|Day's range||25,101.12 - 25,215.32|
|52-week range||21,496.13 - 26,616.71|
Global stock markets were drifting lower Thursday as investors awaited further moves in global trade disputes with the U.S. mulling whether to impose new tariffs on autos and auto parts. Its trading partners ...
SEOUL, South Korea (AP) — Asian stock markets were drifting Thursday in mixed trading as investors awaited further moves in global trade disputes.
The Dow Jones Industrial Average rose for a fifth day in a row, while the S&P 500 continued its assault on 2900. •...highlight the downgrade that sent Clorox (CLX) tumbling. The S&P 500 rose 0.2% to 2815.62 today, while the Dow Jones Industrial Average gained 79.40 points, or 0.2%, to 25,199.29.
On a day stocks rose on optimism over earnings and the economy, United Continental reported strong profit growth and Cara Therapeutics announced a secondary offering.
Big gains for banks and for transportation companies like airlines and railroads took U.S. stock indexes slightly higher Wednesday. Other parts of the market didn't move much.
Want to know why the Dow Jones Industrial Average is doing what it's doing? 2:53 p.m. The markets seem to have shrugged off all tariff-related headlines for now, but the question still looms for investors: How damaging will a full-scale trade war be? Torsten Sløk, the chief international economist at Deutsche Bank, notes “The reason it is so difficult to quantify the effects of a tariff-driven trade war is that the impact depends on how volumes and prices will react to higher tariffs.” Indeed, it seems almost impossible to predict how consumers and other end users will react when prices of solar panels, for instance, or cars, or soybeans move higher, Sløk writes.
In the previous part of this series, we saw that fund managers have turned more positive on equities in the United States. According to a BAML (Bank of America Merrill Lynch) survey in July, FAANG plus BAT was identified as the most crowded trade for the sixth consecutive month, cited by 53% of respondents. BAML also said that this was the most crowded trade since the long US dollar in 2015.
American Express will report earnings after the close. The Street estimates Q2 earnings will rise 24% to $1.82 a share. Revenue growth is pegged at 21%.
•...are all agog on Norwegian Cruise Line Holdings' (NCLH) stock. Stocks are in the green so far Wednesday, with the Dow gaining 0.4% to 25,210.81, while S&P 500 has climbed 0.2% to 2817.00. Markets are scaling the "wall of worry," noted Raymond James analyst Andrew Adams, pointing out that it's not just Facebook (FB), Apple (AAPL), Amazon.com (AMZN), Netflix (NFLX), and Alphabet (GOOGL) or the Faangs doing all the lifting. Jeremy Grantham's renowned asset management firm GMO in February forecast negative 2.2% annualized returns for U.S. large-cap stocks over the next seven years and 1.8% from U.S. bonds.
BAML (Bank of America Merrill Lynch) conducted a survey that polled 178 global investors with $663 billion in assets under management from July 6–12. According to the survey, fund managers are turning increasingly bearish on corporate and economic performance prospects.
The Dow Jones Industrial Average has struggled for five months to hold onto gains past 25,000. Economist Dennis Gartman says 30,000 is the real milestone to watch. “If these past 6.5 months are indeed going to prove to have been a consolidation phase, then huge gains, perhaps sufficient to carry the Dow to 30,000" are “technically possible,” Gartman said in the letter Wednesday.
According to data provided by the United States Census Bureau, US retail sales rose strongly in June and met market expectations. It stood at 0.5% in June compared to a 0.8% rise in May, and it beat the market expectations of a 0.5% increase.
After gaining for two consecutive trading weeks, the S&P 500 started this week on a mixed note by losing momentum on Monday. Carrying forward the weakness, the S&P 500 opened lower on July 17. However, the S&P 500 regained strength as the day progressed and closed at 5.5-month high price levels.
World markets mostly rose Wednesday, spurred by the U.S. Federal Reserve's positive assessment of the U.S. economy and signs that industrial production is steady. KEEPING SCORE: Germany's DAX added 0.7 ...
Powell’s speech with the semiannual report in the U.S. Congress contained an optimistic view on the economic outlook. Such a tone has reduced fears that trade wars will negatively affect economic valuations.
SINGAPORE (AP) — Asian markets climbed higher on Wednesday as a sweep of positive news from Wall Street and beyond boosted confidence in the U.S. economy.
On a day stocks climbed following optimistic comments by the chairman of the Federal Reserve, Netflix reported disappointing subscriber additions, and Johnson & Johnson rose on strong pharmaceuticals sales.
Stocks notched another day of gains on Tuesday, on a day when there was little in the way of market-moving news. The Dow Jones Industrial Average gained 55.53 points, or 0.22%, to 25,119.89, while the S&P 500 is up 11.12 points, or 0.40%, to 2809.55 and the Nasdaq Composite added 49.40 points, or 0.63%, to 7855.12. Part of it may have been a "no news is good news," sort of mentality, as Federal Reserve Chief Jerome Powell's dry testimony before the Senate Banking Committee seemed to indicate that the Central Bank was committed to staying the course and markets largely shrugged off earnings reports on a relatively quiet day.
•...explain why Charles Schwab (SCHW) is up nearly 4% and why Omnicom Group (OMC) is down more than 7% (hint:earnings). Stocks have gotten a small boost on an otherwise nowhere-going day on Chairman Powell's testimony. "Fed Chair Powell was as uneventful as can be. Usually, the markets hang on every word and look to the commentary for direction, but today was not that day–most likely, because investors have heard it all before or, as Chuck Butler, editor of A Pfennig For Your Thoughts, puts it: "The economy is robust, unemployment is down, yadda, yadda, yadda..." While Chairman Powell's "businesslike" tone was a departure from previous leadership, Michael Shaoul of Marketfield Asset Management noted that Powell's speech added little to policy.
Financial stocks jumped on Monday although the broader market struggled, as impressive economic data and quarterly results failed to boost investors??? confidence.
Based on the early trade, the direction of the September E-mini Dow Jones Industrial Average futures contract is likely to be determined by trader reaction to the downtrending Gann angle at 25018. Watch the price action and read the order flow at 25018 all session. Investor reaction to this angle will tell us if the buying or the selling is getting stronger.