Newsgeeker.com news site RSS Email Alerts

Search:dow jones


   
[Markets] Can These 3 Hard-Hit Dow Jones Stocks Bounce Back? The stock market has seen extreme volatility so far in 2020, and even after a strong second-quarter performance, the Dow Jones Industrials (DJINDICES: ^DJI) are still down almost 10% for the year. Although there've been a few stocks that have managed to buck the trend and gained ground, the vast majority of Dow stocks have given up ground. As with all falling stocks, the big question investors have is whether these three giants of their respective industries can bounce back and recover some of their lost ground. Published:7/6/2020 5:28:34 AM
[Markets] The 3 Best Dow Jones Stocks So Far in 2020 After having plunged during the first three months of the year, the Dow Jones Industrials (DJINDICES: ^DJI) have bounced back sharply from their worst levels of the year. Amid a couple dozen losing stocks in the Dow, Microsoft (NASDAQ: MSFT) is doing a lot to limit the average's losses. What's particularly impressive about the software giant's 31% rise so far this year is that it comes on the heels of an even sharper 55% climb for Microsoft in 2019. Published:7/5/2020 10:25:58 AM
[Markets] 3 Things to Watch in the Stock Market This Week Last week, stocks moved higher in a shortened trading week, as the Dow Jones Industrial Average (DJINDICES: ^DJI) and S&P 500 (SNPINDEX: ^GSPC) gained about 3% and 4%, respectively. Let's look at the developments that might send shares of Bed Bath & Beyond (NASDAQ: BBBY), Levi Strauss (NYSE: LEVI), and PriceSmart (NASDAQ: PSMT) moving this week. Investors are bracing for rough operating numbers from Levi Strauss in its quarterly results on Tuesday afternoon. Published:7/5/2020 8:53:30 AM
[Markets] An "Ominous Disconnect" - What Powell & Lagarde Should Have Told The G-7 An "Ominous Disconnect" - What Powell & Lagarde Should Have Told The G-7 Tyler Durden Sat, 07/04/2020 - 07:00

Authored by Egon von Greyerz via GoldSwitzerland.com,

Here is a joint statement from Lagarde and Powell at a secret G7 meeting with all Leaders and Finance Chiefs of the seven nations attending as well as the IMF and BIS:

“The financial system has been on the verge of collapse since September 2019 when we started Repos and QE. And since then it has only got worse. The coronavirus hit us at a time when the banking system was almost down and out. 

We had enough problems saving the banks. But now we must save big corporations, small companies, individuals, local municipalities and states, the Federal State and this on top of rescuing a financial system which is deteriorating by the day. The whole system is leaking like a sieve and we are struggling to keep it all afloat. 

Fortunately we have printing presses and that helps to keep it all going but only just. Our big fear is that the market will realise that all the money we are printing is worthless. And it is of course but we can’t tell anyone. But if the world wakes up to this one day soon, the financial system could implode in a matter of days. And we would be totally helpless to stop it………”

EXPONENTIALLY WORSE THAN 2008 – A BLACK HOLE

And this dear readers is where the world stands today. On the verge of an implosion of the whole financial system. Just a small crack could push the whole system into a black hole. 

All that is needed is a severe second wave of CV-19 or a bank collapse, triggering an implosion of debt markets and the whole system.

Yes, we know the world was in a similar situation in 2008 but with over $100 trillion more in debt and who knows how many additional $100s of trillions of derivatives plus a world economy disintegrating – it is now exponentially worse from a risk point of view. 

We must also remember that bad debts in the financial system are going up by the minute with most borrowers under severe financial pressure. Just look at the chart below how bad debts follow unemployment. The banks haven’t reported this yet but we will see it in the next couple of quarters. 

TELLING THE TRUTH IS A REVOLUTIONARY ACT 

So why don’t the Fed and ECB chiefs tell the truth? Well, maybe they are, in their own CB Speak.

ECB President Christine Lagarde said the recovery from the coronavirus pandemic will be “restrained” and will change parts of the economy permanently. And Powell recently said: ”The path ahead is likely to be challenging. Lives and livelihoods have been lost, and uncertainty looms large.”

So “restrained” and “challenging” is as far as they can stretch without panicking the world. They would obviously never warn bank depositors that their money will soon be gone. This is why people must figure it out themselves. But they won’t of course until it is too late.

LESSONS IN RISK

Most people have never had to worry about risk in the financial system since until now they have been saved by the CBs. 

With more than 50 years in business you learn a lot of lessons on the way. As a young man, when acquiring my MBA back in 1969 I had to learn everything about Keynesian economics, only understanding much later how wrong it all was. 

My first job was in commercial lending in a Swiss Bank. Those were the days when the Swiss banking system was run on conservative principles. That was the perfect training for analysing and understanding risk and very different from the massive leverage of today with minimal capital backing. 

My real grounding in dealing with risk was at Dixons. At the time it was a small listed UK business which we built up to the UK’s leading consumer electronics retailer and a FTSE 100 company. I was first a green 29 year old Finance Director and a few years later Executive Vice-Chairman. Dixons was founded by a Jewish entrepreneur who was a superb businessman and retailer. It was a steep learning curve. He is now 88 and still as sharp as ever. 

One of our principles was to always panic early but in a controlled manner. For example, if there was a substantial downturn in consumer spending, we implemented major cost reductions across the company within a few days. And if we made major acquisitions, we quickly sold off dead or liquid assets to reduce leverage to conservative levels. 

By being financially prudent and commercially aggressive, we managed to grow the company fast without taking excessive risks. We survived without pressure both the oil crisis in the early 1970s and the coal miners’ strike which led to having electricity only 3 days a week. The other days we sold televisions with the help of candle lights. 

Low leverage and low debt were the key. So, very different to today with massive debts and leverage. And that is why no individual and no company can survive a serious crisis without massive state aid. In recent times, no one has been taught to save or build up a nest egg for a rainy day. When things go well, all the money is spent and when they go badly, you either borrow money or the state has to help. This goes for individuals as well as for big corporations. 

DEBTS AND DEFICITS – THE MODERN MANTRA OF FINANCE 

With low or zero interest rates and the value of money constantly declining, there is clearly no incentive to save whatsoever. Also, governments and central banks are setting very poor examples. 

But how can you expect people to be prudent when their governments and central banks have for decades been running deficits and printing money. Debts and deficits are the mantra of modern finance. But what no one seems to understand is that this mantra has become a chronic disease which is killing the world a lot faster than the coronavirus.

WEIMAR & ZIMBABWE SQUARED IS COMING

The world’s central banks are now in the process of outshining both Weimar and Zimbabwe. Together with governments they have globally printed and borrowed $18 trillion since CV started. And since the Great Financial crisis started in 2006 they have  more than doubled global debt from $125 trillion to over $275 trillion but that is just the beginning. 

We talk about billions, trillions and quadrillions as if we understood what it means but nobody really does. It is absolutely impossible to fathom what a trillion is. Let’s start by counting to one trillion. It will take you 32,000 years. And then you would have to count very fast, never hesitate nor make a mistake – nor start from the beginning again. Ok, so the $18T just created globally, how long would that take? Almost 600,000 years. 

FED & ECB QE HAS ZERO VALUE

So clearly totally unrealistic and impossible. Whenever this magnitude of money has been manufactured before, like Weimar, it has always been totally worthless. And it is this time too!

This magnitude of debt can never be serviced at a market rate. Only at near Zero or negative rates. It can never be repaid with properly earned money. $18T represents 22% of Global GDP. And since almost all countries have deficits today, there is absolutely ZERO chance that this debt will ever be serviced or repaid in future. Remember that the US has not had a proper budget surplus since 1960. (Please don’t write to me about the Clinton years. They were fake surpluses as debt continued to increase). 

Virtually all the money created by the US government and the Fed in the last 20 years is totally worthless. Because any money created at will out of thin air is by definition fake. If all that was required to print the $10s of trillions was to press a button and nothing was produced  by way of goods or services, then the money has ZERO value. 

I know I keep stressing the previous point over and over again. This is done so that at least a few people can understand what is likely to happen next and therefore prepare themselves and their financial situation. 

So why don’t Powell and Lagarde tell the people that central bank actions are destroying the economy and the value of  the country’s money. 

The dollar has lost 86% in this century and the Euro 82%, measured in real money. Real money is of course gold since it represents constant purchasing power and is the only money which has survived in history. 

THE JOURNEY TO ZERO WON’T BE LONG!

MARKETS

Stocks

There is an ominous disconnect between equity values and profits. As the chart below shows, values have doubled since 2012 with profits stagnant 2012-19. Now in 2020, profits are crashing and stocks will follow.  

The Dow correction up finished on May 8 and is now resuming the downtrend. All the V recovery optimists are going to get a real shock. The monthly Dow peaked in January 2020, see chart, and the downtrend was confirmed well before CV started to trouble markets. 

I have been saying in the last couple of weeks that a resumption of the stock market downtrend is imminent and it seems clear that imminent is now. Most market participants will be shocked as stocks around the world crash down below the March lows and long term much, much lower.

Gold & Silver

Many have feared that the precious metals will initially fall with stocks but this seems unlikely to be the case. 

On the contrary, it looks like Gold is now breaking above the important $1,770 level. Since the Gold Maginot Line was broken a year ago at $1,350, gold is up over $400 or 30%. The 6 year consolidation since 2013 has built up a lot of energy that will take gold to over $2,000 in the next move. 

There has been a massive fight to hold Silver below the $18 level. It seems the LBMA boys are now losing the fight as silver has gone through the $18 level which it has held below since 2014 with 3 months’ exception in 2016.

This Silver Maginot Line is even more significant than the Gold one as it comes from a much lower level of 64% below the $50 peak. Once through, we are likely to see a silver explosion and a sharp fall in the gold/silver ratio.

Praeterea censeo Carthaginem esse delendam – Cato the Elder
3rd Punic War 149 – 146 BC 

“Furthermore I consider that Carthage must be destroyed” is what Cato the Elder said at the end of every speech he gave in the Roman Senate prior to the 3rd Punic war 149-146 BC. In the end his persistence paid off and Carthage a Phoenician City in North Africa was destroyed. 

I learnt this phrase in Latin at school and also about Roman history and it has stuck ever since. 

The reason why I mention this is that I, like Cato, normally finish most my articles in the same way, namely that you must hold gold for wealth preservation purposes and not for gains measured in phoney paper money which is about to be totally debased. 

Hopefully not just my historical understanding of gold but also my passion and persistence will help a few people to avoid ruin in coming years. 

P.S. The secret G7 meeting discussed at the beginning of this article obviously never took place. But it should have!

