Investing.com Weekly Wrap-Up 03 July 2015

July 3rd, 2015
in contributors, syndication, forex

U.S. stocks lower at close of trade Thursday; Dow Jones Industrial Average down 0.16% to end Short Week

by Investing.com Staff, Investing.com

U.S. stocks were lower after the close on Thursday, as losses in theFinancials, Healthcare and Basic Materials sectors led shares lower.

At the close in New York, the Dow Jones Industrial Average lost 0.16%, while theS&P 500 index declined 0.03%, and the NASDAQ Composite index declined 0.08%.

Follow up:

The best performers of the session on the Dow Jones Industrial Average were Intel Corporation (NASDAQ:INTC), which rose 1.24% or 0.38 points to trade at 30.55 at the close. Meanwhile, Exxon Mobil Corporation (NYSE:XOM) added 0.93% or 0.77 points to end at 83.14 and Visa Inc (NYSE:V) was up 0.57% or 0.39 points to 68.24 in late trade.

The worst performers of the session were EI du Pont de Nemours and Company (NYSE:DD), which fell 2.34% or 1.44 points to trade at 59.99 at the close. UnitedHealth Group Incorporated (NYSE:UNH) declined 1.27% or 1.57 points to end at 121.81 and United Technologies Corporation (NYSE:UTX) was down 1.14% or 1.26 points to 109.56.

The top performers on the S&P 500 were CONSOL Energy Inc (NYSE:CNX) which rose 4.11% to 21.79, Vertex Pharmaceuticals Inc (NASDAQ:VRTX) which was up 4.02% to settle at 131.26 and Tesoro Corporation (NYSE:TSO) which gained 3.02% to close at 91.21.

The worst performers were Western Union Company (NYSE:WU) which was down 6.87% to 18.99 in late trade, NiSource Inc (NYSE:NI) which lost 4.87% to settle at 16.99 and Humana Inc (NYSE:HUM) which was down 2.92% to 187.50 at the close.

The top performers on the NASDAQ Composite were Glori Energy Technology Inc (NASDAQ:GLRI) which rose 46.67% to 1.760, Local Corporation (NASDAQ:LOCM) which was up 45.57% to settle at 0.092 and Xoom Corporation (NASDAQ:XOOM) which gained 21.01% to close at 25.050.

The worst performers were WPCS International Incorporated (NASDAQ:WPCS) which was down 33.77% to 2.000 in late trade, Vitae Pharmaceuticals Inc (NASDAQ:VTAE) which lost 17.41% to settle at 12.33 and Axion Power International Inc (NASDAQ:AXPW) which was down 14.34% to 0.092 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1721 to 1350 and 4 ended unchanged; on the Nasdaq Stock Exchange, 1774 fell and 1009 advanced, while 3 ended unchanged.

Shares in NiSource Inc (NYSE:NI) fell to 3-years lows; losing 4.87% or 0.87 to 16.99. Shares in EI du Pont de Nemours and Company (NYSE:DD) fell to 52-week lows; falling 2.34% or 1.44 to 59.99.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 4.10% to 16.75.

Additional stock news from Reuters at Investing.com.

Forex

The dollar remained broadly lower against a basket of other major currencies on Friday, as investors awaited the outcome of Sunday's referendum in Greece on whether the country should accept creditors' bailout terms.

Trading volumes were expected to remain thin with U.S. markets closed for a national holiday

EUR/USD was up 0.17% to 1.1102.

A last minute deal between Greece and the euro zone were quashed on Wednesday after Greek Prime Minister Alexis Tsipras urged voters to reject the terms of an international bailout deal.

Greek voters are due to decide on Sunday whether to accept terms proposed by the institutions overseeing the country's now-expired bailout, the European Central Bank, the International Monetary Fund and the European Commission, or reject them.

Greece became the first developed country to default on the IMF after its second bailout program expired late Tuesday.

Earlier Friday, official data showed that euro zone retail sales rose 0.2% in May, beating expectations for a 0.1% uptick, after a 0.7% gain the previous month.

Year-on-year, retail sales increased by 2.4% in May, more than the expected 2.3% rise, after a 2.2% gain in April.

