Financial Review

…Nasdaq record high. Amazon and Netflix rebound, sorta. Trump returns from Eurozone, backtracks, and flip flops. J. Powell testifies. Wages slip. Industrial production up. Continental and CSX have earnings beat. MGM hits new level of sleaze. Financial Review by Sinclair Noe for 07-17-2018   DOW + 55 = 25,119 SPX + 11 = 2809 NAS + 49 = 7855 RUT + 8 = 1687 10 Y + .01 = 2.86% OIL – .45 = 67.61 GOLD – 13.00 = 1228.00   The Nasdaq Composite hit a record high. The S&P 500 closed back above 2800, which has proved a tough level of resistance. Amazon hit a record high; they fixed the crash website, took down pictures of sad looking dogs and got back to selling everything under the sun. And they claim they are selling faster than ever; despite the glitch, sales are running ahead of last year’s pace.  Netflix started the day down 14%, which we knew from after-hours trade. Netflix delivered a good earnings report, but revenue and subscription growth missed estimates. Still, Netflix is an incredible earnings story, and so

…Stocks muddle into earnings. IMF goes risk off. Powell to speak. Retail sales bounce. Netflix disappoints. BofA goes mobile. Amazon crashes, with dogs. Trump-Putin summit also a pretty spectacular crash. Financial Review by Sinclair Noe for 07-18-2018 DOW + 44 = 25,064 SPX – 2 = 2798 NAS – 20 = 7805 RUT – 8 = 1678 10 Y + .03 = 2.86 OIL – 3.06 = 67.95 GOLD – 80 = 1241.20   For most of the session the Dow Industrials barely managed to stay in positive territory, while the S&P 500 and the Nasdaq couldn’t quite claw their way out of negative territory.   Of the 30 S&P companies that have reported earnings through Friday, 86.7 percent have topped earnings expectations, above the 75-percent average of the past four quarters. That sounds like a strong start to earnings season, yet stocks were flopping around like a fish out of water. You might wonder if earnings are enough to lift stocks out of their trading range. The market appears to increasingly focus on the sustainability of growth; and with future comparisons

…Nasdaq record; S&P tops 2800. JPMorgan, Citi, and Wells Fargo post earning: good, bad, ugly. Amazon eyes networking; next week – Prime. Mueller indicts 12 Russian officers, days before Trump-Putin summit. Financial Review by Sinclair Noe for 07-13-2018 DOW + 94 = 25,019 SPX + 3 = 2801 NAS + 2 = 7825 RUT – 3 = 1687 10 Y -.02 = 2.83% OIL + .25 = 70.58 GOLD – 5.90 = 1242.00   The S&P 500 is up about 4.5% year to date – nothing to get excited about. The S&P is still trading about 70 points shy of its high in late January, but today it did close above the 2800 barrier. A rally in March stalled at the 2800 level, so today’s close is more than just a round number, it a break above resistance. The top five performing stocks in the S&P 500 so far this year: AMD, Twitter, Tripadvisor, Abiomed, and Netflix. The Nasdaq Composite inched higher but it was good enough for another record high close. Stocks posted strong weekly gains, with the Dow, S&P 500 and Nasdaq all rising more than 1.5 percent. Just over 5 percent of S

…Nasdaq new high. China-US might talk. Powell concerned. CPI inches up; we have inflation. Housing inventory thaws. Broadcom bombs. AT&T-Time Warner appeal. Oops, Papa John did it again. Financial Review by Sinclair Noe for 07-12-2018 DOW + 187 = 24,887 SPX + 19 = 2793 NAS + 92 = 7808 RUT + 6 = 1689 10 Y + .01 = 2.85% OIL – .11 = 70.27 GOLD + 5.90 = 1247.90   Today’s rally pushed the Nasdaq Composite to a new record high. So, yes, much of the leadership in the market is tech related. The Dow is wobbling around breakeven for the year to date. The S&P 500 has only been able to post modest gains. All three indexes posted their fifth gain of the past six sessions. The day’s gains were broad, with 10 of the 11 S&P 500 sectors ending higher on the day. However, the biggest boost came from the information technology sector, which rose 1.8% in its biggest one-day percentage gain since June 1, a rally that took the sector to record levels. Facebook and Amazon, both reached all-time highs. Microsoft and Alphabet also h