Published:7/4/2020 6:14:48 AM
[Markets] Dow Jones Futures: Coronavirus Stock Market Rally Posts Best Quarter In Decades; FedEx Surges On Earnings Dow Jones futures were in focus late Tuesday after the coronavirus stock market rally set the best quarterly performance in decades. Published:6/30/2020 5:20:54 PM
[Markets] Intel, Goldman Sachs share gains contribute to Dow's 75-point climb DOW UPDATE Led by strong returns for shares of Intel and Goldman Sachs, the Dow Jones Industrial Average is climbing Tuesday afternoon. The Dow (DJIA) was most recently trading 78 points (0.3%) higher, as shares of Intel (INTC) and Goldman Sachs (GS) are contributing to the blue-chip gauge's intraday rally. Published:6/30/2020 2:56:17 PM
[Markets] Dow Jones Flat After Stocks Post Best Quarter In More Than 20 Years; Chip Stocks Among Top Gainers The Dow Jones Industrial Average rose on the stock market today as the S&P; 500 wraps up its best quarter in more than 20 years. Published:6/30/2020 2:20:24 PM
[Markets] Dow Jones Holds Steady As Surging Tech Stocks Boost Nasdaq's Gains The Dow Jones Industrial Average tried to hold its gains midday Tuesday, after staging an upside reversal from an early 120-point drop. Published:6/30/2020 11:19:49 AM
[Markets] Dow flat despite gains in shares of Intel, Goldman Sachs DOW UPDATE Shares of Intel and Goldman Sachs are posting positive gains Tuesday morning, propelling the Dow Jones Industrial Average into positive territory. Shares of Intel (INTC) and Goldman Sachs (GS) are contributing to the index's intraday rally, as the Dow (DJIA) is trading 8 points, or 0. Published:6/30/2020 9:51:14 AM
[Markets] Dow Jones Drops 100 Points In Coronavirus Stock Market Rally; Boeing Dives 7%, While Lululemon, Micron Surge The Dow Jones Industrial Average fell 100 points early Tuesday. Apple and Boeing fell, while Lululemon and Micron Technology jumped. Published:6/30/2020 9:20:12 AM
[Markets] Dow Jones Erases 100 Point Loss In Coronavirus Stock Market Rally; Boeing Tumbles 5%, While Lululemon, Micron Jump The Dow Jones Industrial Average fell 100 points early Tuesday. Apple and Boeing fell, while Lululemon and Micron Technology jumped. Published:6/30/2020 8:48:05 AM
[Markets] Dow Jones Futures Signal Losses In Coronavirus Stock Market Rally; Apple Falls, While Lululemon, Micron Jump Dow Jones futures were modestly lower ahead of the stock market open Tuesday. Lululemon and Micron Technology jumped. Published:6/30/2020 7:58:17 AM
[Markets] Futures Flat On Last Day Of Best Quarter In 22 Years Futures Flat On Last Day Of Best Quarter In 22 Years Tyler Durden Tue, 06/30/2020 - 08:06

There was some sound and fury in a very illiquid overnight session, which ended up signifying nothing, and futures were little changed from their Monday closing ramp as markets puts a close to the best quarter for stocks since 1998.

The MSCI world equity index was up about 0.1% in early trading after Asian shares rose on strong data from the U.S. housing market and Chinese factories. European shares continued the rally.  S&P futures fluctuated and the dollar index strengthened to a one-month high amid concern that new virus infections could slow the pace of business re-openings.

Overnight sentiment fizzled after Australia's Victoria state said it would shutter 10 areas in the metropolis of Melbourne. Arizona also ordered a number of establishments including gyms to close for 30 days and New Jersey halted plans for indoor dining. However, this latest gloom was quickly forgotten shortly after Europe reopened and the magical overnight futures levitation kicked in right on schedule.

"Renewed shutdowns of economic activity would bring additional market volatility," said Kristina Hooper, the chief global market strategist at Invesco in New York. "But importantly, we do not expect the same draconian shut-down measures as seen earlier in the year."

After new cases of the coronavirus trended lower in May, they climbed again in June, denting investors’ enthusiasm that the U.S. economy would recovery relatively quickly from the crisis. Investor enthusiasm had been driven in part by recent economic data that were better than expected.

A spike in virus infections in Southern and Western states last week spooked investors. Florida, Texas, California and Arizona, which were the top four states with the most new cases, account for nearly a third of U.S. economic output. California’s government on Sunday ordered bars in several counties to close due to the coronavirus rebound, while San Francisco put plans to reopen businesses on hold.

Los Angeles has become a new epicenter in the pandemic as coronavirus cases and hospitalizations surge there despite California Governor Gavin Newsom’s orders requiring bars to close and residents to wear masks in nearly all public spaces. The World Health Organization (WHO) will “read carefully” a Chinese study on a new flu virus found in pigs, a spokesman said, adding that the findings underscored the importance of influenza surveillance during the current pandemic.

“Asset markets are looking beyond COVID stats,” said Neil Jones, head of FX sales at Mizuho Bank. “There’s some expectation of containment and then, further down the line, an expectation of some form of measure to combat the virus.”

Anyway, back to markets, where Uber climbed in pre-market trading after reports that the company is in talks to buy Postmates as a consolation prize after it failed to acquire Grub Hub. Boeing, which idiotically surged yesterday on trials of the 737 MAX airplane which nobody will want to fly in, slipped after one of its biggest European customers scrapped its $10.6 billion purchase deal.

European shares edged up, with the Euro STOXX 600 up 0.1% in early trading having been relatively range-bound for the past two weeks. Germany’s DAX was up 0.3%.  London’s FTSE 100 was down 0.6%. Britain’s economy shrank by the most since 1979 in early 2020 as households slashed their spending, according to official data that included the first few days of the lockdown. Annual inflation in the Euro area accelerated to 0.3% in June from a four-year low of 0.1% in May, beating forecasts for no change and supporting the European Central Bank’s expectation that a negative reading may be avoided.

Earlier in the session,  Asian stocks gained, led by materials and communications, after falling in the last session. The Topix gained 0.6%, with EJ HD and DVX rising the most. The Shanghai Composite Index rose 0.8%, with Xinjiang Yilu Wanyuan Industrial Investment and Chengtun Mining posting the biggest advances. China’s parliament passed national security legislation for Hong Kong in response to last year’s pro-democracy protests. The United States, Britain and other Western governments have said the legislation erodes the autonomy the city was granted at its 1997 handover. Market reaction was limited.

While the latest stronger than expected Chinese PMI print added to reopening optimism...

...  some investors are questioning the rally that has carried global stock benchmarks higher. The MSCI All Country World Index is up about 18% this quarter and just 10% below its February record high, the biggest advance in a decade. Yet the World Health Organization warned that the worst of the coronavirus pandemic is still to come. As a result, investors are parsing an array of factors that could weigh on stocks in the months ahead, including potential delays in reopening parts of the U.S. economy and sky-high stock valuations.

The S&P 500’s strongest quarterly performance since the fourth quarter of 1998 — during the dot-com boom — was driven by gains in April and May, followed by an overall flat June after Wall Street gave back gains in the second half of the month.

In FX, the dollar advanced against all its Group-of-10 peers amid quarter-end positioning and as investors tracked a resurgence in coronavirus infections. The dollar got a boost while the Aussie swung to a loss as the Australia’s second-most populous state imposed a lockdown in some areas for four weeks, while also diverting flights for a shorter period; other risk-sensitive currencies reacted in a similar fashion.

“I would expect overall dollar demand to continue as we go into July,” Mizuho’s Neil Jones said. “If there’s a summer lull then we may see a dollar sell-off into the elections but as we run up to the end of the year I would expect to see a resurgence of dollar demand,” he added.

The euro was down around 0.3% against the dollar, at $1.1208, while the Australian and New Zealand dollars also edged down. The Australian and New Zealand dollars are set to end the best quarter against the greenback since the financial crisis; Sweden’s krona and Norway’s krone are heading for their best quarter against the euro in a decade or more.

In rates, Treasuries were steady ahead of a slew of Fed speakers. European peripheral spreads widened as Bunds popped through Monday’s best levels, however Italian bonds advanced as a sale of 10-year debt saw the highest oversubscription rate since 2012. Copper rose above $6,000 a ton for the first time since January.

In commodities, oil prices slipped as traders took profits after sharp gains the previous session and Libya’s state oil company flagged progress in talks to resume exports, potentially boosting supply. Prices then recovered partially. WTI was down 0.6% at $39.15 a barrel, having hit as low as $39.00, while Brent crude slipped 0.6% to $41.16 per barrel.

Looking at today's calendar, expected data include Chicago PMI. FedEx reports earnings.

Market Snapshot

  • S&P 500 futures down 0.1% to 3,045.75
  • STOXX Europe 600 down 0.3% to 358.75
  • MXAP up 0.7% to 157.99
  • MXAPJ up 0.7% to 513.21
  • Nikkei up 1.3% to 22,288.14
  •  
  • Topix up 0.6% to 1,558.77
  • Hang Seng Index up 0.5% to 24,427.19
  • Shanghai Composite up 0.8% to 2,984.67
  • Sensex up 0.5% to 35,128.74
  • Australia S&P/ASX 200 up 1.4% to 5,897.88
  • Kospi up 0.7% to 2,108.33
  • German 10Y yield fell 0.8 bps to -0.478%
  • Euro down 0.2% to $1.1221
  • Brent futures down 0.7% to $41.44/bbl
  • Italian 10Y yield rose 0.6 bps to 1.17%
  • Spanish 10Y yield unchanged at 0.47%
  • Brent futures down 1.2% to $41.22/bbl
  • Gold spot down 0.1% to $1,771.15
  • U.S. Dollar Index up 0.18% to 97.70

Top Overnight News

  • China’s top legislative body approved a landmark national security law for Hong Kong, a sweeping attempt to quell dissent that drew fresh U.S. retaliation and could endanger the city’s appeal as a financial hub
  • Boris Johnson will confirm his commitment to spending billions of pounds on infrastructure to rebuild the coronavirus-ravaged U.K. economy in a major speech on Tuesday, arguing that balancing the books must wait until recovery is secure
  • Bets that the Federal Reserve will implement yield-curve control sooner rather than later are showing up in positioning data and the curve itself
  • Germany is paving the way for a green bond revolution in Europe by announcing it will sell its first government-backed securities later this year
  • Some of Germany’s furloughed workers are beginning to return to work full time, according to a survey by the Ifo Institute
  • Prices in the euro area rose 0.3% in June from a year ago, according to preliminary data, versus a 0.2% estimate, as economies across the bloc allowed more businesses to reopen
  • France risks losing control of its debts unless the government overhauls its long- term fiscal policy, according to the national auditor

Asian equity markets traded higher as the region took its cue from the firm performance on Wall St which was attributed to several factors including technical buying in the S&P 500 around the 3000 level and encouraging comments by Fed Chair Powell who suggested the US economy entered an important new phase sooner than expected and that recent economic data offers some positive signs, while better than expected Chinese PMI figures also contributed to the overnight optimism. ASX 200 (+1.4%) was lifted from the open with upside in Australia led by firm gains in energy and strength in the top weighted financials sector, with industrials also inspired by the outperformance of their counterparts stateside after Boeing shares soared by double digits as it began 737 MAX test flights. Nikkei 225 (+1.3%) was underpinned as recent favourable currency moves helped participants overlook the soft data which showed the weakest Industrial Production since March 2009 and highest Unemployment Rate in 3 years. Hang Seng (+0.5%) and Shanghai Comp. (+0.8%) were also positive after Chinese Manufacturing PMI and Non-Manufacturing PMI both topped estimates, but with gains capped following another PBoC liquidity drain and after China’s legislature reportedly passed the Hong Kong security bill as expected. Finally, 10yr JGBs traded lower to test support at the 152.00 level as the gains in riskier assets sapped haven demand which also resulted in the 40yr yield rising to its highest since March last year, while weaker results at the 2yr JGB auction further weighed on prices.      

