17 Ago 2018

Daily Market View

       

Daily Market View

Friday, August 17, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25292 2841.00 7458.00
+1.61% +0.82% +0.45%

U.S stocks rose in a broad-based rally yesterday, helped by robust earnings from Wal-Mart and Cisco and easing trade worries after China and the United States said they would hold talks later this month. Wal-Mart shares surged 9.5 percent, the most on the S&P 500, after the retailer said U.S comparable sales grew the most in a decade and posted strong e-commerce sales. The S&P retailers’ index gained 0.63 percent. All of the 11 major S&P sectors were higher, with technology stocks up 0.79 percent. Cisco rose 4.6 percent after posting quarterly results and first-quarter sales forecast that topped Wall Street expectations. Second-quarter earnings have been stronger than expected, with 79.3 percent of the 463 S&P 500 that have reported so far beating analyst expectations. Department store chains were largely sitting out the rally, stung by Macy’s warning on margins on Wednesday and JC Penney’s weak results and lowered forecast.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

        jul

Euro-Zone Consumer Price Index Core (YoY) 09:00 1.1% 1.1%

jul

Euro-Zone Consumer Price Index (YoY) 09:00 2.1% 2.0%

jul

Canada Consumer Price Index (YoY) 12:30 2.5% 2.5%

jul

U.S Leading Index 14:00 0.4% 0.5%

aug

U.S U. of Mich. Sentiment 14:00 98 97.9

aug

U.S U. of Mich. Current Conditions 14:00   114.4

aug

U.S U. of Mich. Expectations 14:00   87.3

aug

U.S U. of Mich. 1 Yr Inflation 14:00   2.9%

aug

Baker Hughes U.S Rig Count 17:00    
Dow Jones Industrial Average

The Dow Jones Industrial Average gained 1.58%. The best performers of the session on the Dow Jones Industrial Average were Walmart Inc., which rose 9.33% or 8.42 points to trade at 98.64 at the close. Meanwhile, Boeing Co added 4.28% or 14.21 points to end at 345.97 and Caterpillar Inc was up 3.23% or 4.26 points to 136.28 in late trade. The worst performers of the session were Intel Corporation, which fell 0.61% or 0.29 points to trade at 47.17 at the close. Walt Disney Company declined 0.31% or 0.35 points to end at 112.50 and Microsoft Corporation was down 0.02% or 0.02 points to 107.64.

 

NASDAQ 100

The tech heavy NASDAQ index added 0.42%. The top performers on the NASDAQ Composite were JMU Ltd which rose 46.83% to 1.850, Sphere 3D Corp which was up 34.38% to settle at 0.311 and SAExploration Holdings Inc. which gained 28.89% to close at 0.580. The worst performers were Pain Therapeutics Inc. which was down 47.45% to 1.030 in late trade, Helios and Matheson Analytics Inc. which lost 37.50% to settle at 0.030 and ParkerVision Inc. which was down 32.11% to 0.2600 at the close.

Oil

Oil rose slightly as global markets steadied yesterday, recovering some of the previous day’s 2 percent slide, though a weakening outlook for crude demand kept prices in check. The oil market slid on Wednesday as data showing a large build in U.S. inventories fed concern about the fuel demand outlook, while crude was also pressured by broader selling of industrial commodities such as copper. China and the United States have implemented several rounds of tariffs and threatened further duties on exports worth hundreds of billions of dollars, which could knock global economic growth. The crisis gripping the Turkish lira has rattled emerging markets and reverberated across equities, bonds and raw materials. On the supply front, U.S data on Wednesday showed crude output rose by 100,000 barrels per day (bpd) to 10.9 million bpd in the week ending Aug. 10. Crude inventories increased by 6.8 million barrels, representing the largest weekly rise since March last year.

