Market Summary
from Briefing.comIndustry Watch
Strong: Energy, Materials, Technology, Utilities
Weak: Real Estate
- Global bourses tilt to the upside
- Dollar and market rates pull back
- German Chancellor Angela Merkel will seek a fourth term in 2017
- Oil rises on renewed output deal speculation
- Fed Vice Chair Fischer: fiscal stimulus could help increase potential for the economy and confront some longer-term challenges; not a lot of room to increase the deficit without adverse consequences
- Heavily-weighted technology outperforms
[BRIEFING.COM] The stock market began an abbreviated week on a higher note as the three major averages notched new all-time closing highs. The Nasdaq Composite (+0.9%) finished ahead of the S&P 500 (+0.8%) and the Dow Jones Industrial Average (+0.5%). The Russell 2000 (+0.4%) also carved out a new all-time high, extending its November gain to 10.8%.
The major averages jumped at the start of the session as crude oil extended its recent winning streak. The energy component rallied 4.1% ($48.27/bbl; +$1.89) after several oil producers made upbeat comments regarding the elusive OPEC supply cap agreement. Iranian Oil Minister Bijan Namdar Zanganeh stated that the oil cartel will likely reach a consensus regarding cuts at its official meeting on November 30. Separately, Iraqi Oil Minister Jabbar al-Luaibi indicated that three new proposals will be brought to the group during technical meetings taking place today and tomorrow.
Softening in the US Dollar Index (100.85, -0.36, -0.36%) boosted dollar-denominated commodities. The currency index moved off a fresh 14-year high overnight as the euro and the pound gained ground against the greenback. The single currency ticked up 0.2% (1.0629) against the buck while the pound/dollar pair finished higher by 1.2% (1.2494). The euro remains down 3.2% against the dollar in November.
A pullback in market rates helped keep a lid on recent rate angst while a positive bias in global markets also underpinned today's advance.
The major averages carved out all-time highs in the final hour of action with ten sectors finishing with gains. The energy (+2.2%), utilities (+1.1%), and technology (+1.1%) sectors ended in the lead while real estate (-0.2%), financials (+0.3%) and health care (+0.3%) rounded out the board.
The influential technology sector (+1.1%) paced today's advance as large cap names continued their recent rebound. Facebook (FB 121.77, +4.75) finished higher by 4.1% after the company reported a $6.0 billion share buyback. Top-weighted Apple (AAPL 111.75, +1.69) ended higher by 1.5%. The broader sector has gained 0.5% so far in November, which compares to an advance of 3.4% in the benchmark index.
In the consumer staples space (+0.7%), Tyson Foods (TSN 57.60, -9.76) tumbled 14.5% in reaction to weaker-than-expected quarterly results and disappointing full-year 2017 earnings guidance. However, the company did increase its quarterly dividend to $0.225 per share from $0.15 per share. Peer Hormel Foods (HRL 34.94, -0.64, -1.8%) moved lower in sympathy with the name. Hormel will release its quarterly results tomorrow morning.
Retailers continued to have a mixed showing as Gap (GPS 24.99, -0.62, -2.4%) extended its post-earnings losing streak. Meanwhile, Best Buy (BBY 45.65, +0.86, +1.9%) continued to outperform after reporting upbeat results and guidance last Friday. Separately, influential Amazon (AMZN 780.00, +19.84) and Netflix (NFLX 117.96, +2.75) finished higher by 2.5% apiece.
The financial sector (+0.3%) finished on a flat note as flattening in the yield curve weighed on banking names. The yield on the 2-yr note finished down one basis point to 1.06% while the yield on the benchmark 10-yr note slipped five basis points to 2.30%. The yield spread between the 2-yr and 10-yr note narrowed to 124 basis points from 128 basis points last Friday.
Today's trading volume was below the recent average of one billion as fewer than 842 million shares changed hands at the NYSE floor.
There was no economic data of note released today.
Tomorrow's economic data will be limited to the Existing Home Sales Report for October (Briefing.com consensus 5.40 million), which will be released at 10:00 ET.
The major averages jumped at the start of the session as crude oil extended its recent winning streak. The energy component rallied 4.1% ($48.27/bbl; +$1.89) after several oil producers made upbeat comments regarding the elusive OPEC supply cap agreement. Iranian Oil Minister Bijan Namdar Zanganeh stated that the oil cartel will likely reach a consensus regarding cuts at its official meeting on November 30. Separately, Iraqi Oil Minister Jabbar al-Luaibi indicated that three new proposals will be brought to the group during technical meetings taking place today and tomorrow.
Softening in the US Dollar Index (100.85, -0.36, -0.36%) boosted dollar-denominated commodities. The currency index moved off a fresh 14-year high overnight as the euro and the pound gained ground against the greenback. The single currency ticked up 0.2% (1.0629) against the buck while the pound/dollar pair finished higher by 1.2% (1.2494). The euro remains down 3.2% against the dollar in November.
A pullback in market rates helped keep a lid on recent rate angst while a positive bias in global markets also underpinned today's advance.
The major averages carved out all-time highs in the final hour of action with ten sectors finishing with gains. The energy (+2.2%), utilities (+1.1%), and technology (+1.1%) sectors ended in the lead while real estate (-0.2%), financials (+0.3%) and health care (+0.3%) rounded out the board.
The influential technology sector (+1.1%) paced today's advance as large cap names continued their recent rebound. Facebook (FB 121.77, +4.75) finished higher by 4.1% after the company reported a $6.0 billion share buyback. Top-weighted Apple (AAPL 111.75, +1.69) ended higher by 1.5%. The broader sector has gained 0.5% so far in November, which compares to an advance of 3.4% in the benchmark index.