Top Asian News

  • BOJ’s Bond Purchases Signal Japan’s Curve to Steepen Further
  • CAR Inc Surges 17%, Sparks Speculation of Progress in Stake Sale
  • BOJ Widens Buying Ranges for Bonds Due Up to 10 Yrs in July Plan

Another day of volatile price action across the equity-sphere but European bourses are ultimately negative [Euro Stoxx -0.1%] as the risk appetite seen during APAC hours petered out on month/quarter and HY-end, where Citi’s month-end model shows a relatively strong signal for a rotation out of European and Japanese stocks into bonds, specifically US, Asian and Canadian. Furthermore, markets could also be bracing for a rise in COVID case-counts as the weekend effect dissipates. Add to that the passage of the Hong Kong security law which is likely to face international pushback, namely from the US, UK and the EU, albeit the latter two have previously signalled a more balanced approach to the situation given their preferability for a Chinese partnership. It’s also worth bearing in mind that Germany will take the EU presidency from tomorrow and have previously hinted at the tougher stance against China. For refence, Eurex suffered an outage overnight for several hours. Nonetheless, European stocks saw a bout of buying immediately after the cash open – somewhat mimicking yesterday’s actions – before gains again subsided. Sectors are now mixed after earlier flow rotated into defensives from cyclicals shortly after the open. The detailed breakdown sees Tech holding its position in the green on the back of Micron’s (+4% pre-mkt) after-market earnings in which guidance was upgraded – thus propping up European peers STMicroelectronics (+1.8%), Dialog Semiconductor (+1.9%), Micro Focus (+0.8%) and Infineon (+0.3%). Banks are on the other end of the spectrum amid lower yields and after Wells Fargo (-1.8%), the fourth largest bank State-side, opted to cut its Q3 dividend when it reports earnings on July 14th. In terms of individual movers, Wirecard (+96%) shares feel some reprieve after UK FCA lifted restrictions on the Co’s UK arm. Meanwhile, Novartis (-1.0%), the likely culprit for losses in the Healthcare sector, remains pressured after the Canadian federal court dismissed a plea by drug makers, including Co., challenging the government’s new regulation aimed at lowering prices of patented drugs.

Top European News

  • Shell to Write Down Up to $22 Billion as Virus Hits Big Oil
  • Boris Johnson Vows ‘New Deal’ to Rebuild Britain After Virus
  • Hedge Funds Score Big Gains on Dividend Bets That Hurt Banks

In FX, the Dollar may yet succumb to bearish rebalancing flows around daily fixes, but more pronounced weakness in major currency rivals is keeping the index afloat around 97.500 and close to a new 97.774 peak amidst waning risk appetite on the final day of June, Q2 and the first half of 2020. Moreover, the Greenback has maintained momentum following Monday’s positive US data (pending home sales) and a slightly more upbeat economic assessment via the text of a speech to be delivered by Fed chair Powell to the House later today.

  • NOK/NZD/AUD - Another downturn in crude prices has undermined the Norwegian Krona’s revival, while the Kiwi and Aussie have pulled back from overnight highs after the latter failed to sustain post-Chinese PMI gains on reports that 10 sectors of Melbourne are returning to lockdown and some suburbs may be on the verge of being ordered to stay at home. Eur/Nok has rebounded from sub-10.9000 towards 10.9500, Nzd/Usd has lost grip of the 0.6400 handle and Aud/Usd is back below 0.6850 after fading ahead of 0.6900 where a hefty 1.4 bn option expiry resides.
  • GBP/EUR/CAD - Also weaker vs the Buck, as Cable languishes below 1.2300 in wake of weaker than expected UK Q1 GDP awaiting further BoE commentary via Haldane and Cunliffe, while the Euro is only just holding up above 1.1200 and the 100 DMA (1.1205) in the midst of big expiries either side of the round number, and with Eur/Usd one of the only exceptions to the modest sell Dollar for portfolio mantra over month/quarter/half year end. Elsewhere, the Loonie is trying to keep its head above 1.3700 in advance of Canadian GDP for April and the first full month of COVID-19 contagion.
  • CHF/JPY - Relative G10 ‘outperformers’ or at least showing more resilience than others due to underlying safe-haven demand and for the Yen in particular reports of RHS Usd/Jpy interest that is seen gathering pace, if not peaking in the run up to 4 pm London time. However, a weaker than forecast Swiss KOF survey has offset a rebound in retail sales, while Japanese ip missed consensus and the jobless rate hit a 3 year high.
  • EM - Some respite for the Rand via SA Q1 GDP contracting considerably less than anticipated, as Usd/Zar pares back from nearly 17.4000, albeit still higher in line with peers against the backdrop of fragile risk sentiment and broad Dollar strength. Conversely, the Rouble is still underperforming and jittery on the last day of voting for/against the new Russian convention before Wednesday’s national holiday, with Usd/Rub hovering just shy of 70.9000, and Eur/Pln is firmer following a surprise rebound in Polish CPI.

In commodities, A downbeat session thus far for the oil complex as stocks hold onto losses as with global economies re-imposing some targeted lockdowns amid local flare-ups in COVID-19 cases, with Australia’s Victoria state the latest to re-introduce stay-at-home orders across 10 postcodes. Negativity also arises from the passage of the Hong Kong Security Bill, poised to be implemented tomorrow. WTI Aug resides near session lows, just north of the USD 39/bbl mark (vs. high 39.80/bbl), whilst Brent Sep trades on either side of USD 41.50/bbl, off its USD 41.80/bbl high. Looking ahead, price action will likely be dictated by COVID-related headlines in the absence of anti-China flare-ups over the National Security Bill ahead of the weekly Private Inventory numbers . Elsewhere, spot gold remains within recent ranges between USD 1768-1774/oz as markets eye portfolio rebalancing. Copper prices meanwhile gained overnight amid broader upside in APAC stocks and with supply concerns still on trader’s minds.

US Event Calendar

  • 9am: S&P CoreLogic CS 20-City MoM SA, est. 0.5%, prior 0.47%;  CS 20-City YoY NSA, est. 3.8%, prior 3.92%;
  • 9:45am: MNI Chicago PMI, est. 45, prior 32.3
  • 10am: Conf. Board Consumer Confidence, est. 91.4, prior 86.6; Expectations, prior 96.9; Present Situation, prior 71.1

Central Bank Speakers

  • 11am: Fed’s Williams Speaks on Central Banking in the Age of Covid
  • 11:05am: Fed’s Brainard Discusses a Decade of Dodd- Frank
  • 12:30pm: Powell and Mnuchin Speak Before House Financial Panel
  • 2pm: Fed’s Bostic and Kashkari Takes Part in Panel on Diversity

DB's Jim Reid concludes the overnight wrap

Welcome to the last day of the first half of 2020. We’ll have our usual month, quarter and YTD (H1) performance review out tomorrow. As H1 draws to a close, equity markets yesterday resolutely looked past the negative headlines from the US and abroad on the coronavirus, choosing to focus on some better than expected economic data. However it’s quite clear from yesterday that there will be hiccups to come in terms of re-openings. In New York City, Mayor de Blasio said that the city might slow the restart of indoor dining, which is currently scheduled to be reopened from July 6, given the spread seen elsewhere. Concurrently, the New York Times reported that Broadway would remain closed for the N this year, with other large cultural venues such as the Metropolitan Museum and Lincoln Center likely to delay opening until later in the summer even if the city gives them a green light. Over in Florida, cases continued to grow, with the state seeing a further 3.7% increase (weekly average of 5.5%), and parts of the state are now indicating they will make mask wearing mandatory. Florida’s slight drop in case growth was seen elsewhere in US. Cases rose by 1.5% overall, compared to the 1.6% weekly average, but the weekend effect was clearly seen in some states. Arizona saw cases rise by 0.8%, but cited a clerical error, where one lab didn’t submit a report to the state’s record keepers. This compounded by the lower testing capacity that we have seen across the US over the weekend likely means there will be a sharp revision in the next couple of days.

Our US Chief Economist, Matthew Luzzetti, released a new video yesterday where he assesses whether the recent deterioration in covid trends across many states led to a retrenchment in economic activity even prior to official rollback of reopenings. A link to video and report are here.

Looking elsewhere, reports continued to be concerning, with Iran reporting its highest number of daily fatalities since the outbreak began, with 162 new deaths in 24 hours. New cases in India continue to grow rapidly, at roughly 3.8% per day on average over the past month, while South America as a whole is now seeing over 40,000 new cases per day with the largest countries yet to see a meaningful drop in new cases. However reported fatalities remain relatively contained given caseloads in those regions. With around 280 fatalities per 1 million residents, Chile, Brazil, and Peru are well below the US (388), UK (642), and Italy (575), however they do trail Germany (108) and Canada (225).

Even against this worrisome virus backdrop, global equity markets rallied following a rather lackluster start to the day as economic data from the US came in stronger than expected and turned the session around. The S&P 500 closed up +1.47%, which as it stands puts the index just one day away from its strongest quarterly performance on a total returns basis since Q4 1998. And that comes after a first quarter that was the worst since Q4 2008, so it’s fair to say we’ve had an eventful few months in financial markets. There may have been some quarter-end rebalancing at work as well given the over +0.5% move in the last 10 minutes of US trading - typical of quarter end type price action. Tech stocks just slightly underperformed, with the NASDAQ up +1.20%, while the Dow Jones climbed +2.32% as Boeing surged +14.43% (best S&P performer on the day) following the weekend announcement that the Federal Aviation Administration had approved some test flights for the 737 Max. Europe lagged slightly as it missed the afternoon rally in New York. The Stoxx 600 gained +0.44%, even while some of the individual bourses were higher. The DAX (+1.18%), IBEX (+1.39%) and FTSEMIB (+1.69%) all outperformed the index.

Other risk assets also benefited from the sudden turn in sentiment yesterday, including commodities. Oil prices recovered from their losses earlier in the session to move higher, with Brent (+1.68%) and WTI (+3.14 %) both advancing, while copper rose +0.77% to a 5-month high as well. Over in fixed income, yields on 10yr Treasuries fell a further -1.8bps to 0.623%, which is their lowest level in over 6 weeks. And in the UK, yields on both 2yr and 5yr gilts fell to a record low as they inched deeper into negative territory.

Asian markets have followed Wall Street’s lead this morning with the Nikkei (+1.67%), Hang Seng (+0.89%), Shanghai Comp (+0.58%), Kospi (+1.74%) and ASX (+1.39%) all up. Meanwhile, futures on the S&P 500 are up a more modest +0.22%.

In terms of the main headlines overnight, China’s NPC has passed the new Hong Kong security law, expected to become effective from July 1. The SCMP has reported that Hong Kong’s Basic Law committee is expected to meet immediately to discuss insertion into Annex III of the city’s mini-constitution. Xinhua, the official state news agency, is expected to publish the details at some point today, marking the first time the law will be fully disclosed to the public.