…Stocks fall. Trade war heats up. NATO summit – what wall? Senators flake. Oil tumbles – pick a reason. PPI up. Comcast counters. Financial Review by Sinclair Noe for 07-11-2018 DOW – 219 = 24,700 SPX – 19 = 2774 NAS – 42 = 7716 RUT – 11 = 1683 10 Y – .03 = 2.84% OIL – 3.50 = 70.61 GOLD – 14.00 = 1242.00   The 4-day winning streak has snapped. The declines knocked the Dow back to breakeven for the year. That’s a dramatic departure from the Nasdaq, where highflying tech stocks have lifted the index 12% in 2018. Netflix has more than doubled this year, while Amazon has soared 50%. Even the broad S&P 500 is still up by 4%, not great but not down.   Industrial names including Boeing, 3M and Caterpillar, which have been among the hardest hit throughout the recent trade dispute, were among the Dow’s biggest drags today. The small-cap Russell 2000 has a solid 10% gain in 2018. It’s a bet that domestic companies will avoid the brunt of a global trade war. It makes sense that the Dow has been left in the dust. A trade

…Stocks move higher. Earnings season starts with fizz. Goodbye Doughboy. Quits up. Global debt soars. BMW and Tesla to China. Trump to Brussels and UK and Helsinki – what could go wrong? #SavethePolishDog. Try to avoid a 15.4(c) breach. Financial Review by Sinclair Noe for 07-10-2018 DOW + 143 = 24,919 SPX + 9 = 2793 NAS + 3 = 7759 RUT – 8 = 1695 10 Y + .01 = 2.87% OIL + .19 = 74.04 GOLD – 2.20 = 1256.00   Stocks moved higher but it wasn’t a fulsome rally. You could make the argument that you only need to track a handful of stocks. Amazon, Netflix and Microsoft together this year are responsible for 71 percent of S&P 500 returns and for 78 percent of Nasdaq 100 returns. Apple also makes up a large portion of both indexes, contributing 12 percent of both S&P 500 and Nasdaq 100 returns, while Alphabet and Facebook contributed 8 percent to each.     PepsiCo’s shares jumped about 4 percent, for their biggest one-day gain in nearly seven years after the company’s quarterly results topped estimates on strong sales

…Wall Street rallies. Waiting on earnings. Consumer borrowing spikes. Buybacks spike. US-China trade war, history suggests pain. Soft v hard Brexit triggers resignations. The state of oil. Financial Review by Sinclair Noe for 07-09-2018 DOW + 320 = 24,776 SPX + 24 = 2784 NAS + 67 = 7756 RUT + 10 = 1704 10 Y + .03 = 2.86% OIL + .21 = 74.01 GOLD + 2.70 = 1258.20 Wall Street is enjoying a hot start to the month of July. Still, the Dow has just barely managed to move into positive territory for the year to date. And the S&P 500 is up about 3.2% year-to-date. The Russell 2000 index of small caps stocks has posted solid gains of nearly 9% for 2018.   Bank stocks rose at least 2.5 percent, led by Bank of America, Citigroup, Goldman Sachs and J.P. Morgan Chase. The SPDR S&P Bank ETF (KBE) rose 2.3 percent and posted its best day since March 26, when it gained 3.3 percent. JPMorgan Chase, Wells Fargo and Citigroup are scheduled to report results on Friday, kicking off the second-quarter earnings season in earnest.   C

…Stocks stumble into the holiday. Home price climb. Trade war heats up. WTO warns. Fitch warns. US Chamber of Commerce warns. Trump warns NATO allies. China blocks Micron. Facebook coverup. Tesla cuts corners to almost hit target. Oil higher for the holiday. Have a Happy 4th. Financial Review by Sinclair Noe for 07-03-2018 DOW – 132 = 24,174 SPX – 13 = 2713 NAS – 65 = 7502 RUT + 5 = 1660 10 Y – .03 = 2.83% OIL + .20 = 74.14 GOLD + 10.80 = 1253.30   Stocks started in positive territory but could not hold the gains, even for a holiday shortened session. U.S. financial markets will be closed July 4, in observance of Independence Day. Other global markets will operate on a normal schedule. This week marks the beginning of a new month, new quarter and the start of the second half of the year. U.S. equity markets will enter the second half with paltry gains based on recent history, as the S&P 500 is up less than 2% since the start of the year, and the Dow Industrial Average is in negative territory year-to-date. Re

Timothy Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee. The post Timothy Fiore – ISM Manufacturing appeared first on Eat the Bankers.com.

