Market Update: Thursday, January 11, 2018

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Market Recap

  • Domestic equities ended down across the board. Marking first broad, albeit slight, decline of the new year. Dow -0.1%, S&P 500 Index -0.1%, Nasdaq -0.1%.
  • Financials were the standout performer; rate-sensitive utilities, telecommunications continue to lag.
  • Treasury yields held mostly steady; 10-yr. yield held at 2.55%.
  • NYSE breadth negative (1.6:1), volume above 30-day avg. (~108%).
  • Commodities: WTI crude oil strength persisted (+0.7% to $63.41/bbl.), COMEX gold +0.4% to $1318/oz., industrial metals mostly higher.
  • Fairly light economic calendar. EIA petroleum status report showed crude oil inventories posted 8th consecutive weekly drawdown (-4.9 million barrels).

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Warming Up to the S&P 500 Seasonal Patterns in January

January has certainly brought record-breaking cold weather to the Northeast, with some areas experiencing temperatures never felt before. The market, however, continues its hot streak.

As we hopefully move away from this cold spell and the weather starts to warm up, we will also be looking at January seasonal patterns in the S&P 500 Index that could help to keep your portfolio warm should the market cool off. Continue reading

Market Update: Wednesday, January 10, 2018

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Market Recap

  • Stocks’ run continued Tuesday; S&P 500 Index (+0.1%) posted sixth straight gain amid broad risk-on sentiment. Dow +0.4%, Nasdaq +0.1%, Russell 2000 -0.1%.
  • Sector performance mixed with rate-sensitive stocks among the biggest movers; financials +0.7%, telecommunications -1.8%, REITs -1.2%, utilities -1.0%.
  • Treasuries mostly lower with yield curve steepening as the 10-yr. yield added 6 basis points (+0.06%) to end at 2.55%.
  • NYSE breadth negative despite overall gains, volume approached 30-day avg. (~95%).
  • Commodities: WTI crude oil spiked to >3 yr. high (+2.0% to $62.93/bbl.), COMEX gold -0.4% to $1315/oz., industrial metals mixed.
  • Lackluster economic data failed to dampen risk taking; JOLTS job openings (+5,879k) below consensus (+6,025k), prior month (+5,925k); NFIB Small Business Index missed expectations (104.9 vs. 107.5).

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Market Update: Tuesday, January 9, 2018

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Market Recap

  • Major U.S. indexes mostly higher as markets gear up for next round of corporate earnings. S&P 500 Index +0.2%, Dow flat, Nasdaq +0.3%, Russell 2000 +0.1%.
  • Utilities and energy led market performances; healthcare and financials lagged.
  • Breadth on NYSE (1.4:1); NYSE volume ~96% of 30-day avg.
  • Treasury yields turned in a flat performance; 10-yr. note finished yielding 2.48%.
  • Commodities: WTI crude oil up +0.7% to $61.88/bbl., COMEX gold flat at $1320/oz., industrial metals closed broadly lower.

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Market Update: Monday, January 8, 2018

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Market Recap

  • Major U.S. indexes capped off week-long rally with strong gains despite lackluster payrolls data. S&P 500 Index +0.7%, Dow +0.9%, Nasdaq +0.8%, Russell 2000 +0.3%.
  • Technology stocks jumped +1.2% to lead sectors, energy, utilities finished slightly lower.
  • Breadth on NYSE (1.5:1), Nasdaq was positive (1.5:1); NYSE volume ~91% of 30-day avg.
  • Treasury yields mostly higher with some curve steepening; 10-yr. note +2 basis points (+0.02%) to 2.47%.
  • Commodities: WTI crude oil -0.7% to $61.56/bbl., COMEX gold flat at $1321/oz., industrial metals pulled back.
  • Economic data: Nonfarm payrolls headline reading came up short (148k vs. 190k), wage growth still tepid at +0.3% month over month (+2.5% year over year).

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Your Weekly Update – Bulls Charge into the New Year

Weekly Performance
US: S&P 500 Index +2.6%, Dow +2.3%, Nasdaq +3.4%

Europe: STOXX Europe 600 +2.1%, German DAX +3.1%, France CAC 40 +1.6%, U.K. FTSE 100 +0.1%
Asia: Japan Nikkei +3.3%, China Shanghai Composite +2.6%, Korea KOSPI +1.2%
10-Yr. Treasury yield: +1 basis point to 2.47%, WTI crude oil +2.0%, COMEX gold +0.8%

Market bulls led the charge into 2018 as major indexes rallied, with the Dow racing above the 25,000 milestone for the first time in history. Manufacturing and services sector data painted an upbeat picture of the global economy, while the release of last month’s Federal Reserve meeting minutes indicated that most participants maintain a preference for a go-slow approach in the central bank’s ongoing interest-rate hiking campaign. Add to that yesterday’s closely-watched nonfarm payrolls report that showed a modest uptick in wage growth and better-than-expected gains in manufacturing jobs, and the result was a rally in commodity prices, interest rates, and equities. Continue reading

Market Update: Friday, January 5, 2018

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Market Recap

  • Domestic indexes finished higher again as the Dow crossed the 25K mark for the first time. S&P 500 Index +0.4%, Dow +0.6%, Nasdaq +0.2%.
  • Financials and materials topped sector performances; utilities sole decliner for the day.
  • Positive breadth on NYSE (1.5:1), Nasdaq (1.5:1); volume on NYSE picked up to ~106% of 30-day avg.
  • Treasury yields held near flat, 10-yr. note yield closed at 2.45%; dollar resumed slide vs. euro.
  • Commodities: WTI crude oil strength continued (+0.5% to $61.92/bbl.), COMEX gold (+0.4% to $1323/oz.), industrial metals continued to retrace recent gains.
  • Economic data: The EIA petroleum status report showed a larger than anticipated drawdown of crude inventories (-7.4mm barrels vs. -4.6mm), jobless claims came in above expectations (250K vs. 240K).

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