Prior to that, US Commerce Secretary Wilbur Ross said that regulations affording preferential treatment to Hong Kong over China, including the availability of export license exceptions, are to be suspended while adding “further actions to eliminate differential treatment are also being evaluated”. He also said, “with the Chinese Communist Party’s imposition of new security measures on Hong Kong, the risk that sensitive U.S. technology will be diverted to the People’s Liberation Army or Ministry of State Security has increased, all while undermining the territory’s autonomy.”

Meanwhile, we’ve also had the latest PMIs out of China which surprised to the upside. The manufacturing PMI rose to 50.9 (vs. 50.5 expected and 50.6 last month) while the non-manufacturing PMI printed at 54.4 (vs. 53.6 expected and 53.6 last month) which left the composite at 54.2 (vs. 53.4 last month). Encouragingly, there was a broad improvement in the details for the manufacturing PMI with output, new orders and new export orders all rising from last month.

The other overnight story has come from here in the UK, with Bloomberg reporting that PM Johnson will announce £5bn of accelerated spending today in roads, schools and hospitals while promising to publish a strategy for further capital spending in the fall. The report further added that in a briefing note about the speech, Johnson’s office has said decisions over increasing taxes or cutting services to pay for the debt will have to wait. The report also added that UK’s Chancellor Sunak is poised to make an economic statement next week.

Back to yesterday. When referencing the EU Recovery plan in a joint press conference with President Macron, Chancellor Merkel made it clear the “talks won’t fail because of us, but there will be no new proposal.” This is not necessarily a negative coming from the two biggest proponents of an extensive continent-wide recovery proposal, as the President of the European Council, Charles Michel, is the one trying to craft a compromise proposal based on the original Merkel-Macron plan. All 27 EU members will convene in Brussels on July 17 to continue hammering out the details of the nearly €750bn plan. Ahead of their press conference, continental sovereign bonds were steady yesterday, with yields on 10yr bunds (+1.2bps), OATs (+0.5bps) and BTPs (+0.6bps) seeing relatively little movement.

While we’re on Europe, it’s worth mentioning a couple of ECB headlines in the light of the recent German constitutional court ruling on their asset purchases. One was a letter from ECB President Lagarde to an MEP which said that the ECB Governing Council had received a request earlier this month from the Bundesbank President “to authorise the disclosure by the Deutsche Bundesbank of non-public documents that show how the ECB has assessed and continues to assess the proportionality of the PSPP and of all its instruments of monetary policy.” It said that the Governing Council had accommodated the request and authorised them to disclose these to the German government, who in turn can share the documents with the German Parliament. This followed a report from FAZ earlier in the day that German finance minister Scholz had told the Bundestag President that the Bundesbank was “permitted to continue to participate in the implementation and execution” of the PSPP since the demands of the German constitutional court had been fulfilled.

Staying with Europe, yesterday our UK team put out a note looking at the state of play in the Brexit negotiations (link here ), and whether there’s room for a deal in the remaining time before the end of the year. Their view is that although the UK has said it wants to complete a deal by the end of the summer, the bar for this remains high. And with a deal also needing time for ratification, it could be that late October/early November becomes the real deadline. On balance, they still see a deal as the more likely outcome, with space for compromise in many of the key areas slowly emerging.

Looking at yesterday’s data releases, in Germany the EU-harmonised CPI reading rose to +0.8% in June, which was above expectations for a +0.6% reading, and up from its nearly-four year low of +0.5% back in May. Meanwhile the European Commission’s economic sentiment indicator for the Euro Area rose to 75.7 (vs. 80.0 expected), which was the second successive increase from April’s low, but still well below the 103.4 reading recorded back in February. And over in the US the data surprised to the upside, with pending home sales rebounding by +44.3% month-on-month in May, well above the +19.3% rebound expected, while the Dallas Fed manufacturing activity also beat expectations to rise to -6.1 (vs. -21.4 expected).

To the day ahead now, and one of the main highlights will be the appearance of Fed Chair Powell and US Treasury Secretary Mnuchin before the House Financial Services Committee. Otherwise, central bank speakers include the BoE’s Haldane and Cunliffe, the Fed’s Williams and Kashkari, and the ECB’s Schnabel and de Guindos. In terms of data, we’ll get the flash June CPI reading for the Euro Area, along with the preliminary June CPI for France and Italy as well. Otherwise, there’ll be Canada’s GDP for April, and from the US we have the Conference Board’s consumer confidence reading for June and the MNI Chicago PMI for June.

Published:6/30/2020 7:20:07 AM
[Markets] Dow up 450 points on positive housing data and hope that economic shutdowns will remain ‘targeted’ as coronavirus cases top 10 million The Dow Jones Industrial Average is rallying Monday on the back of upbeat economic data, a surge in shares of Boeing and hope that nationwide lockdowns still can be avoided as several states battle with surging COVID-19 infections. Published:6/29/2020 2:14:24 PM
[Markets] Dow soars 500 points after housing data surges in May, even as coronavirus cases top 10 million The Dow Jones Industrial Average is rallying Monday on the back of upbeat economic data, a surge in shares of Boeing and hope that nationwide lockdowns still can be avoided as several states battle with surging COVID-19 infections. Published:6/29/2020 1:14:47 PM
[Markets] Dow Jones Surges 500 Points As Stock Market Turns Higher Despite Virus Fears The Dow Jones Industrial Average rushed 500 points higher midday, despite paring gains earlier as coronavirus cases continue to surge in the U.S. Published:6/29/2020 12:44:30 PM
[Markets] Dow holds 400-point gain after housing data surges in May, even as coronavirus cases top 10 million The Dow Jones Industrial Average is rallying Monday on the back of upbeat economic data, a surge in shares of Boeing and hope that nationwide lockdowns still can be avoided as several states battle with surging COVID-19 infections. Published:6/29/2020 11:48:43 AM
[Markets] Dow Gets Lift From Strong Housing Data, Boeing Surges The Dow Jones Industrial Average rose 454 points, or 1.82%, to 25,470, the S&P 500 gained 1.13% and the Nasdaq was up 0.74%. On Friday, the Dow slumped 730 points, or 2.84%, the S&P 500 dropped 2.42% and the Nasdaq Composite sank 2.59% as worries grew that portions of the economy could be shuttered amid a resurgence of the virus. Pending home sales in May jumped 44.3% from April, according to the National Association of Realtors, marking the largest one-month jump since the survey began in 2001. Published:6/29/2020 10:43:46 AM
[Markets] Dow Jones Jumps 250 Points Amid Surging Coronavirus Cases; Boeing Soars 8%, While Facebook Tumbles The Dow Jones Industrial Average jumped 250 points early Monday. Boeing soared on Max jet news, while Facebook tumbled. Published:6/29/2020 9:13:03 AM
[Markets] Dow Jones Futures: Coronavirus Stock Market Rally At Key Point; Boeing Jumps While Facebook Keeps Falling Dow Jones futures rose on Boeing, while Facebook fell. Soaring U.S. coronavirus cases are testing the stock market rally. Here's what you should do now. Published:6/29/2020 6:46:27 AM
[Markets] Boeing's stock surge would about 40 points to the Dow, after report of 737 MAX test flights to begin Shares of Boeing Co. surged 3.5% in premarket trading Monday, to pace all of the Dow Jones Industrial Average's early gainers, after reports that U.S. regulators are set to begin flight tests of the grounded 737 MAX. The stock's implied price gain would add about 41 points to the Dow, while Dow futures rose 97 points, or 0.4%. Citing people familiar with the details, the Associated Press reported the flights, which could begin as early as Monday, and are scheduled to last three days. The 737 MAX planes have been grounded for 15 months, following two deadly accidents. Boeing's stock has gained 4.9% over the past three months, but had tumbled 47.8% year to date, while the Dow has run up 15.6% over the past three months while losing 12.3% this year. Published:6/29/2020 5:41:57 AM
[Markets] Global Stocks Are Struggling After Another Weekend of Grim Coronavirus Headlines European stocks struggled, while Dow Jones Industrial Average futures rose, after a weekend of difficult news on the coronavirus front. Facebook was set to lead technology stocks lower. Published:6/29/2020 5:10:56 AM
[Markets] Dow sheds more than 700 points as rising coronavirus tally threatens economic recovery U.S. stocks closed sharply lower on Wednesday after several states including Texas and Arizona reported a surge in coronavirus cases, dealing a blow to hopes that efforts to ease social restrictions and lockdowns would gain momentum. The S&P 500 fell 81 points, or 2.6%, to end around 3,050. The Nasdaq Composite tumbled 222 points, or 2.2%, to finish around 9,909, a day after the tech-heavy index closed at a record of 10,131.37. The Dow Jones Industrial Average slipped 710 points, or 2.7%, to finish near 25,446, based on preliminary numbers. Equities were stung by reports that a handful of states were seeing a record increase in cases or hospitalizations due to the COVID-19 disease. In addition, New York, New Jersey and Connecticut announced 14-day quarantines on Wednesday on visitors from states with high COVID-19 infection rates. The International Monetary Fund also cut its economic forecast for 2020, saying that the coronavirus pandemic has caused an unprecedented decline in global activity. In company news, Apple Inc. shares were down 1.8% as the Department of Justice and state attorneys general are looking at an investigation that would focus on the company's App Store. Published:6/24/2020 3:11:16 PM
[Markets] Apple to temporarily close 7 Houston stores as COVID-19 outbreak worsens in Texas Apple Inc. is temporarily re-closing seven stores in the Houston area amid a resurgence of COVID-19 cases in Texas. The company confirmed Wednesday that it would be temporarily shutting its Highland Village, First Colony Mall, Houston Galleria, Memorial City, Willowbrook Mall, Baybrook, and Woodlands locations "with an abundance of caution" given "current COVID-19 conditions in some of the communities we serve." The move comes after Apple last week moved to temporarily shut some locations in Florida, Arizona, North Carolina, and South Carolina, according to reports. Apple was among the first to shutter locations outside of China in March as the pandemic worsened, though the company has been gradually reopening stores with some restrictions on in-store activities. Apple shares are off 1.4% in Wednesday trading. They've gained 46% over the past three months as the Dow Jones Industrial Average has risen 23%. Published:6/24/2020 2:46:56 PM
[Markets] American Airlines stock sinks as COVID-19 cases surge, while Cowen reiterates long-time bullish stance Shares of American Airlines Group Inc. sank 6.1% in afternoon trading Wednesday, and have now shed 35% since closing at a 3 1/2-month high on June 8, as worries about a surge in COVID-19 cases overshadowed upbeat analyst comments on the air carrier's recent liquidity boost. With more than half the U.S. states showing increases in COVID-19 infections, New York, New Jersey and Connecticut, which have declining rates of infections, said they will impose a 14-day quarantine on travelers from new hotspot states, including Florida, Texas, Arizona and North Carolina. Meanwhile, Cowen analyst Helane Becker reiterated her outperform rating on American's stock for the past three years, and her $20 stock price target, as she praised the additional liquidity the air carrier raised. Early Tuesday, the company said its public offering of 74.1 million shares priced at $13.50, to raise $1.00 billion, and that it priced a public offering of $1 billion in 6.50% convertible senior notes due 2025. "American remains a contrarian stock idea but in our view, the improved liquidity situation is a net positive," Becker wrote in a note to clients. American's stock outperformed its peers, as shares of United Airlines Holdings Inc. dropped 7.7%, Delta Air Lines Inc. slid 7.7%, JetBlue Airways Corp. lost 8.6% and Southwest Airlines Co. gave up 6.4%. Meanwhile, the Dow Jones Industrial Average was down 768 points, or 2.9%. Published:6/24/2020 12:47:28 PM
[Markets] Dow's 610-point drop led by losses for Boeing, Dow Inc. shares DOW UPDATE The Dow Jones Industrial Average is slumping Wednesday afternoon with shares of Boeing and Dow Inc. facing the biggest drops for the index. Shares of Boeing (BA) and Dow Inc. (DOW) have contributed to the index's intraday decline, as the Dow (DJIA) was most recently trading 610 points (2. Published:6/24/2020 12:11:02 PM
[Markets] Dow Jones Futures Tumble 300 Points After Apple Fuels Record Breaking Stock Market Rally; Netflix, StoneCo In Buy Zones Dow Jones futures tumbled early Wednesday after the record-setting stock market rally. Warren Buffett-backed StoneCo leads six stocks in or near buy zones. Published:6/24/2020 5:08:42 AM
[Markets] Only Nasdaq at a Record Is Bad Sign for U.S. Stocks, BTIG Says (Bloomberg) -- A combination of fresh highs for tech stocks and still-elevated volatility may signal trouble ahead for the S&P 500 Index, according to BTIG LLC.The Nasdaq-100 reached a record on Tuesday, but its fellow American indexes S&P 500, Dow Jones Industrial Average and Russell 2000 have failed to hit their own new marks, chief equity and derivatives strategist Julian Emanuel noted in a June 23 report. That signals the S&P 500 could fall to the lower end of its recent trading range in the near term, he said.What’s more, a “sour patch” could develop if the Cboe Volatility Index, or VIX, moved above 45 -- or if the S&P 500 fell below its recent bottom, he said. A key level for Emanuel is 2,965, the intraday low hit June 15. That would be a drop of over 5% from current levels. The index is now up about 40% from late-March lows.The VIX closed June 23 at a two-week low of 31.37, compared with its lifetime average around 19.4 -- signaling investors still see risks as elevated, Emanuel said.Read more: Stock Valuations Hit a Record in ‘Everything Is Expensive’ RallyGains for U.S. stocks are more common during periods of low volatility or reversals after blowouts of the sort seen during March and April, Emanuel said. During the past three decades, VIX levels between 25 and 45 have been associated with large net declines for the S&P 500, he added.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P. Published:6/24/2020 1:40:38 AM
[Markets] Dow Jones Futures Drop After Apple Fuels Record Breaking Stock Market Rally; Netflix, StoneCo In Buy Zones Dow Jones futures were in focus late Tuesday after the record-setting stock market rally. Warren Buffett-backed StoneCo leads six stocks in or near buy zones. Published:6/23/2020 9:08:32 PM
[Markets] Dow Jones Futures Turn Higher: Apple Fuels Record Breaking Stock Market Rally; Netflix, StoneCo In Buy Zones Dow Jones futures were in focus late Tuesday after the record-setting stock market rally. Warren Buffett-backed StoneCo leads six stocks in or near buy zones. Published:6/23/2020 7:38:09 PM
[Markets] Dow Jones Futures Fall: Apple Fuels Record-Setting Coronavirus Stock Market Rally; Warren Buffett-Backed StoneCo Breaks Out Dow Jones futures were in focus late Tuesday after the record-setting stock market rally. Warren Buffett-backed StoneCo leads six stocks in or near buy zones. Published:6/23/2020 5:35:20 PM
[Markets] Dow Jones Futures: Apple Fuels Record-Setting Coronavirus Stock Market Rally; Warren Buffett-Backed StoneCo Breaks Out Dow Jones futures were in focus late Tuesday after the record-setting stock market rally. Warren Buffett-backed StoneCo leads six stocks in or near buy zones. Published:6/23/2020 4:38:41 PM
[Markets] Nike, Apple Inc. share gains contribute to Dow's 135-point climb DOW UPDATE The Dow Jones Industrial Average is climbing Tuesday afternoon with shares of Nike and Apple Inc. delivering strong returns for the blue-chip average. The Dow (DJIA) was most recently trading 135 points, or 0. Published:6/23/2020 3:03:36 PM
[Markets] Dow Jones Rises 290 Points As Tech Stocks Lead The Nasdaq To A Record High The Dow Jones Industrial Average rose on Tuesday. Continued strength in tech stocks boosted the Nasdaq composite to an all-time high on the stock market today. Published:6/23/2020 1:04:21 PM
[Markets] Dow Jones Futures Whipsaw On Trump Adviser Peter Navarro's China Trade Deal Statements Dow Jones futures whipsawed after White House adviser Peter Navarro said the China trade deal was "over," but then said the phase one accord is still on. Published:6/22/2020 10:01:18 PM
[Markets] Dow Jones Futures Fall After White House's Peter Navarro Says China Trade Deal 'Over' Dow Jones futures fell after White House adviser Peter Navarro said the China trade deal is "over." Apple, Microsoft led Monday's coronavirus market rally. Published:6/22/2020 9:07:52 PM
[Markets] Dow Jones Led By Nike, Microsoft, Apple; Netflix Breaks Out, Alphabet Approaches New Entry Nike stock led another rally in the Dow Jones today, but the Nasdaq outperformed again, helped by strength in software stocks and a Netflix breakout. Published:6/22/2020 3:29:56 PM
[Markets] Dow flat in spite of losses in Walgreens Boots, Merck shares DOW UPDATE The Dow Jones Industrial Average is flat Monday morning with shares of Walgreens Boots and Merck leading the way for the price-weighted average. The Dow (DJIA) is trading at 25,871, unchanged from yesterday's close. Published:6/22/2020 9:54:45 AM
[Markets] The Dow Gains, but Tyson Foods Stock, American Airlines Are Falling Stock futures climbed in early trading despite increases in coronavirus cases in some states, a hint that the market will continue a rally that has seen four consecutive weeks of gains for the Dow Jones Industrial Average. Published:6/22/2020 7:53:57 AM
[Markets] Is Reality About To Knock On The Door Of These Liquidity-Soaked Markets? Is Reality About To Knock On The Door Of These Liquidity-Soaked Markets? Tyler Durden Sat, 06/20/2020 - 13:00

