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Good morning. U.S. equities started the day nicely in the green but could not hold their gains being dragged down by sharp declines in momentum stocks (internet, biotechs, social media) after the Federal Reserve suggested the valuations on those may be stretched. When the Fed dis’ a sector it’s always a buzz kill. Being the […]
Good morning. It looks like the world came back from the World Cup in a state euphoria taking global equities higher beginning with the Asian markets, continuing with the European and following through here in the U.S. The Dow climbed a material 112 points, 0.7%, to 17,055, the S&P 500 added 10 points, 0.5%, to […]
Good morning. We ended with a small gain on Friday, Dow up 29 to 16,944, S&P 500 up 3 to 1,968 and Nasdaq up 19 to 4,415, but it wasn’t enough to prevent the market’s biggest weekly drop since April. For the week the Dow was down 0.4% and the S&P down 0.9%. Investors got […]
Good morning. I told you yesterday it was going to be an ugly day for stocks so you were warned. The Dow lost 71 points yesterday closing at 16,915, the S&P 500 fell 8 to 1,965 and the Nasdaq ended down 23 at 4,396. U.S. equities have closed lower 3 or the last 4 sessions. […]
Good morning. The minutes of the Fed’s June meeting were released yesterday and the key take away was that the Fed is confident the economy has rebounded from the rough winter and they expect growth to continue over the next few years. That being said, they also stated that damage from the recession would continue […]
Good morning. Maybe we shouldn’t have taken a holiday. On Monday equities fell, the Dow down 44, and then again yesterday stocks took a knackering with the Dow falling 118 points to 16,907, the S&P 500 off 14 to 1,964 and the Nasdaq just got bludgeoned losing 60 points, 1.35% (that’s a lot for a […]
Good morning. After pushing to record highs last week U.S. equities retreated yesterday. The Dow, which closed for the first time last Thursday over the psychologically important 17,000 number (it has no meaning looking at the charts technically), fell 44 points to 17,024, the S&P 500 lost 8 to 1,978 and the Nasdaq fell 34 […]
Good morning and welcome back. Driven by a very positive monthly jobs report U.S. equities jumped on Thursday with the Dow closing up 92 points, 0.54%, to 17,068 which was the Dow’s first closing ever over 17,000 and the 3rd consecutive day the bellwether closed at a record high. The S&P 500 gained 11 points, […]
Good morning. As I mentioned in yesterday’s report, ADP reported that according to their research private sector employers hired 281,000 new workers in June far exceeding forecasts by economists. This was a 1 ½ year high reinforcing views the economy is improving after a dismal start. GDP contracted 2.9% in Q1 but growth is forecasted […]
Good morning. Oh so, so close. I’m talking about what I’ve been predicting over the past few months and that is the Dow hitting 17,000. Yesterday we got within a whisker of it with the intraday high just 2 points shy of that level trading 16,998. Unfortunately, the market pulled back from that high with […]
