US Retreats, Europe Rallies Amid a Flurry of Economic Reports
Coming off two days of gains, upward momentum in US markets appears to be slowing ahead of tomorrow’s Independence Day holiday. US index futures are trading flat to down slightly. US ADP private sector payrolls coming in below expectations (150K vs street 160K) has not been helping sentiment. In other employment related news, Challenger layoffs […]
Stocks Drift Back Ahead of Powell Speech
US index futures are down 0.3%-0.5% this morning, giving back much of yesterday’s 0.1%-0.8% US major index gains. Traders should note that even yesterday, gains appear to have once again been concentrated in large cap technology stocks as the NASDAQ rose 0.8%, while the small cap Russell 2000 fell by 0.8% Over in Europe this […]
US Investors Celebrate Juneteenth and a New High for the S&P 500
US markets are closed today for the Juneteenth holiday. Traders there went into the holiday in a celebratory mood with the S&P 500 reaching a new all-time high and Nvidia’s* (NVDA) market cap surpassing Microsoft* (MSFT) for the first time. Currently, US index futures are quiet but positive trading flat to up 0.2%. Over in […]
US Retail Sales Slump Suggests a Slowing Economy
Between yesterday’s US index gains of 0.5%-1.0% and tomorrow’s Juneteenth US holiday, US index futures are consolidating this morning, trading flat to up 0.2%. Overseas markets have also been on the rise with Milan, Sydney and Tokyo posting gains of over 1.0% with London and Paris up 0.4% and Frankfurt up 0.2%. US retail sales […]
Overseas Markets Rally on US Holiday
The US being closed for the Memorial Day has not stopped traders overseas from getting the week off to a strong start. Asia Pacific markets rallied overnight including gains of 1.1% for the Hang Seng and 0.7% for the Nikkei. In Europe this morning, the Dax is up 0.1% and the FTSE is down 0.2%. […]
Dow 40,000 and Wal-Mart Earnings
US indexes rallied 0.8%-1.4% yesterday sending the S&P 500 to a new all-time high. This morning, US index futures are consolidating their gains and Dow futures have climbed above 40,000. European action is mixed with the Dax down 0.3% and the FTSE up 0.1%. Asia Pacific trading was positive with Tokyo, Sydney, and Hong Kong […]
Stocks Attempt To Rebound From a Stagflation Selloff
This week’s worse than expected US inflation data and retail sales report, which suggested an emerging period of stagflation (high inflation and low economic growth) appears to have rattled momentum investors and dampened risk appetite. While headline US indices fell about 0.3% yesterday, some the highest-flying sectors year to date like Semiconductors and Homebuilders were […]