Authored by Sven Henrich via NorthmanTrader.com,

Straight Talk

What I really like about our Straight Talk episodes is that it they are completely agenda free, there are no restrictions, it’s just the 3 of us talking and discussing the issues on our minds. What you see is what you get. Our honest opinions. You may not agree with us and that’s completely fine, but these discussions are meant to highlight fact based topics that we care about discussing them in a hopefully intelligently and digestible manner, make others think as well and hopefully educate in a setting that permits us to go into a bit more depth.

Many market discussions are agenda driven or constrained by time. Speaking for myself I also learn things during these discussions and I very much enjoy the banter we have going.

In this week’s episode of Straight Talk Guy Adami, Dan Nathan and I are diving into the debate of bubble vs mania, the difference between the two, we speak about the new retail phenomenon, the risks associated with it, we touch also the political influence on markets via headlines. Some people do not like us to touch upon the political and we get that, but one can’t deny the influence the political world has on markets and in our view it would be neglectful not to address their influence on markets and to highlight what’s real or not from our perspective. Again: Anyone is free to disagree with our views and we all have different ones, but as Guy said this week: Civility is a sign of strength not of weakness and Dan’s appeal for civility is a much needed in our age where people hate on each other for having different opinions.

We also discuss some technical charts and issues of valuations and for context see also my appearance on CNBC Fast Money this week:

Yes I know, old pic prior to quarantine buzzcut, one day we’ll update it perhaps ??

One of the issues I mentioned on the show was the fact that in the past few years market moves have become ever more extreme, to the upside as well as to the downside. In the meantime volatility has moved from one compression pattern to the next and ultimately it breaks out. Same with the rallies, they extend higher and higher on ever tightening patterns and then at some point they snap violently:

We just had such a snap in the past 2 weeks and this week’s Fed driven (Corporate bond buying) rally could not repair that damage.

Underlying it all is the again a very pronounced lag in equal weight and, as you can see in the chart above ($XVG), equal weight is hovering around the December 2018 lows when $SPX was trading around 2350.

Hence we also discuss the banks, Wells Fargo, JPM, and the signals they may be sending about the larger economy.

And it may be an ominous one. Yes central banks, with never before seen liquidity injections that make 2009 look like child’s play, have managed to levitate asset prices to unseen valuations inside a recession. Yet there are major divergent issues going on in these markets including the over reliance on price gains coming from overnight gaps to the upside, many of them unfilled and we discuss these as well.

Hence let’s not lose sight of history which suggests what would/could happen if central banks lose control:

Control over the virus could prove to be an illusion as cases are increasing to ever higher levels and many states in the US are seeing record spikes, hence $AAPL again shut down its stores in key states. A “V” shaped recovery presumed by markets at these valuations may disappoint in size and scope and then what do we have besides a historically disconnected in asset bubble?

No, the risk factors may be currently ignored by liquidity soaked markets, but reality keeps knocking at the door and one day may suddenly open it.

Without further ado here’s this week’s episode of Straight Talk and we hope you enjoy it:

*  *  *

Separately, for those interested, I’ll be posting a detailed rundown on the latest market technicals. If not already subscribed you can register here: Market Videos.

For the latest public analysis please visit NorthmanTrader. To subscribe to our market products please visit Services.