…Halfway through 2018 – Down down, S&P modest gain, Nasdaq good. Nike hits record. Banks rally. Inflation hits Fed’s target. Kudlow wrong. Trade tensions heat up next week. Financial Review by Sinclair Noe for 06-29-2018 DOW + 55 = 24,271 SPX + 2 = 2718 NAS + 6 = 7510 RUT – 1 = 1643 10Y un = 2.85% OIL + .91 = 74.36 GOLD + 4.40 = 1253.40   Halftime. And a small rally to finish out the first half and the second quarter. Stocks started the session with solid gains, the Dow was up about 290 points in the morning, and managed to hang on to a modest gain. The Nasdaq dropped 2.4 percent for the week, its worst weekly performance in three months, while the Dow and S&P 500 fell at 1.3 percent each. The Russell 2000, meanwhile, dropped more than 2 percent. The S&P 500 is up 1.7 percent this year, while the Dow is down 1.8 percent, marking its worst first-half performance since 2010. Meanwhile, the Nasdaq and the small-caps Russell 2000 have outperformed with gains of 8.8 percent and 7.1 percent.   The Dow Jones Industr

..1Q GDP trimmed. It averages out. Stress Test and a parade of dividends. Amazon disrupts: pharmacies, and deliveries. Foxconn breaks ground. Financial Review by Sinclair Noe for 06-28-2018 DOW + 98 = 24,216 SPX + 16 = 2716 NAS + 58 = 7503 RUT + 4 = 1645 10 Y + .02 = 2.85% OIL + .52 = 73.28 GOLD – 3.60 = 1249.00   The Dow Transports briefly fell into correction territory today, and the Dow Industrials are trading below their 200-day average. For the week, the Dow is off 1.5%, the S&P has lost 1.6%, and the Nasdaq has lost 2.7%. For the second quarter, the Dow is up 0.4%, the S&P has gained 2.7%, and the Nasdaq is up 5.9%. For 2018, the Dow has lost 2.1%, the S&P has gained 1.6%, and the Nasdaq has surged 8.4% on the back of steep gains in large-capitalization technology and internet companies. Stocks are exiting the weakest first half year performance for the S&P 500 in three years. And while the second half of the year, a mid-term election year at that, promises volatility, we might see a little rally to sta

…Stocks rally then choke. Justice Kennedy will retire. SCOTUS rules against fair share for unions. Apple and Samsung settle. Disney cleared for Fox. Conagra-Pinnacle seek to control your freezer. Financial Review by Sinclair Noe for 06-27-2018 DOW – 165 = 24,117 SPX – 23 = 2699 NAS – 116 = 7445 RUT – 28 = 2640 10 Y – .05 = 2.83% OIL + 1.77 = 72.30 GOLD – 7.00 = 1252.60   This was a very discouraging trading session. The Dow Industrials started with a rally, up about 285 points in the first hour of trade this morning. And then it rolled over. That’s a 450-point swing from high to close. That retreat represents the largest turnaround lower for the Dow since Feb. 21, when the gauge rose 303.24 points to end down 166.97 points. The 200-day moving average is at 24,303. The Dow broke this critical level of support on Monday, managed a minor rally yesterday, followed by a confirming selloff today. The Dow has been sliding for the better part of the past 2 weeks; down about 1,300 from the high on June 11.   The S&P 5

