Category Archives: Economy/Stock Market

Indices closed trading with mixed moves on Monday as the Dow Jones Industrial Average and S&P 500 ended fractionally in the red while the NASDAQ posted slight gains. Energy brands led the S&P lower while West Texas Intermediate crude oil slipped 3.52% to settle at $46.81 a barrel. Stocks gained on a lift in crude oil and other news to close in green territory on Tuesday. West Texas Intermediate crude settled at $48.01 a barrel, while the Commerce Department data showed 654,000 new homes sold in July versus forecasts of 581,000. The stock retreat returned on Wednesday. Energy Information Administration data showed a gain of 2.5 million barrels in reserves over the past week, versus expectations of a lesser uptick of 200,000 barrels, resulting in oil trading lower. The dip continued through Thursday as investors’ attention was on the Federal Reserve’s annual Jackson Hole meeting. Friday’s session ended mixed. Both the Dow and S&P shaved some points while the NASDAQ closed in green territory. Moves were mixed in the wake of Federal Reserve comments. In a speech at the Economic Policy Symposium in Jackson Hole, Wyoming, Fed Chair Janet Yellen said, “The U.S. economy has strengthened to the point where another rate hike will soon be warranted.” According to the second estimate from the Bureau of Economic Analysis, real Gross Domestic Product ticked up 1.1% in the second quarter, just shy of the 1.2% advance estimate. On another note, consumer confidence slipped slightly in August. The University of Michigan Consumer Sentiment Survey shed 0.2 point to 89.8 from 90 in July. Results fell short of an expected reading of 91.

The week started out strong with the major indices closing at all-time record highs on Monday. Stocks rallied on a lift in crude oil, as West Texas Intermediate crude added 3.19% to settle at $45.91 a barrel. The record setting did not last long as the market landed in red territory on Tuesday when stocks traded lower on the release of a variety of economic news. The Consumer Price Index was unchanged last month following four straight months of gains. The core CPI, which discounts food and energy, edged up 0.1% which was slightly shy of expectations. On another note, residential construction levels ticked up in July. Total housing starts climbed 2.1% and are up by 5.6% from July 2015. Industrial production increased by 0.7% in July, exceeding consensus expectations. Stocks experienced turbulent trading midweek following the release of the minutes from the July Federal Reserve meeting; however, the market still closed with gains on Wednesday. Comments from the Federal Open Market Committee revealed a split opinion on when to next increase interest rates. Energy Information Administration data showed a downswing of 2.5 million barrels in U.S. reserves over the week ended August 12. The result was well beyond an expected decline of 200,000 barrels. The news pushed West Texas Intermediate crude up to settle at $46.79 a barrel. The markets were mixed most of Thursday, but closed the day down, likely because of the lack of guidance from the Fed on Wednesday about the future of interest rates. Indices closed in the red zone on Friday, rebounding from early losses to end marginally lower. West Texas Intermediate crude added 0.35% to settle at $48.39 a barrel.

The market closed in red territory on Monday, with Healthcare stocks trading lower while Energy stocks stepped up. In mergers and acquisitions news, Wal-Mart Stores Inc. has agreed to acquire e-commerce startup Jet.com for $3.3 billion. The deal includes $3 billion in cash and $300 million in shares to be paid over time. Trading closed slightly in the green zone on Tuesday. Bureau of Labor Statistics data showed productivity dipped by 0.5% versus expectations of 0.5% growth. Additionally, West Texas Intermediate crude oil shed 0.6% today to settle at $42.77 a barrel. Indices were down on Wednesday as the Financial and Energy sectors led the S&P 500 lower. Meanwhile, crude traded lower on Energy Information Administration figures showing reserves increased by 1.1 million in the past week versus expectations of a decline of one million barrels. Dow Jones Industrial Average, S&P 500 and NASDAQ ramped up to all-time record highs on Thursday. A jump in crude oil and positive retailer news propelled the session. West Texas Intermediate crude ticked up 4.08% today to settle at $43.41 a barrel. On another note, Labor Department data showed new claims fell by 1,000 to 266,000 versus expectations of a decline to 265,000. Trading ended with mixed moves on Friday as the Dow and S&P 500 shed some points while the NASDAQ reached a new all-time record high. Moves were mixed on a variety of economic news. Retail sales levels were unchanged in July. June’s increase was upwardly revised from 0.6% to 0.8%. Meanwhile, consumer confidence is up this month. In a preliminary reading for August, the University of Michigan’s consumer sentiment index gained a 0.4 point, hitting 90.4. Looking elsewhere, producer prices retreated in July. The Producer Price Index for final demand dipped 0.4%. The core PPI, which excludes food and energy, was unchanged for the second straight month.