Published:6/20/2020 12:13:09 PM
[Markets] Dow Jones Futures: Coronavirus Stock Market Rally Stays Cool; Three Breakouts From This Hot Sector Dow Jones futures: The coronavirus stock market rally had a quietly positive session Thursday. Software stayed hot, with Salesforce and Paylocity among key movers. Published:6/18/2020 9:47:49 PM
[Markets] Dow Ends Down 170 Points, Snaps Three-Day Winning Streak Stocks finished lower Wednesday as investors focused on the U.S. economic recovery but contended with a rise in coronavirus infections in many countries across the globe. The Dow Jones Industrial Average finished down 170 points, or 0.65%, to 26,119 and the S&P 500 slipped 0.36%. ExxonMobil , Boeing , and Dow DOW led the Dow's retreat. Published:6/17/2020 3:22:28 PM
[Markets] U.S. Steel's stock drops after loss estimate is much wider than Wall Street forecasts Shares of U.S. Steel Corp. dropped 3.1% in premarket trading Wednesday, after the steel producer's estimate for second-quarter losses was much wider than expectations. The company expects an adjusted loss per share of $3.06, compared with the FactSet per-share loss consensus of $1.73, as a "significant portion" of steelmaking operations have been idled during the quarter as a result of the COVID-19 pandemic. The company reiterated its view that it believes the second-quarter will mark the bottom for the years, with demand starting to show improvement in June. Results for the company's flat-rolled business are expected to be "significantly lower" than the first quarter as a result of the pandemic, but demand has begun improving. The tubular business remains "challenged," however, with demand for welded and seamless pipe declining significantly, as rig counts continue to decline and oil prices remain low. The stock has rallied 87.6% over the past three months through Tuesday, while the Dow Jones Industrial Average has climbed 23.8%. Published:6/17/2020 7:49:45 AM
[Markets] Dow Jones Futures Jump 225 Points Ahead Of Fed Chief Powell Testimony In Surging Coronavirus Stock Market Rally Dow Jones futures were higher early Wednesday after the stock market surged on President Trump's $1 trillion stimulus and coronavirus drug news. Published:6/17/2020 6:19:15 AM
[Markets] Dow Jones Futures Jump 200 Points Ahead Of Fed Chief Powell Testimony In Surging Coronavirus Stock Market Rally Dow Jones futures were higher early Wednesday after the stock market surged on President Trump's $1 trillion stimulus and coronavirus drug news. Published:6/17/2020 5:53:12 AM
[Markets] Dow Jones Futures Signal Solid Gains After Covid-19 Drug News, $1 Trillion Stimulus Fuel Surging Coronavirus Stock Market Rally Dow Jones futures were higher early Wednesday after the stock market surged on President Trump's $1 trillion stimulus and coronavirus drug news. Published:6/17/2020 5:24:11 AM
[Markets] U.S. stock futures slide after Wall Street's latest rally U.S. stock index futures slid lower late Tuesday, after Wall Street continued to rally. As of midnight Eastern, Dow Jones Industrial Average futures were down around 150 points, or 0.6%, with S&P 500 futures and Nasdaq-100 futures down a bit less. Earlier in the day, stocks surged after Fed Chairman Jerome Powell said more fiscal stimulus may be needed to revive the economy amid the coronavirus pandemic. The Dow rose 526.82 points, or 2%, to close at 26,289.98. The S&P 500 index added 58.15 points to 3,124.74, a gain of 1.9%, and the Nasdaq Composite Index advanced 169.84 points, or 1.8%, to close at 9,895.84. Published:6/17/2020 1:17:46 AM
[Markets] Dow Jones Futures Fall 200 Points After Covid-19 Drug News, $1 Trillion Stimulus Fuel Surging Coronavirus Stock Market Rally Dow Jones futures were lower late Tuesday after the stock market surged on President Trump's $1 trillion stimulus and coronavirus drug news. Published:6/16/2020 9:49:00 PM
[Markets] U.S. stock futures little changed after Wall Street's latest rally U.S. stock index futures were little changed late Tuesday, after Wall Street continued to rally. As of 8 p.m. Eastern, Dow Jones Industrial Average futures were up about 20 points, or 0.1%, while S&P 500 futures and Nasdaq-100 futures rose about the same. Earlier in the day, stocks surged after Fed Chairman Jerome Powell said more fiscal stimulus may be needed to revive the economy amid the coronavirus pandemic. The Dow rose 526.82 points, or 2%, to close at 26,289.98. The S&P 500 index added 58.15 points to 3,124.74, a gain of 1.9%, and the Nasdaq Composite Index advanced 169.84 points, or 1.8%, to close at 9,895.84. Published:6/16/2020 8:16:50 PM
[Markets] Dow Jones Futures Reverse Higher After Covid-19 Drug News, $1 Trillion Stimulus Fuel Surging Coronavirus Stock Market Rally Dow Jones futures were higher late Tuesday after the stock market surged on President Trump's $1 trillion stimulus and coronavirus drug news. Published:6/16/2020 6:15:40 PM
[Markets] Dow Jones Futures Fall 100 Points After Covid-19 Drug News, $1 Trillion Stimulus Fuel Surging Coronavirus Stock Market Rally Dow Jones futures were lower late Tuesday after the stock market surged on President Trump's $1 trillion stimulus and coronavirus drug news. Published:6/16/2020 5:45:28 PM
[Markets] Dow Jones Futures Fall After Covid-19 Drug News, $1 Trillion Stimulus Fuel Surging Coronavirus Stock Market Rally Dow Jones futures were lower late Tuesday after the stock market surged on President Trump's $1 trillion stimulus and coronavirus drug news. Published:6/16/2020 5:15:20 PM
[Markets] Dow Up 2,128 Points From Monday Low, Home Depot Leads; This Growth Stock Regains Buy Point The Dow Jones Industrial Average continued to show oomph in the stock market today, buoyed by encouraging news that a generic steroid may prove vital in battling the coronavirus and a better than expected jump in May U.S. retail sales. Published:6/16/2020 2:15:29 PM
[Markets] Dow surges 561 points on gains in Caterpillar, Merck shares DOW UPDATE The Dow Jones Industrial Average is soaring Tuesday afternoon with shares of Caterpillar and Merck leading the way for the price-weighted average. The Dow (DJIA) is trading 561 points higher (2. Published:6/16/2020 1:15:18 PM
[Markets] Dow Jones Soars 600 Points As Retail Sales Trump Forecasts, $1 Tril Stimulus Ahead? Stocks surged early on news including strong retail sales and reports of a $1 trillion stimulus, sending the Dow Jones industrials up as much as 848 points. Published:6/16/2020 12:17:46 PM
[Markets] Dow Jones Up 600 Points As Stocks Rally On Retail Sales, Stimulus Report Stocks surged early on news including strong retail sales and reports of a $1 trillion stimulus, sending the Dow Jones industrials up as much as 848 points. Published:6/16/2020 11:43:55 AM
[Markets] Dow's nearly 450-point rally highlighted by gains for shares of Caterpillar, Boeing Led by strong returns for shares of Caterpillar and Boeing, the Dow Jones Industrial Average is rallying Tuesday afternoon. Shares of Caterpillar (CAT) and Boeing (BA) have contributed around a third of the index's intraday rally, as the Dow (DJIA) is trading 446 points higher (1.7%). Caterpillar's shares have risen $5.86, or 4.7%, while those of Boeing are up $6.42, or 3.4%, combining for a roughly 84-point bump for the Dow. Published:6/16/2020 11:23:05 AM
[Markets] Dow nearly erases all of its opening gains amid Powell's Senate testimony The U.S. stock market was seeing its opening gains evaporate as Federal Reserve Chairman Jerome Powell was delivering the first of two days of semiannual testimony in front of Congress. The Dow Jones Industrial Average was up 176 points, or 0.7%, at 25,970, off its session peak at 26,611. The S&P 500 index was up 1% at 3,095 and the Nasdaq Composite Index was holding onto a gain of 0.7% at 9,792, but well of its Tuesday high. Published:6/16/2020 10:16:01 AM
[Markets] Dow opens with 800-point gain as U.S. retail sales surge stirs hope of rapid recovery U.S. stocks opened sharply higher on Tuesday after a surge in retail sales in May suggested consumers, the engine of the U.S. economy, were gaining steam again. Major equity benchmarks are looking to cover lost ground after last week's selloff, the biggest such decline since March. The Dow Jones Industrial Average advanced 818 points, or 3.2%, to 26,582. The Nasdaq Composite rose 2.2% to 9,940. The S&P 500 climbed 2.7% to 3,150. Retail sales jumped 17.7% last month, after tumbling a record 14.7% in the prior month. Investors have also noted the Federal Reserve will begin purchases of individual corporate bonds for the first time on Tuesday. And discussions of a $1 trillion infrastructure bill has also helped to buoy risk assets. Published:6/16/2020 8:43:48 AM
[Markets] Dow Jones Today Leads Premarket Rally, Caterpillar Gets A White House Boost; Tencent Takes A Big Piece of iQiyi Eli Lilly and iQiyi set up a hot early pace for stock futures on Tuesday, as a $1 trillion White Houe effort lifted Caterpillar on the Dow Jones today. Published:6/16/2020 7:13:49 AM
[Markets] Dow Jones Futures Jump, Extending Coronavirus Stock Market Rally On Fed Bond Pledge; Tesla Buzz Continues Dow Jones futures rose 0.3% vs. fair value. S&P; 500 futures and Nasdaq 100 futures climbed 0.3% as well. Volatility in Dow Jones futures has returned over the past week. Published:6/15/2020 11:47:59 PM
[Markets] U.S. stock futures shoot higher, looking to extend Monday's gains U.S. stock index futures rose late Monday, following gains on Wall Street after the Federal Reserve took additional action to keep credit flowing to big businesses amid the coronavirus pandemic. As of midnight Eastern, Dow Jones Industrial Average futures were up nearly 500 points, or 1.9%, while S&P 500 futures and Nasdaq-100 futures rose about 1.4%. Earlier Monday, stocks rallied from early declines after the Fed said it will expand the scope of its $750 billion emergency corporate debt loan facility to include individual corporate bonds. After the market's worst week since March, the Dow rose 157.62 points, or 0.6%, to 25,763.16, while the S&P 500 gained 25.28 points, or 0.8%, to 3,066.59, and the Nasdaq Composite Index advanced 137.21 points, or 1.4%, closing at 9,726.02. Published:6/15/2020 11:19:41 PM
[Markets] Dow Jones Futures: Fed Bond Pledge Spurs Strong Stock Market Rally Despite Coronavirus Fears; Tesla Buzz Continues Dow Jones futures rose 0.3% vs. fair value. S&P; 500 futures and Nasdaq 100 futures climbed 0.3% as well. Volatility in Dow Jones futures has returned over the past week. Published:6/15/2020 5:44:36 PM
[Markets] U.S. Stock Index Futures Slide Amid Growing Second Wave Concerns (Bloomberg) -- U.S. stock index futures dropped alongside shares in Europe and Asia as worries over a potential second wave of Covid-19 led to deepening concerns over the global economy.Contracts on the S&P 500 declined 3% as of 8:27 a.m. in London. Futures on the Nasdaq 100 Index and Dow Jones Industrial Average fell 2.4% and 3%, respectively. On Friday, U.S. stocks rallied from the biggest rout in 12 weeks as dip-buyers emerged for firms that bore the brunt of Thursday’s selling.“Despite Wall Street stabilizing and finishing the week with a positive session, it appears that the FOMO, fast-money, peak-virus, buy-everything, v-shaped recovery herd remains nervously grazing near the edge of the cliff,” Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, wrote in a note.The Stoxx Europe 600 Index tumbled 2.5%, with cyclical sectors such as miners and oil leading the declines. Equity indexes in Japan, Hong Kong, China, Taiwan and South Korea all fell.An outbreak of cases in Beijing raised fears of a resurgence of the pandemic in China. Infections spread to a second fruit and vegetable market and more than 20 residential compounds across the city were locked down. Tokyo also saw infections climb, and South Africa posted record new cases for a second day. Infectious disease expert Anthony Fauci suggested that bans on travel to the U.S. may remain until a vaccine arrives.While U.S. stocks recovered Friday, all three major equity gauges fell for the week on concern over the pace of recovery following months of lockdown.The potential for a second wave of infections “appears to be a much more immediate danger to markets,” said Michael McCarthy, chief market strategist at CMC Markets Asia Pacific.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P. Published:6/15/2020 3:42:08 AM