In the consumer staples space (+0.7%), Tyson Foods (TSN 57.60, -9.76) tumbled 14.5% in reaction to weaker-than-expected quarterly results and disappointing full-year 2017 earnings guidance. However, the company did increase its quarterly dividend to $0.225 per share from $0.15 per share. Peer Hormel Foods (HRL 34.94, -0.64, -1.8%) moved lower in sympathy with the name. Hormel will release its quarterly results tomorrow morning.
Retailers continued to have a mixed showing as Gap (GPS 24.99, -0.62, -2.4%) extended its post-earnings losing streak. Meanwhile, Best Buy (BBY 45.65, +0.86, +1.9%) continued to outperform after reporting upbeat results and guidance last Friday. Separately, influential Amazon (AMZN 780.00, +19.84) and Netflix (NFLX 117.96, +2.75) finished higher by 2.5% apiece.
The financial sector (+0.3%) finished on a flat note as flattening in the yield curve weighed on banking names. The yield on the 2-yr note finished down one basis point to 1.06% while the yield on the benchmark 10-yr note slipped five basis points to 2.30%. The yield spread between the 2-yr and 10-yr note narrowed to 124 basis points from 128 basis points last Friday.
Today's trading volume was below the recent average of one billion as fewer than 842 million shares changed hands at the NYSE floor.
There was no economic data of note released today.
Tomorrow's economic data will be limited to the Existing Home Sales Report for October (Briefing.com consensus 5.40 million), which will be released at 10:00 ET.
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Economic Data
from Briefing.com-
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Technical Update
DOW JONES INDUSTRIAL AVERAGE18956.69 +88.76 (+0.47%)
Volume: 80.52 Mil below average of 97.57 Mil
Range: 18883.1 - 18960.76
S&P500 INDEX
2198.18 +16.28 (+0.75%)
Volume: 571.01 Mil below average of 622.37 Mil
Range: 2186.43 - 2198.7
DOW JONES TRANSPORTATION AVERAGE
8897.34 +40.87 (+0.46%)
Volume: 17.46 Mil below average of 17.64 Mil
Range: 8868.23 - 8907.88
NASDAQ COMPOSITE
5368.859863 +47.35 (+0.89%)
Volume: 1745.32 Mil below average of 1880.21 Mil
Range: 5334.160156 - 5369.830078
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Market Internal
NYSE :Lower than average volume @ 845.5M vs 929.0M
Advancers outpaced Decliners(adv/dec): 2223M/744M
New highs outpaced low(high/low): 196/23
NASDAQ :
Lower than average volume @ 1735.3M vs 1856.8M
Advancers outpaced Decliners(adv/dec): 1673M/1155M
New highs outpaced low(high/low): 289/32
Advancers outpaced Decliners by 2.05 to 1 on lower volumes 2580.8 ( -7.36%) than avg 2786 (-0.35%)
VOLATILITY S&P500 (VIX) :
12.42 -0.43 (-3.35%)
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Bonds, Currencies & Commodities
from Briefing.comBonds
Treasuries Post Modest Gains
- U.S. Treasuries tried to rally this morning but gave back most of those gains as oil and equity prices traded higher. The U.S. economic data was very light but the $26 bln 2-year Treasury auction was met with mediocre demand and that helped to flatten the yield curve. The U.S. Dollar Index fell 0.17% to 101.04 as traders took profits from a very strong rally in October and the first three weeks of November. The market remains focused on the anticipated effects of U.S. stimulus in 2017 on both economic growth and inflation. JPMorgan came out to downplay the possibility of a big boost to growth but investors remain very optimistic as the S&P 500 made an all-time high today and now trades up 0.62% at 2,195.5. Treasuries have so far attracted very little buying interest despite huge jumps in yields (which move inversely to prices) over the past two weeks
- Yield Check:
- 2-yr: unch at 1.08%
- 5-yr: -1 bp to 1.79%
- 10-yr: -3 bps to 2.33%
- 30-yr: -3 bps to 3.00%
- News:
- The Chicago Fed's National Activity Index rose to -0.08 for October from -0.14 in September. Expectations were for a slightly larger gain
- $26 bln 2-year Treasury auction results:
- High yield: 1.085% (0.1-basis point tail)
- Bid-to-cover: 2.73
- Indirect bid: 35.8%
- Direct bid: 13.4%
- Commodities:
- WTI crude: +4.12% to $48.27/bbl.
- Gold: +0.32% to $1,212.6/troy oz.
- Copper: +2.01% to $2.517/lb.
- Currencies:
- EUR/USD: +0.23% to 1.0612
- USD/JPY: 0.15% to 111.09
- Data out Tuesday:
- October Existing Home Sales (10:00 ET)
- Treasury Auction:
- $34 bln 5-year Treasury auction (results at 13:00 ET)
Currencies
Commodities
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Preview: Tuesday, 22 November 2016
Economic Data
| Date | ET | Release | For | Actual | Briefing.com Forecast | Briefing.com Consensus | Prior | Revised From |
|---|---|---|---|---|---|---|---|---|
| Nov 22 | 10:00 | Existing Home Sales | Oct | 5.38M | 5.40M | 5.49M | 5.47M |
Other Events of Interest
Earnings
Commentary
Adv still more than Dec, only non supporting factor is the lower volumes.
Direction for 22 November 2016: UP
Direction for 22 November 2016: UP
No comments:
Post a Comment