The week started out with mixed moves as the Dow and S&P 500 closed Monday in the red while the NASDAQ added gains. Major Energy brands retreated on news of increased crude oil inventories. Similarly, West Texas Intermediate crude oil slipped 3.9% to settle at $39.99 a barrel. The Institute for Supply Management’s Manufacturing Index fell by 0.6 point to 52.6, but despite the decrease, production ticked up and new orders held on to most of June’s gain. The indices fell fully into the red on Tuesday as oil prices weighed on the market. Crude oil shed 1.4%, settling at $39.51 a barrel. U.S. consumer spending rose 0.4% in June versus expectations of a 0.3% increase. Additionally, personal income edged up 0.2% for the same month, versus an expected 0.3% uptick. Stocks stepped up Wednesday on rebounding oil and other economic news. West Texas Intermediate crude tacked on 4.05% to settle at $41.11 a barrel. The Institute for Supply Management’s Non-Manufacturing Index registered a reading of 55.5, down from 56.5 in June. Results were mixed the following day as stocks traded relatively flat ahead of the July payroll report. Labor Department data showed initial jobless claims increased by 3,000 to 269,000 last week versus expectations of a dip to 263,000. Continuing claims decreased by 6,000 to 2.138 million in the week ended July 23. Indices closed Friday’s trading session in the green zone with the S&P 500 and NASDAQ hitting all-time high levels. Labor Department data showed the U.S. economy added 255,000 jobs in July versus an expected addition of 185,000. The unemployment rate held steady at 4.9% versus an expected decrease to 4.8%. Meanwhile, June’s numbers were upwardly revised to 292,000 from 287,000. 

Stocks closed Monday with mixed results on a slip in crude oil and anticipation of the Federal Reserve’s July meeting. Energy sector stocks led the way down. Tuesday, a handful of disappointing earnings brought the Dow Jones Industrial Average down. With nearly a third of the S&P 500 companies having reported quarterly results, earnings are on track to contract 4.5% in the second quarter from the prior year. Mixed moves continued mid-week with the Dow and S&P 500 shedding points while the NASDAQ landed in the green zone. U.S. stocks were little changed after the Federal Reserve held short-term interest rates steady. On Thursday, the Dow shed some points while the S&P 500 and NASDAQ closed with slight gains. Initial jobless claims ramped up last week as the Labor Department reported new claims increased by 14,000 to 266,000. Continuing claims climbed 7,000 to 2.139 million in the week ended July 16. In Friday’s mixed results, the Dow shed some points while the S&P 500 and NASDAQ added gains. West Texas Intermediate crude oil tacked on 1.1% to settle at $41.60 a barrel. Also on Friday, University of Michigan Consumer Sentiment Survey declined for July, shedding 3.5 points for a reading of 90, marking a three-month low. Additionally, the advanced reading for second quarter GDP disappointed, rising just 1.2% compared to consensus estimates of 2.6%. Overall, the S&P closed the week down 0.05% while the Dow lost 0.75% and the NASDAQ gained 1.23% for the week.

Stocks closed Monday with mixed results on a slip in crude oil and anticipation of the Federal Reserve’s July meeting. Energy sector stocks led the way down. Tuesday, a handful of disappointing earnings brought the Dow Jones Industrial Average down. With nearly a third of the S&P 500 companies having reported quarterly results, earnings are on track to contract 4.5% in the second quarter from the prior year. Mixed moves continued mid-week with the Dow and S&P 500 shedding points while the NASDAQ landed in the green zone. U.S. stocks were little changed after the Federal Reserve held short-term interest rates steady. On Thursday, the Dow shed some points while the S&P 500 and NASDAQ closed with slight gains. Initial jobless claims ramped up last week as the Labor Department reported new claims increased by 14,000 to 266,000. Continuing claims climbed 7,000 to 2.139 million in the week ended July 16. In Friday’s mixed results, the Dow shed some points while the S&P 500 and NASDAQ added gains. West Texas Intermediate crude oil tacked on 1.1% to settle at $41.60 a barrel. Also on Friday, University of Michigan Consumer Sentiment Survey declined for July, shedding 3.5 points for a reading of 90, marking a three-month low. Additionally, the advanced reading for second quarter GDP disappointed, rising just 1.2% compared to consensus estimates of 2.6%. Overall, the S&P closed the week down 0.05% while the Dow lost 0.75% and the NASDAQ gained 1.23% for the week.

Indices kicked off the week closing at new record highs on Monday, thanks in part to strong performance in Technology and M&A action. The following day, indices closed the session with mixed moves. The Dow hit a new record level while the S&P 500 and NASDAQ shed some points. West Texas Intermediate crude oil fell 1.3 percent to settle at $44.65 a barrel. In other news, Commerce Department numbers showed housing starts ramped up in June with new construction ticking up 4.8% to an annual rate of 1.19 million units, versus expectations of 1.17 million units. The Dow closed at a record high level on Wednesday on better-than-expected quarterly figures from Technology companies. The rally ended on Thursday with the three major indices closing in the red zone. National Association of Realtors data showed existing home sales ticked up 1.1% to an annual rate of 5.57 million units in June, versus economist expectations of 5.47 million units. Results returned to green on Friday with the S&P 500 closing at a record high level, despite West Texas Intermediate crude oil shedding 3.8% to settle at $44.19 a barrel. 

