March 19, 2024

Global economic growth concerns weigh on market

Index & Sector performance 11/4/14

The Market:

Today’s session ultimately finished narrowly lower with the Dow (DIA) managing to close ever so slightly higher.  Midday the damage was worse as traders pointed to the European Commissions cutting growth and inflation forecasts but after the European exchanges closed the U.S. found a bottom and drifted higher into the close.

In individual sectors it was again Energy (XLE) which led the way lower finishing down 2.06% as crude oil traded as low as $75.84/ barrel after Saudi Arabia announced it was cutting prices on oil exports to the U.S.  Traders are cautious of this drop in energy because while it provides relief especially to lower and middle class families it also potentially signals an economic slowdown.

Also closing lower was Consumer Discretionary (XLY) and Materials (XLB) finishing down 1.2% and 1.04% respectively.  As would be expected, Transportation (IYT) saw gains, 0.35%, helped in part by the drop in oil and leading today was Consumer Staples (XLP) which finished up 0.53%.

In Economic Data the Trade Balance came in worse than expected as exports declined 1.5%.  This is definitely something that is worth watching especially if the prolonged period of a weak dollar is ending.  On deck for tomorrow includes the ADP Employment change and ISM Non-Manufacturing PMI.

 

Economic Calendar week of 11/3/14

 

Reporting EPS 11/5/14 Pre-Market:

Not all are listed below and the full list is available HERE.

 

Companies reporting EPS 11/5/14 pre-market


Analyst Comments:

Upgrades 11/4/14

Downgrades 11/4/14

Initiations 11/4/14

Price Target Changes 11/4/14

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