30 Jul 2018

Daily Market View

     

Daily Market View

Monday, July 30, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25408 2817.25 7300.25
-0.30% -0.66% -1.46%

U.S stock indexes were lower on Friday as weak earnings reports from Intel and Twitter dragged on the technology sector and as healthcare stocks were pressured by a clutch of disappointing earnings. Intel sank 8.9 percent after its fast-growing data center business missed estimates amid faced stiff rivalry from Advanced Micro Devices. AMD rose 0.7 percent. Twitter’s shares plunged 19.4 percent after reporting fewer-than-expected monthly active users and warning of further drops as it deletes phony accounts. The technology sector fell 2.48 percent, the most among the major S&P sectors. Microsoft and Google’s parent Alphabet fell 2.9 percent and 3 percent, respectively. Both companies had reported upbeat quarterly results in the past two weeks. The U.S. economy grew at a 4.1 percent annualized rate in the second quarter, its fastest pace in nearly four years, the Commerce Department said, on higher consumer spending and rushed soybeans shipments to China to beat tariffs.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

jul

Switzerland KOF Leading Indicator 07:00 101.5 101.7

jun

U.K Net Consumer Credit 08:30 1.4b 1.4b

jun

U.K Net Lending Sec. on Dwellings 08:30 4.0b 3.9b

jun

U.K Mortgage Approvals 08:30 65.5k 64.5k

jul

Euro-Zone Economic Confidence 09:00 112.0 112.3

jul

Euro-Zone Consumer Confidence 09:00 -0.6 -0.6

jul

German Consumer Price Index (YoY) 12:00 2.1% 2.1%

jun

U.S Pending Home Sales (YoY) 14:00   -2.8%

jul

U.K GfK Consumer Confidence 23:01 -9 -9
Dow Jones Industrial Average

The Dow Jones Industrial Average declined 0.30% on Friday. The best performers of the session on the Dow Jones Industrial Average were Chevron Corp, which rose 1.63% or 2.02 points to trade at 125.97 at the close. Meanwhile, Walgreens Boots Alliance Inc. added 1.63% or 1.10 points to end at 68.64 and Verizon Communications Inc. was up 1.62% or 0.83 points to 52.01 in late trade. The worst performers of the session were Intel Corporation, which fell 8.59% or 4.48 points to trade at 47.68 at the close. Exxon Mobil Corp declined 2.75% or 2.32 points to end at 81.92 and Cisco Systems Inc. was down 2.21% or 0.96 points to 42.57.

 

 

 

NASDAQ 100

The tech heavy NASDAQ index lost 1.46% on Friday. The top performers on the NASDAQ Composite were SSLJ.com Ltd Class A which rose 125.79% to 1.3500, Biostar Pharmaceuticals Inc. which was up 36.69% to settle at 2.3100 and Wilhelmina which unchanged 0.00% to close at 6.85. The worst performers were Helios and Matheson Analytics Inc. which was down 70.72% to 2.000 in late trade, Tonix Pharmaceuticals Holding Corp which lost 65.82% to settle at 1.350 and Genprex Inc. which was down 54.58% to 3.1700 at the close.

 

 

Oil

Oil prices fell on Friday, weighed down by a drop in the U.S. equities market, but Brent still marked a weekly increase, supported by easing trade tensions and a temporary shutdown by Saudi Arabia of a key crude oil shipping lane. U.S. West Texas Intermediate (WTI) crude futures fell 92 cents to settle at $68.69 a barrel, and marked the fourth week of declines, falling about 2.4 percent. Depressing oil prices, U.S. stock markets broadly fell on Friday. Crude futures at times track with equities. The oil market largely brushed off government data on Friday that said the U.S. economy grew in the second quarter at its fastest pace in nearly four years. U.S. energy companies added three oil rigs in the week to July 27, the first time in the past three weeks that drillers have added rigs, General Electric Co’s Baker Hughes energy services firm said in Friday’s session.

