March 28, 2024

All quiet before jobs data

Index & Sector performance 10/21/13 The Market: Not too much to report as it was a quiet down day in the S&P 500 and Dow with the Nasdaq making small gains much on the back of a strong performance from Apple (AAPL) closing up nearly 2.5% on the day. In economic news we had Existing Home Sales with came in light posting a 5.29M when 5.31M was expected.  Tomorrow will be a much bigger day as we get the jobs report that was delayed due to the government shutdown.  Current forecast is for 182K and Unemployment rate of 7.3% Story…

Buy the rumor – Sell the news?

Index & Sector performance 10/16/13 The Market: Another strong day in the market sent the S&P 500 index over 23 points higher after a brief consolidation day yesterday.  What started as a small gap quickly ran in the first hour of trading eventually topping at 11:15 am EST.  The market then consolidated until 2:30 pm EST when it bottom and started a rally back toward the highs of the day.  Amidst a light economic data week, the news of Washington and the pending debt deal have continued to drive attention and trader reaction. Ahead of tomorrow’s Unemployment data (357K Consensus)…

Rampant optimism spikes the market

Index & Sector performance 10/10/13 The Market: In case you were under a rock today.  The market exploded to the upside.  The move seemed help by some uncertainty being out of the way including the past news that Janey Yellen would be the new Fed chair and confirmation from the FOMC minutes that tapering will not likely start until the end of the year (or later).  To add on there was optimism out of Washington about a debt deal. In economic news, Unemployment claims came in far worse than expected posting a 374K when 307K was expected.  The reason the…

S&P regains the 50

The Market: Today did not have anything to really speak of in terms of Economic data and the remainder of the week is not necessarily uneventful but also not one of the more data laden weeks we see.  Tuesday morning brings the NFIB Small Business Index, Thursday the Unemployment Claims as well as Fed Budget Balance and Import prices. and Friday rounds out the week with Consumer Sentiment and Inflation Expectations as well as Retail Sales and PPI.  We track the data and the numbers posted in the Events Calendar. Story Stocks: Shareholders of Delta Air Lines (DAL) have had…

Week in Review

DJIA -0.08 (0.00%) to 14,865.06; S&P 500 -4.52 (-0.28%) to 1,588.85; NASDAQ -2.59 (-0.09%) to 2,856.48 Friday started with a small gap down that wasn’t greeted with the usual snap up buying and this helped lay the ground work for an early morning swoon taking the S&P 500 down over 10 points from Thursday’s close.  Right around 11am EST the S&P bottomed and for the remainder of the day was able to grind higher leaving a relatively small loss for the day (the Dow nearly closed positive).  This type of action is not uncommon at stretched levels as well as when there is…

Week in Review

DJIA -25.03 (-0.17%) to 14,514.11; S&P 500 -2.53 (-0.16%) to 1,560.70; NASDAQ -9.86 (-0.30%) to 3,249.07 Finally a down day!  After 10 straight days higher the Dow and S&P 500 finally has a respite albeit small.  Some looking at the SPY today might have thought the markets were lower or noticed a disruption and that is due to the fact that the SPY pays a dividend which it went ex-dividend Friday for roughly $0.70. In economic data we had CPI which came in slightly hot with a 0.7% increase when 0.5% was expected.  When looking at the “core” PCI we met expectations of up…

Daily Wrap

DJIA -35.79 (-0.26%) to 13,982.91; S&P 500 +0.90 (+0.06%) to 1,520.33; NASDAQ +10.39 (+0.33%) to 3,196.88 The markets continued to climb what seems to be the wall of worry and I heard many speculating that something the President might say would affect the current trend but yet again another perceived milestone is passed and we continue higher yet again.  The Nasdaq finally participated in the rally as Apple Computers (AAPL) while down for the day was only slightly so and didn’t pull down the broad index much but it was the Dow that didn’t participate and that was due to McDonald’s (MCD) which closed down over…

Week in Review

DJIA +53.68 (+0.39%) to 13,649.70; S&P 500 +5.04 (+0.34%) to 1,485.98; NASDAQ -1.29 (-0.04%) to 3,134.71 Week economic data couldn’t put a damper on the S&P 500 which added onto Thursday’s decent gains.  The Nasdaq wasn’t able to join in on the party but had Apple Computers (AAPL), Intel (INTC) and Facebook (FB) as well as other weighing it down. We did have good economic data announced but not in the U.S., China reported GDP growth f 7.9% in Q4 which helped take the full year growth to 7.8% which outpaced consensus analyst expectations (7.7%) and the government’s expectations (7.5%)….

Daily Wrap

DJIA -23.66 (-0.17%) to 13,511.23; S&P 500 +0.29 (+0.02%) to 1,472.63; NASDAQ +6.76 (+0.22%) to 3,117.54 Again we have another day where the markets were somewhat mixed but overall were overall boring.  Opening roughly 4 points lower the S&P rallied to close slightly positive.  Today we had the Fed Beige Book but obviously there was nothing ground breaking to the markets and now focus will switch to tomorrow’s jobs data.  Last week saw a slight uptick in claims to 371K and this week’s expectation is roughly the same at 369K. Boeing (BA) closed down over 3% today and the news does not look promising.  Following a…

Daily Wrap

DJIA +27.57 (+0.20%) to 13,534.89; S&P 500 +1.66 (+0.11%) to 1,472.34; NASDAQ -6.72 (-0.22%) to 3,110.78 A gap down in the morning set the lows on the S&P 500 for the day as we then steadily rose the rest of the day making highs near the close.  Overall the data released today was mixed with Retail Sales beating very low expectations, PPI slightly lower than expected and January Empire State Manufacturing better than the previous month but well below expectations.  The Nasdaq was the only major down and with AAPL losing another 2.3% along with the $500’s it is not surprising. Moving higher today to the…