…Stocks rebound a little. Backstepping on trade. Crude pops over $70. Financials stumble. Creeping toward inversion. Consumers optimistic. SCOTUS upholds travel ban because it’s not as bad as it was. Fiduciary rule dies. AMLO odds-on. Financial Review by Sinclair Noe for 06-26-2018 DOW + 30 = 24,283 SPX + 5 = 2723 NAS + 29 = 7561 RUT + 10 = 1667 10 Y un 2.88% OIL + 2.38 = 70.46 GOLD – 6.50 = 1259.60 Stocks bounced back from a nasty selloff yesterday, but the bounce didn’t have much zip. The Dow Industrials never shifted out of first gear, but it managed to grind its way back above the 200-day moving average at 24,280. We’ll have to see if that support level holds. The Russell 2000 index performed well, indicating that the market is still jittery over trade wars. And the Nasdaq posted a decent gain, with tech shares moving higher and Apple leading the way with a 1.2 percent gain, breaking a 3-day skid.  Yesterday’s selloff was partly sparked by elevated hostilities centered on global trade and fresh worries th

…Trade talk heats up, stocks slammed. Harley not made in America? Flake and Corker try for a jailbreak. SCOTUS backs Amex, and gerrymandering. Toys R Us r gone. GE shrinks from Dow. Financial Review by Sinclair Noe for 06-25-2018 DOW – 328 = 24,252 SPX – 37 = 2717 NAS – 160 = 7532 RUT – 28 = 1657 10 Y – .03 =2.88% OIL – .39 = 68.19 GOLD – 3.80 = 1266.10   Trump is ratcheting up his threats to slap levies on imports from around the globe. On Sunday he tweeted that “all countries” will face new tariffs if they don’t lower their own trade barriers. On Friday, Trump threatened to impose 20% tariffs on European cars in response to the EU’s decision to impose 25% tariffs on more than $3 billion worth of U.S. goods as retaliation for U.S. tariffs on steel and aluminum that the Trump administration put into effect on June 1. Trump has already warned China that the U.S. will seek additional tit-for-tat tariffs on Chinese exports if China slaps retaliatory tariffs of its own on U.S. exports. The Wall Street Journal rep

…Stocks finish a bad week. Russell rebalanced. EU tariffs hit. Euro cars next to take a hit? OPEC increases production but not by much. SCOTUS: get a warrant for cell pinpointing. Banks pass stress test. Bitcoin bust. Blazer hecho en Mexico. Financial Review by Sinclair Noe for 06-22-2018 DOW + 119 = 24, 580 SPX + 5 = 2754 NAS – 20 = 7692 RUT – 3 = 1685 10 Y un = 2,90% OIL + 3.74 = 69.28 GOLD + 2.00 = 1269.90   The major indices flipped roles today, with the Dow and the S&P 500 up while the Nasdaq and the Russell 2000 slipped. This was a rough week for the market but tech companies, specifically the FAANGs had been performing well and providing leadership, and the small cap, domestic companies in the Russell 2000 offered a defensive play compared to the large multi-nationals in the Dow. The trade disputes pushed the Dow Jones index lower for the past eight sessions as big industrial companies such as Boeing and Caterpillar have weighed on the index and put it on pace for its worst weekly performance in 13 wee

…Losing streak stretches. EU launches retaliatory tariffs. SCOTUS rules on online tax. Krzanich out at Intel. OPEC meets to ponder output. Financial Review by Sinclair Noe for 06-21-2018 DOW – 196 = 24,461 SPX – 17 = 2749 NAS – 68 = 7712 RUT – 18 = 1688 10 Y – .03 = 2.90% OIL + .13 = 65.84 GOLD – .70 = 1267.90   The Dow Industrials posted its 8th straight losing session, the longest streak since March 2017. The Dow is now negative year-to-date. The S&P 500 declined 0.6 percent as energy shares fell 1.9 percent.The Nasdaq composite pulled back 0.9 percent erasing earlier gains, led by declines in Amazon and Alphabet. The Nasdaq reached record highs earlier in the week, but is down 0.4 percent week to date. Meanwhile, the Dow and S&P 500 are down 2.5 percent and 1.1 percent, respectively, for the week. Auto makers fell, with General Motors, Ford and Fiat Chrysler all sliding at least 1.5 percent. The move lower followed a profit warning from German car manufacturer Daimler, which said its bottom line could be a

