.97/oz
- July copper declined $0.04 today to $2.61/lb
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Preview: Wednesday, 17 Jun 2015
Economic Data
| Date | ET | Release | For | Actual | Briefing.com Forecast | Briefing.com Consensus | Prior | Revised From |
|---|---|---|---|---|---|---|---|---|
| Jun 17 | 07:00 | MBA Mortgage Index | 06/13 | NA | NA | 8.4% | ||
| Jun 17 | 10:30 | Crude Inventories | 06/13 | NA | NA | -6.812M | ||
| Jun 17 | 14:00 | FOMC Rate Decision | Jun | 0.25% | 0.25% | 0.25% |
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