[Markets] Boeing, Dow Inc. share gains contribute to Dow's 183-point jump DOW UPDATE Shares of Boeing and Dow Inc. are seeing positive growth Friday afternoon, propelling the Dow Jones Industrial Average into positive territory. Shares of Boeing (BA) and Dow Inc. (DOW) have contributed to the index's intraday rally, as the Dow (DJIA) was most recently trading 183 points (0. Published:6/12/2020 2:14:06 PM
[Markets] Dow Jones Rebound Fades After Biggest Loss In Stock Market Since Mid-March Stocks moved off session highs but recouped some of their huge losses from Thursday, as the Dow Jones Industrial Average got a big lift from Boeing. Published:6/12/2020 1:19:39 PM
[Markets] Dow Jones Futures Rebound After Coronavirus Stock Market Rally Dives On Covid-19 Fears; Boeing, Microsoft, Adobe Key Movers Dow Jones futures signaled a rebound for the coronavirus stock market rally, with Boeing and Microsoft rising early. Adobe, Lululemon moved on earnings. Published:6/12/2020 7:24:42 AM
[Markets] Dow Jones Futures Rally Ahead Of Fed Meeting; Tesla Set To Hit All-Time Highs On Tesla Semi, Price Target Hike Dow Jones futures were down early Wednesday ahead of the Fed meeting. Stock market leaders Amazon, Netflix and Vertex are in new buy zones. Published:6/10/2020 7:01:28 AM
[Markets] Dow Jones Futures Signal Losses Ahead Of Fed Meeting; 6 Stock Market Leaders In Or Near Buy Zones Dow Jones futures were down early Wednesday ahead of the Fed meeting. Stock market leaders Amazon, Netflix and Vertex are in new buy zones. Published:6/10/2020 6:02:11 AM
[Markets] Dow Jones Futures Jump 200 Points After Nasdaq Crosses 10,000 Price Level Ahead Of Fed Meeting; 6 Stock Market Leaders In Or Near Buy Zones Dow Jones futures were up late Tuesday. Stock market leaders Amazon, Netflix and Vertex are in new buy zones after strong gains Tuesday. Published:6/9/2020 9:29:07 PM
[Markets] Dow Jones Futures Hit Session Highs After Nasdaq Crosses 10,000 Price Level Ahead Of Fed Meeting; 6 Stock Market Leaders In Or Near Buy Zones Dow Jones futures were up late Tuesday. Stock market leaders Amazon, Netflix and Vertex are in new buy zones after strong gains Tuesday. Published:6/9/2020 8:31:58 PM
[Markets] Dow futures climb ahead of Fed update after blue-chip index snaps 6-day win streak, while Nasdaq marks fresh record U.S. stock-index futures Tuesday evening were trading slightly higher ahead of a key policy update from the Federal Reserve on Wednesday. Moves for futures come after the Dow Jones Industrial Average halted the longest win streak--6 straight sessions--since Sept. 13, while the Nasdaq Composite Index carved out a second straight record closing high as investors bought large-capitalization stocks, including Facebook Inc. , Microsoft Corp. , Apple Inc. [s:AAPL], and Google parent Alphabet Inc. , which all finished at all-time highs, prior to the meeting of central bankers that could provide fresh guidance on the U.S.'s economic outlook in the aftermath of the one of the worst viral outbreaks in more than a century. Futures for the Dow picked up 38 points in thin trading to reach 27,302, a climb 0.1%; those for the S&P 500 index rose 4.85 points, or 0.1%, at 3,210.25; while Nasdaq-100 futures advanced 27 points, or 0.3%, at 9,978. The Fed's balance sheet has ballooned from about $4 trillion in March to $7.21 trillion as of last week to support financial markets, with interest rates steady at a range of 0% and 0.25%. At the Fed's last meeting, the central bank discussed strengthening forward guidance in the future so the market is more confident that interest rates will remain low and policy makers also talked about backing the guidance up by putting a cap of short-term rates, known as yield-curve control. It's unclear how the Fed's policy might shift in the face of May's labor report, with data from the Labor Department last Friday showing that 2.5 million jobs were created on the month rather than millions than had been expected to be lost amid the COVID-19 pandemic. During Tuesday's regular session, the Dow shed 300.14 points, or 1.1%, to end at 27,272.30. The S&P 500 index fell 25.21 points, or 0.8%, closing at 3,207.18, while the Nasdaq Composite Index advanced 29.01 points, or 0.3%, finishing at a record 9,953.75, after briefly touching an all-time intraday high of 10,002.50. Published:6/9/2020 6:57:19 PM
[Markets] Dow Jones Futures Rally After Nasdaq Crosses 10,000 Price Level Ahead Of Fed Meeting; 6 Stock Market Leaders In Or Near Buy Zones Dow Jones futures were up late Tuesday. Stock market leaders Amazon, Netflix and Vertex are in new buy zones after strong gains Tuesday. Published:6/9/2020 5:59:36 PM
[Markets] Dow Jones Futures: Nasdaq Crosses 10,000 Price Level Ahead Of Fed Meeting; 6 Stock Market Leaders In Or Near Buy Zones Dow Jones futures were up late Tuesday. Stock market leaders Amazon, Netflix and Vertex are in new buy zones after strong gains Tuesday. Published:6/9/2020 5:36:16 PM
[Markets] Dow down nearly 300 points on losses in shares of Boeing, Raytheon Technologies Corp. DOW UPDATE The Dow Jones Industrial Average is in selloff mode Tuesday afternoon with shares of Boeing and Raytheon Technologies Corp. seeing the biggest losses for the price-weighted average. The Dow (DJIA) was most recently trading 294 points, or 1. Published:6/9/2020 2:57:38 PM
[Markets] Apple's chip-design ambitions are 'underappreciated,' analyst says Evercore ISI analyst Amit Daryanani wrote Tuesday that Apple Inc.'s ability to design processors in-house is an "underappreciated" element of its story, following a Bloomberg report indicating that the company could announce a plan to put its own chips in Macs as soon as next week's WWDC developer event. Apple is reportedly planning to introduce its first Macs with in-house chip design beginning in 2021 before eventually transitioning all of its computers away from Intel Corp. chips and over to Apple-designed processors. The move could boost Mac gross margins by 500 basis points once all models have been switched over to in-house chips, Daryanani argued. While there will be "limited" impact to overall company gross margins given that Max's only account for about 10% of Apple's revenue, Daryanani wrote that "it is encouraging that Apple continues to demonstrate its leading chip design capabilities as in-housing semi design remains key to product margin expansion." He maintained an outperform rating and $360 price target on the stock, which is up 3.3% in Tuesday trading. Apple shares have added 11% over the past month as the Dow Jones Industrial Average , of which Apple is a component, has increased 12%. Published:6/9/2020 1:57:45 PM
[Markets] Dow Jones On Track To Break Win Streak, But Apple Stock Rallies On Big News Stocks were mixed as the Dow Jones Industrial Average, down 280 points midday, was on track to end its six-session win streak. Published:6/9/2020 12:26:08 PM
[Markets] Raytheon Technologies Corp., Walgreens Boots share losses lead Dow's nearly 225-point fall DOW UPDATE The Dow Jones Industrial Average is trading down Tuesday afternoon with shares of Raytheon Technologies Corp. and Walgreens Boots facing the biggest setback for the index. Shares of Raytheon Technologies Corp. Published:6/9/2020 11:57:13 AM
[Markets] Dow Jones Cuts 400 Point Loss Threatening Six-Day Win Streak; Microsoft, Netflix At Buy Points The major stock indexes were mixed early Tuesday, as the Dow Jones Industrial Average threatened to snap a six-day win streak. Published:6/9/2020 10:32:26 AM
[Markets] Dow Jones Dives 400 Points Threatening Six-Day Win Streak; Microsoft, Netflix At Buy Points The major stock indexes were lower early Tuesday, as the Dow Jones Industrial Average threatened to snap a six-day win streak. Published:6/9/2020 9:24:40 AM
[Markets] Dow futures see subdued action Monday evening after Nasdaq scores first record close since Feb. 19 U.S. stock-index futures on Monday saw muted trade, after a rally in the regular session pushed the Nasdaq Composite Index to its first all-time closing high since Feb. 19, and reaffirmed a state of bullishness that has gripped the market in recent weeks as investors react to the pace of the economic recovery from the COVID-19 pandemic. Futures for the Dow Jones Industrial Average were edging 33 points, or 0.1% higher, at 27,558, those for the S&P 500 index were edging back 0.1% at 3,225.25, while Nasdaq-100 futures were off less than 0.1% at 9,879.75. On Monday, the Dow finished within 7% of its Feb. 12 closing peak, while the S&P 500 index ended the session 4.5% from its Feb. 19 record closing high. The Nasdaq , however, gained 110.66 points, or 1.1%, ending at 9,924.74, marking its first all-time closing record in four months. The Nasdaq-100 index notched its second record close in a row. One stand-out company of the session was Boeing Co. , with shares of the aircraft maker soaring more than 12% and gaining nearly 60% so far in June, underscoring renewed optimism in post-pandemic travel after airline and travel-related companies were decimated in March. Published:6/8/2020 6:32:00 PM
[Markets] Boeing, Dow Inc. share gains lead Dow's 330-point rally DOW UPDATE Shares of Boeing and Dow Inc. are posting positive gains Monday afternoon, leading the Dow Jones Industrial Average rally. The Dow (DJIA) was most recently trading 330 points (1.2%) higher, as shares of Boeing (BA) and Dow Inc. Published:6/8/2020 1:51:24 PM
[Markets] Dow Jones Leads Stock Market Rally As Boeing Soars; Nasdaq Eyes New High The Dow Jones Industrial Average is on track to extend its win streak after last week's 7% surge, thanks largely to Boeing. Published:6/8/2020 11:22:25 AM
[Markets] Dow Jones Today Jumps, Nasdaq Lags As Airline Stocks Soar, Zoom Retreats; Goldman Hikes Boeing Price Target Thor rallied on earnings, Exxon rode oil prices higher and Boeing spiked to the top of the Dow Jones, but Covid stocks lagged in early trade. Published:6/8/2020 8:19:15 AM
[Markets] Apple stock heads for new record close Apple Inc. shares are up 2.6% in Friday afternoon trading and on track to record a new all-time closing high if the gains hold through the end of the session. The stock needs to close above $327.20 to reach that milestone. The stock is on pace for its first record close since Feb. 12. "With roughly 350 million of...iPhones in the pent up 'window of an upgrade opportunity' we believe [Apple] has a unique opportunity to capture this delayed super cycle opportunity with a major 5G cycle on the horizon which will include a host of new smartphone versions/models for iPhone 12," Wedbush analyst Daniel Ives wrote in a note to clients late Thursday. He said Apple's stock represents his "best 5G play into the next year." Apple shares have added 11% over the past month as the Dow Jones Industrial Average has gained 14%. Published:6/5/2020 12:59:39 PM
[Markets] Dow Jones Futures Rise Before Jobs Report In Coronavirus Market Rally; Tesla Back In 'Friend Zone,' Slack, RH Lead Earnings Movers Dow Jones futures: Coronavirus stock market rally sector rotation continued, with airlines soaring and growth names falling. Tesla is in the friend zone. Slack and RH led earnings movers. Published:6/5/2020 5:55:35 AM