 

 

Precious and Base Metals

Gold prices bounced from 19-month lows yesterday, as the U.S Dollar slipped on news that China and the United States will hold trade talks this month, although sentiment remained negative. Gold futures settled slightly down as the U.S Dollar came off its lows later in the trading session, yet remained negative. Spot gold gained 0.3 percent at $1,177.80 an ounce, from an earlier low of $1,159.96, its weakest since January last year. U.S gold futures for December delivery settled down $1, or 0.1 percent, at $1,184 per ounce. The lower dollar index is helping gold and the fact that the Chinese sent a delegation over. There was heavy gold selling out of China last night. Once the selling was done, a short-covering rally ensued. The meeting between a Chinese delegation and U.S representative’s offers hope for progress in resolving the trade conflict that has unnerved financial and commodity markets in recent weeks. Political and economic uncertainty has seen investors opt for the safety of U.S. Treasuries and the U.S. currency, which when it rises makes dollar-denominated gold more expensive for holders of other currencies, potentially subduing demand. The underlying narratives of a strong dollar and relatively high U.S. interest rates still seem to be the predominant headwinds for gold. Higher interest rates raise the cost of holding gold, which earns nothing and needs money to store and insure. Meanwhile, silver gained 1.7 percent at $14.67 an ounce after earlier hitting the lowest since February 2016 at $14.30. Palladium added 6 percent at $893.30 an ounce, earlier hitting a more than 13-month low at $832. Platinum climbed 2.6 percent at $782.98 an ounce, after earlier sinking to its lowest since October 2008 at $751.25. A lower rand cuts cost for South African miners when expressed in dollars, which means they can keep producing and delaying the process of rebalancing the market.

 

 

Traditional Agricultures

Wheat and corn firm yesterday on soy rally and easing dollar. Soybean futures rebounded sharply yesterday as news that Beijing and Washington will hold fresh trade talks raised hopes that U.S soybean sales to top importer China will revive after being stalled by a tariff dispute.

 

 

Futures Settlement Price Thursday, August 16, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25197 25605 25144 25592 395
S & P 500 SPM18 2822 2851.5 2817.25 2845 22.75
NASDAQ 100 NDM18 7378.5 7433.75 7363 7390.25 14.75
Hang Seng HSH18 26805 27360 26786 27038 -196
Nikkei 225 NKH18 22000 22225 21860 22150 -45
FTSE 100 FTH18 7514.5 7565 7496 7537.5 51.5
Gold GCJ18 1182.3 1188.8 1166.9 1180.7 -1.3
Silver SIK18 1443.5 1481.5 1430 1462.5 18.5
Copper HGK18 258.35 264.25 256.35 260.75 1.85
Crude Oil CLK18 64.9 65.48 64.39 65.43 0.46
Wheat WK18 531.25 547.25 530.5 541.25 8.25
Soybeans SK18 858.75 887.75 854.25 885.25 27.25
Corn CK18 360.75 367 360.25 365 2.75

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24828 24986 25289 25447 25750 25908 26211
SPM18 2790.08 2803.67 2824.33 2837.92 2858.58 2872.17 2892.83
NDM18 7286.83 7324.92 7357.58 7395.67 7428.33 7466.42 7499.08
HSH18 26189 26487 26763 27061 27337 27635 27911
NKH18 21567 21713 21932 22078 22297 22443 22662
FTH18 7431.67 7463.83 7500.67 7532.83 7569.67 7601.83 7638.67
GCJ18 1146.90 1156.90 1168.80 1178.80 1190.70 1200.70 1212.60
SIK18 1383.00 1406.50 1434.50 1458.00 1486.00 1509.50 1537.50
HGK18 248.75 252.55 256.65 260.45 264.55 268.35 272.45
CLK18 63.63 64.01 64.72 65.10 65.81 66.19 66.90
WK18 515.33 522.92 532.08 539.67 548.83 556.42 565.58
SK18 830.25 842.25 863.75 875.75 897.25 909.25 930.75
CK18 354.42 357.33 361.17 364.08 367.92 370.83 374.67

 

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

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