…Dow drops again. Nasdaq and Russell 2K hit record highs. FAANGs lead. Trade war exposure. OPEC could benefit. Family separation policy ends. Fed’s Powell concerned about trade. Existing home sales dip. Disney ups bid for 21st Century Fox. Financial Review by Sinclair Noe for 06-20-2018 DOW – 42= 24,657 SPX + 4 = 2767 NAS + 55 = 7781 RUT + 13 = 1706 10 Y + .03 = 2.93% OIL + .84 = 65.91 GOLD – 6.80 = 1268.60   The Dow Industrial Average opened in positive territory but then turned negative in the first half hour of trade, going on to post the 7th consecutive loss in a row.  Yesterday, the Dow moved into negative territy for the year to date. The S&P 500 edged higher along with the Nasdaq, with technology shares providing support. The Russell 2000 index of small-capitalization stocks rose to an all-time high. The Russell has outperformed other indexes of late, in part due to the higher domestic focus of its components, which insulates it from trade uncertainty. The Nasdaq closed at a record high. The Trump admi

…Dow down year-to-date. Trade wars escalate. How it could play out. Senate squashes ZTE deal. Another cut to Obamacare. FedEx and Oracle beat earnings. Starbucks sales slip. GE booted from Dow. Financial Review by Sinclair Noe for 06-19-2018 DOW – 287 = 24,700 SPX – 11 = 2762 NAS – 21 = 7725 RUT + 0.98 = 1693 10 Y – .03 = 2.89% OIL + .07 = 65.14 GOLD – 3.50 = 1275.40   The Dow Industrial Average has now dropped for six consecutive sessions, the longest losing streak since March 2017. The Dow has now lost all gains for 2018. The small-cap Russell 2000 index, whose components are more domestically focused than large-cap companies, edged up by just a fraction. The only groups in positive territory were utilities, telecommunications, real estate, and consumer staples, all of which are seen as defensive groups. Materials and industrials stocks, both of which have an outsize impact to trade uncertainty, both tumbled 2%. Shares of Boeing, which has been a proxy for trade-war tensions with China, fell 3.8 percent, we

…Stocks waver on trade concerns. What makes the list. Home-builders slip. Still, the economy is fairly strong. Ford buys a train station. Financial Review by Sinclair Noe for 06-18-2018 DOW – 103 = 24,987 SPX – 5 = 2773 NAS + 0.64 = 7747 RUT + 8 = 1692 10 Y un = 2.93% OIL + .72 = 65.78 GOLD – 1.00 = 1278.90   Stocks closed lower but not at session lows. The Dow had been down 265 points in early trade and even though it recovered more than half, it could not avoid a fifth consecutive losing session. The S&P 500 index clawed out of a 22-point loss. The Nasdaq went from negative to positive. The Dow is up 0.8% for the year, while the S&P has gained 3.6%; both remain a few percentage points below record levels. The Nasdaq is up 12% for the year and is just below an all-time closing high hit Thursday. Today, gains in energy shares helped curb declines stemming from concerns about a trade war with China. Trump said last week he was pushing ahead with tariffs on $50 billion of Chinese imports. China announced simila

…$50 billion in tariffs on Chinese goods. Trade war launched.  Manafort in jail, likely to flip; maybe Cohen, too. Financial Review by Sinclair Noe for 06-15-2018 DOW – 84 = 25,090 SPX – 2 = 2779 NAS – 14 = 7746 RUT – 0.82 = 1683 10 Y – .02 = 2.92% OIL – 2.57 = 64.32 GOLD – 23.00 = 1279.90   It’s a trade war. At least that’s what China is calling it. Stock market investors are starting to think it’s more than posturing. The day’s losses were concentrated in the Dow Jones Industrial Average, which has outsize exposure to the kind of multinationals that are the most correlated to trade issues. While the S&P 500 turned lower for the week with the day’s decline, the Nasdaq remained near the record it closed at yesterday.   In March, Trump announced plans for at least $50 billion in tariffs over longstanding concerns about China’s unfair trade policies that required U.S. companies to transfer technology to China’s domestic businesses, as well as the theft of trade secrets. Then in April, the administration provide