[Markets] Dow Jones Futures Signal Solid Coronavirus Market Rally; Tesla Back In 'Friend Zone,' Slack, RH Lead Key Earnings Movers Dow Jones futures: Coronavirus stock market rally sector rotation continued, with airlines soaring and growth names falling. Tesla is in the friend zone. Slack and RH led earnings movers. Published:6/5/2020 1:25:09 AM
[Markets] Dow Jones Futures: Coronavirus Market Rally Rotation Continues With Tesla Back In 'Friend Zone'; Slack, RH Lead Key Earnings Movers Late Dow Jones futures: Coronavirus stock market rally sector rotation continued, with airlines soaring and growth names falling. Tesla is in the friend zone. Slack and RH led earnings movers. Published:6/4/2020 5:53:23 PM
[Markets] Dow ekes out 4th straight daily gain ahead of May jobs report Stocks ended mostly lower Thursday, though the Dow Jones Industrial Average eked out a tiny gain to extend its win streak to four sessions. The S&P 500 and Nasdaq Composite, meanwhile snapped a four-day run of gains. Equities had rallied strongly this week, boosted by signs the economic contraction caused by the COVID-19 lockdown was beginning to ease. The Dow ended the day up around 12 points, or less than 0.1%, near 26,282, while the S&P 500 gave up around 11 points, or 0.3%, to close near 3,112, according to preliminary figures. The Nasdaq gave up 67 points, or 0.7%, to finish at 9,615. Earlier, the Nasdaq 100 touched an all-time intraday high. It ended the day down 75 points, or 0.8%. Another 1.9 million U.S. workers applied for first-time unemployment benefits in the week ended May 30, the Labor Department reported Thursday, slightly higher than the 1.8 million consensus among economists polled by MarketWatch. The data suggest that the economy may have seen the worst of the impact of the epidemic. The May jobs report due Friday morning is expected to show the U.S. economy shed another 7.25 million jobs last month. Published:6/4/2020 3:21:53 PM
[Markets] Dow flat despite losses for UnitedHealth, Johnson & Johnson shares DOW UPDATE Shares of UnitedHealth and Johnson & Johnson are trading lower Thursday afternoon, dragging the Dow Jones Industrial Average into negative territory. Shares of UnitedHealth (UNH) and Johnson & Johnson (JNJ) are contributing to the index's intraday decline, as the Dow (DJIA) was most recently trading 9 points (0. Published:6/4/2020 12:52:49 PM
[Markets] Boeing, Intel share gains lead Dow's 50-point jump DOW UPDATE The Dow Jones Industrial Average is trading up Thursday morning with shares of Boeing and Intel seeing positive momentum for the index. Shares of Boeing (BA) and Intel (INTC) are contributing about a third of the index's intraday rally, as the Dow (DJIA) was most recently trading 56 points (0. Published:6/4/2020 9:54:06 AM
[Markets] Chevron, Exxon Mobil share losses contribute to Dow's 80-point fall DOW UPDATE Dragged down by losses for shares of Chevron and Exxon Mobil, the Dow Jones Industrial Average is falling Thursday morning. The Dow (DJIA) was most recently trading 80 points, or 0.3%, lower, as shares of Chevron (CVX) and Exxon Mobil (XOM) have contributed to the index's intraday decline. Published:6/4/2020 8:52:07 AM
[Markets] Asian stocks set to extend gains as stimulus fans recovery hopes The rise came as the Nasdaq Composite, S&P 500 and the Dow Jones Industrial Average continued their rise from March cornonavirus-lockdown-lows to come within 2%, 8% and 11%, respectively, of overtaking all-time closing highs registered in February. On Wednesday, the Dow rose 2.05%, the S&P 500 gained 1.36% and the Nasdaq Composite added 0.78%. Published:6/3/2020 7:18:06 PM
[Markets] Dow Jones Soars Over 500 Points; Cyclical Sectors Outperform While Growth Stocks Lag The Dow Jones Industrial Average traded near session highs in the final hour of trading on Wednesday. The major index closed up 527 points, or 2% higher. Published:6/3/2020 3:49:32 PM
[Markets] Dow surges 550 points on gains for Boeing, American Express shares DOW UPDATE Shares of Boeing and American Express are posting strong returns Wednesday afternoon, sending the Dow Jones Industrial Average soaring. The Dow (DJIA) is trading 556 points higher (2.2%), as shares of Boeing (BA) and American Express (AXP) have contributed around two thirds of the blue-chip gauge's intraday rally. Published:6/3/2020 2:46:59 PM
[Markets] Dow Jones Surges 400 Points As Stock Market Rallies; Nasdaq Nears Record High The Dow Jones Industrial Average held near session highs Wednesday afternoon, as the stock market continues to look past the coronavirus pandemic and civil unrest. Published:6/3/2020 12:47:03 PM
[Markets] Stocks open higher, aim for fourth day of gains after private-sector jobs report is better than feared U.S. stocks rose at the start of trade Wednesday as investors focused on signs of a rebounding global economy and a report from payroll firm ADP, which showed far fewer private-sector job losses in May than economists were expecting. The Dow Jones Industrial Average rose 222 points, or 0.9%, to 25,965, the S&P 500 index gained 21 points, or 0.7% to about 3,102 and the Nasdaq Composite index advanced 26 points, or 0.3% to trade at 9,640. ADP said the private sector shed 2.76 million jobs in May, below economists expectations of 8.66 million losses, according to Econoday, compared to 19.56 million job losses in April. U.S. stocks were also following the lead of global indices, which rose earlier Wednesday after a private gauge of China's services sector showed it hitting a near 10-year high as it returned to expansion last month. Investors also continued to shrug off a wave of protests across American cities against police violence toward people of color, which have led to clashes with police and incidents of looting. Published:6/3/2020 8:43:40 AM
[Markets] 3M CFO to retire after 6 years in the role, to be succeeded by current GE Healthcare CFO 3M Co. said Wednesday that Chief Financial Officer Nick Gangestad has announced his intention to retire after about 6 years in the role, and 33 years with the company. The diversified consumer and industrial products company, which products include N95 respirators, Scotch tape and Post-it notes, said it has named Monish Patolawala as its new CFO, effective July 1. Patolawala is currently at General Electric Co.'s GE Healthcare, where he has served as CFO. Gangestad will remain with the company until July 31 to ensure an orderly transition. 3M's stock, which ticked up 0.4% in premarket trading, has gained 8.5% over the past three months, while the Dow Jones Industrial Average has slipped 0.7%. Published:6/3/2020 5:45:16 AM
[Markets] Dow futures climb Tuesday evening after stocks shook off civil unrest to end at a 3-month high as ADP jobs report looms U.S. stock-index futures rose Tuesday evening, implying that the trend for Wall Street continues to be higher after the stock market closed at its highest level since early March. Futures for the Dow Jones Industrial Average were trading 102 points, or 0.4%, higher at 25,803, those for the S&P 500 index were gaining 0.3%, while Nasdaq-100 futures were advancing 26 points, or 0.3%, at 9.673.75, at last check. The gains come as unrelenting bullishness surrounding the prospects of business reopenings in the U.S. continue to buoy stocks, despite a wave of issues that should otherwise serve as impediments to a bullish uptrend. Those factors include, Chinese-U.S. tensions, seething civil unrest in America and a pandemic that remains a public-health problem throughout the world. In Tuesday's regular session, the Dow rose 267.63 points, or 1.1%, to end at 25,742.65, marking its highest close since March 6, according to Dow Jones Market Data. Meanwhile, the S&P 500 index rose 25.09 points, or 0.8%, closing at 3,080.82, its loftiest finish since March 4, and the Nasdaq Composite Index advanced 56.33 points, or 0.6%, to finish at 9,608.37, representing its best closing level since Feb. 20. On Wednesday, investors will get a fresh read of the impact of efforts to limit the spread of COVID-19, with a report on private-sector employment likely to show that 8.663 million jobs were lost in May, according to Econoday, compared with Automatic Data Processing Inc.'s estimate in April for a loss of 20.236 million. Markets have shrugged off poor economic news and a wave of protests across U.S. cities sparked partly by the death of George Floyd in Minneapolis last week, an unarmed black man who perished under the knee of a white police officer. Protests about social injustice in America has resulted in curfews imposed in a number of major cities, including New York, which has set a curfew from 8 p.m. Eastern to 5 a.m. In corporate news, shares of Zoom Video Communications Inc. soared in after-hours trade Tuesday after the videoconference company reported record sales and earnings, and expectations for more amid boom times during a pandemic that has fostered, perhaps, a lasting stay-at-home business culture. Published:6/2/2020 7:10:40 PM
[Markets] Stock Market Wrap-Up: This Left-for-Dead Sector Is Back on the Upswing The stock market picked up more ground on Tuesday, with investors feeling more comfortable about the prospects for a full economic recovery from the coronavirus pandemic. Major market benchmarks closed near their best levels of the day, and gains for the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) were as much as 1%. Published:6/2/2020 4:09:09 PM
[Markets] Dow Inc., Caterpillar share gains lead Dow's 230-point jump DOW UPDATE Buoyed by positive momentum for shares of Dow Inc. and Caterpillar, the Dow Jones Industrial Average is climbing Tuesday afternoon. Shares of Dow Inc. (DOW) and Caterpillar (CAT) have contributed to the blue-chip gauge's intraday rally, as the Dow (DJIA) was most recently trading 230 points higher (0. Published:6/2/2020 3:08:32 PM
[Markets] Dow Jones Rises Amid Ongoing Social Unrest; Apple Stock Still Trades Near This Buy Point The Dow Jones jumped more than 200 points in early trading before paring gains following President Trump's comments regarding ongoing U.S. civil unrest. Published:6/2/2020 1:08:45 PM
[Markets] American Express, J.P. Morgan Chase stocks rally to lead the Dow's gainers Financial stocks were set for a broad rally Tuesday, with the SPDR Financial Select Sector ETF climbing 1.2% in premarket trading. The top two early gainers among the Dow Jones Industrial Average's components were financial stocks, with shares of American Express Co. rising 1.8% and J.P. Morgan Chase & Co. gaining 1.5%. Fellow Dow component Goldman Sachs Group Inc.'s stock rose 1.0%. Meanwhile, Dow futures advanced 150 points, or 0.6%. Among other more actively traded financial stocks in the premarket, Bank of America Corp. rallied 1.8%, Wells Fargo & Co. climbed 1.9% and Citigroup Inc. tacked on 2.2%. Helping provide a lift to bank stocks, the yield on the 10-year Treasury note rose 1.3 basis points to 0.675%. Higher longer-term rates can help boost bank profits, as that can widen the spread banks earn on longer-term assets, such as loans, that are funded by shorter-term liabilities. Published:6/2/2020 8:08:04 AM
Top Searches:
books
dow
dow jones
FBI
books1111111111111' UNION SELECT CHAR(45,120,49,45,81,45),CHAR(45,120,50,45,81,45),CHAR(45,120,51,45,81,45),CHAR(45,120,52,45,81,45),CHAR(45,120,53,45,81,45),CHAR(45,120,54,45,81,45),CHAR(45,120,55,45
-1'
obama
NASA
obamacare
dow1111111111111' UNION SELECT CHAR(45,120,49,45,81,45),CHAR(45,120,50,45,81,45),CHAR(45,120,51,45,81,45),CHAR(45,120,52,45,81,45),CHAR(45,120,53,45,81,45),CHAR(45,120,54,45,81,45),CHAR(45,120,55,45,8

Jobs from Indeed

comments powered by Disqus