The S&P 500 Index hit its first record high in more than a year on Monday, as stocks traded well into the green zone as a result of stronger-than-expected employment numbers for June. Earnings season kicked off after the closing bell. On Tuesday, the Dow Jones Industrial Average and S&P 500 hit new record heights, and Energy stocks gained on a jump in crude oil. West Texas Intermediate crude tacked on 4.6% to settle at $46.77 a barrel. Indices closed with mixed moves on Wednesday. The Dow and S&P 500 posted marginal gains to close at new record levels once again, while the NASDAQ shed some points. Moves were mixed amid a variety of economic news. West Texas Intermediate crude oil slipped 3.85% to settle at $45 a barrel, likely causing Energy stocks to trade lower. Details released from the Federal Reserve’s Beige Book report showed economic activity increased at a modest rate since mid-May amid slight price pressures and a small decline in consumer spending. Indices closed trading with gains on Thursday with crude oil rebounding from Wednesday’s downswing. Elsewhere, initial jobless claims held steady last week, as Labor Department data showed new claims remained at an addition of 254,000 for a second week straight. Additionally, continuing claims increased by 32,000 to 2.149 million in the week ended July 2, 2016. The markets closed with mixed moves on Friday. The Dow hit a new record while the S&P 500 and NASDAQ ended fractionally in the red for the session. West Texas Intermediate crude oil settled at $45.99 a barrel. In economic news, retail sales jumped up by an unexpected 0.6% in June. Economists had expected a lesser 0.1% gain. Advances at home-improvement and garden retailers led the ascent.

The markets opened the week finishing to the down side on Tuesday after the Independence Day holiday on Monday. Energy stocks sold off amid retreating crude oil prices. West Texas Intermediate crude oil shed 4.9% to settle at $46.60 a barrel. In economic news, U.S. factory orders decreased by one percent in May, versus economist expectations of a 0.8 percent drop. The markets rebounded from early low levels on Wednesday to close in the green zone. Stocks gained on the release of minutes from the last Federal Reserve meeting as well as a variety of other economic news. Services industry activity increased in June. The ISM Services Index hit 56.5, up from 52.9 in May. The results exceeded expectations of a reading of 53.3. Additionally, the trade gap ticked up in May as the U.S. trade deficit rose to $41.1 billion from $37.4 billion in April. Indices were mixed on Thursday, with the Dow Jones Industrial Average and S&P 500 indices rebounded from session lows to land slightly in the red while the NASDAQ stepped up. West Texas Intermediate crude oil shed 4.9% settling at $45.09 a barrel. Department figures showed initial jobless claims fell by 16,000 to 254,000 last week. The markets ramped up on Friday with stocks gaining on favorable employment data for June. Labor Department figures showed an addition of 287,000 jobs versus expectations of 175,000. The unemployment rate ticked up to 4.9% from 4.7% in May as a result of more people entering the work force. The markets are looking ahead to next week when earnings season kicks off on Monday.

Indices closed in green territory on Monday, even though several stocks finished off peak levels as momentum faded in the late afternoon. West Texas Intermediate crude oil tacked on 2.5% to settle at $49.19 a barrel. Stocks continued to trade into the green zone on Tuesday with Technology stocks leading the way. The positive moves came in anticipation of Federal Reserve Chair Janet Yellen’s semiannual testimony before the House Financial Services Committee in Washington. Midweek, investors proceeded with caution ahead of the Brexit referendum vote, when U.K. citizens would vote on whether to leave the European Union. Existing home sales ticked up in May with sales increasing by 1.8% from April’s revised level and also up by 4.5% from May 2015. On another note, crude oil took a breather amid a smaller-than-expected decrease in inventories. Energy Information Administration data showed reserves dipped by 900,000 barrels over the past week versus an expected decline of 1.7 million barrels. West Texas Intermediate crude oil shed 1.4% today to settle at $49.13 a barrel. The markets closed on a positive note on Thursday with Financial and Energy companies leading the way ahead of the final count of the Brexit referendum vote in the U.K. Labor Department data showed initial jobless claims decreased last week, dipping by 18,000 to 259,000, versus expectations of 270,000. Additionally, new home sales declined in May as Commerce Department figures showed sales fell by 6% to a 551,000 annualized rate versus 586,000 in April. On Friday, stocks sold off on news of the Brexit voting results. The pro-exit vote weighed on the U.S. financial markets and oil prices. West Texas Intermediate crude oil shed 4.9% to settle at $47.64 a barrel. Consumer confidence dipped in June, with a final measure of 93.5, down 0.8 point from the preliminary reading, and 1.2 points off of May’s result.