 

Precious and Base Metals

Gold inched higher on Friday as the U.S Dollar slid lower after strong U.S economic growth data while concern remains about trade tensions between the United States and Europe. The dollar slipped against a basket of currencies as data showing the U.S. economy rang up its strongest quarter in nearly four years failed to erase worries that trade frictions would be a drag in the second half of 2018. The greenback gave up initial gains after the U.S. government reported gross domestic product grew at a 4.1 percent annualized pace in the second quarter, matching the median forecast among economists polled by Reuters. The dollar weakened and treasury yields came off. Dollar weakness looks like it will continue and gold will see some short-term support. A weaker dollar makes dollar-priced gold less expensive for non-U.S. investors. Benchmark 10-year U.S. Treasury yields slipped from their highest level in 1-1/2 months. Spot gold edged up 0.1 percent to $1,223.46 an ounce, having hit a one-week low of $1,216.93, and was on track for its third consecutive weekly decline, of about 0.5 percent. In the physical markets, gold demand in India improved this week as domestic prices traded near a six-month low, while weaker rates in Singapore prompted a pick-up in demand there. Demand remained weak, however, in top consumer China as the yuan fell. Price action in gold is likely to be subdued in the coming weeks as physical demand is in the middle of a seasonally slow period, short interest in gold has risen as prices have fallen and there are 200 tonnes of loss-making ETF positions that could be liquidated. A key level of resistance will be $1,236, the double-bottom from a couple weeks ago. Among other precious metals, silver rose 0.5 percent at $15.45 per ounce but was heading for its seventh weekly decline. It earlier hit a one-week low at $15.29 an ounce.

 

 

 

Traditional Agriculture

Soybean futures rose in Friday’s trading session, on track for their second straight weekly gain, bolstered by signs of strong export demand. Wheat futures were mixed, with winter wheat contracts easing while spring wheat contracts firmed amid concerns about crop shortfalls. Corn futures closed the session almost unchanged.

 

Futures Settlement Price Friday, July 27, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25493 25570 25346 25408 -111
S & P 500 SPM18 2840.25 2846.75 2808.75 2817.25 -25
NASDAQ 100 NDM18 7429.25 7466.25 7263.25 7300.25 -129.5
Hang Seng HSH18 28738 28832 28582 28726 -10
Nikkei 225 NKH18 22630 22690 22565 22675 115
FTSE 100 FTH18 7622.5 7656.5 7605.5 7615.5 5.5
Gold GCJ18 1222.8 1226.6 1216.5 1222.9 1.1
Silver SIK18 1540.5 1554.5 1533 1548 10
Copper HGK18 280.7 283.45 280.05 280.2 -0.25
Crude Oil CLK18 69.55 69.73 68.22 68.63 -0.87
Wheat WK18 536 541.5 525 530.25 -6.25
Soybeans SK18 859.58 873.5 858.5 870 9.5
Corn CK18 360.25 363.25 359.25 361.75 1

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 25089 25217 25313 25441 25537 25665 25761
SPM18 2763.75 2786.25 2801.75 2824.25 2839.75 2862.25 2877.75
NDM18 7017.25 7140.25 7220.25 7343.25 7423.25 7546.25 7626.25
HSH18 28345 28463 28595 28713 28845 28963 29095
NKH18 22472 22518 22597 22643 22722 22768 22847
FTH18 7544.17 7574.83 7595.17 7625.83 7646.17 7676.83 7697.17
GCJ18 1207.30 1211.90 1217.40 1222.00 1227.50 1232.10 1237.60
SIK18 1514.33 1523.67 1535.83 1545.17 1557.33 1566.67 1578.83
HGK18 275.62 277.83 279.02 281.23 282.42 284.63 285.82
CLK18 66.48 67.35 67.99 68.86 69.50 70.37 71.01
WK18 506.50 515.75 523.00 532.25 539.50 548.75 556.00
SK18 846.17 852.33 861.17 867.33 876.17 882.33 891.17
CK18 355.58 357.42 359.58 361.42 363.58 365.42 367.58

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

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