The data came after Markit research group said that Germany's services purchasing managers' index ticked down to 53.8 this month from 54.2 in May, confounding expectations for an unchanged reading.

France's services PMI remained unchanged at 54.1 this month, in line with expectations.

The pound was steady, with GBP/USD at 1.5606.

Markit earlier reported that the U.K. services PMI rose to 58.5 in June from 56.5 the previous month, beating expectations for an uptick to 57.4.

Elsewhere, the dollar was lower against the yen and the Swiss franc, with USD/JPYdown 0.28% to 122.73 and with USD/CHF shedding 0.35% to 0.9401.

The Australian and New Zealand dollars were weaker, with AUD/USD down 1.53% at 0.7514 and with NZD/USD retreating 0.57% to 0.6682, re-approaching Thursday's five-year trough of 0.6662.

The Australian Bureau of Statistics earlier reported that retail sales rose by 0.3% in May, disappointing expectations for an increase of 0.5%, after a 0.1% slip the previous month.

Meanwhile, USD/CAD gained 0.33% to trade at 1.2583, re-approaching the previous session's two-and-a-half month peak of 1.2633.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.12% at 96.17.

CTFC Commitment of Traders

Lots of bears this week as speculators turned more bearish on EUR, JPY, CAD, AUD, NZD and the S&P 500. Sentiment was less bearish on the Mexcian peso and more bullish on Gold.

cot.2015.jun.24

Gold

Gold prices gained ground in European morning hours on Friday, as the release of downbeat U.S. economic reports on Thursday dampened demand for the greenback, while trading volumes were expected to remain thin with U.S. markets closed for a national holiday.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were up 0.33% at $1,167.30.

The August contract ended Thursday's session 0.50% lower at $1,163.50 an ounce.

Futures were likely to find support at $1,155.80, Thursday's low and resistance at $1,174.40, the high from July 1.

The dollar weakened after a string of disappointing U.S. data on Thursday fueled uncertainty over the timing of a rate hike.

The U.S. Commerce Department reported on Thursday that factory orders fell 1.0% in May, compared to expectations for a 0.5% decline.

Separately, the Labor Department reported that the economy added 223,000 jobs in June, compared to expectations for jobs growth of 230,000, although the unemployment rate ticked down to 5.3% last month, from 5.5% in June.

Data also showed that the number of individuals filing for initial jobless benefits in the week ending June 27 increased by 10,000 to 281,000, compared to expectations for a 1,000 fall.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was steady at 96.21 in early European trading, after rising to two-and-a-half week highs of 96.69 earlier in the week.

Meanwhile, market participants continued to monitor the Greek debt situation after hopes for a last minute deal were quashed on Wednesday when Greek Prime Minister Alexis Tsipras urged voters to reject the terms of an international bailout deal.

Greek voters are due to decide on Sunday whether to accept terms proposed by the institutions overseeing the country's now-expired bailout, the European Central Bank, the International Monetary Fund and the European Commission, or reject them.

Tsipras has said a vote against the proposals would give him a stronger mandate to agree a third bailout Greece's creditors. However, European leaders have said the referendum is ultimately a vote on whether to remain in the euro zone.

Greece became the first developed country to default on the IMF after its second bailout program expired late Tuesday.

Elsewhere in metals trading, silver futures for September delivery gained 0.39% to $15.622 a troy ounce, while copper futures for September delivery rose 0.26% to $2.637 a pound.

Oil

Crude oil futures fell to fresh two-month lows on Friday, as markets were still digesting news of an unexpected rise in U.S. stockpiles and as trading volumes remained thin with U.S. markets closed for the Independence Day weekend.

On the New York Mercantile Exchange, crude oil for August delivery hit $56.56 during European early afternoon hours, down 37 cents, or 0.62%. A day earlier, Nymex oil prices lost 3 cents, or 0.05%, to end at $56.93.

Oil prices remained under pressure after the U.S. Energy Information Administration said in its weekly report on Wednesday that crude stockpiles rose by 2.4 million barrels in the week to June 26.

The consensus forecast had been for a decrease of 2 million barrels.

At 465.4 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.

It was the first supply build since April and added to concerns over a global supply glut.

Global oil production is still outstripping demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery dropped 43 cents, or 0.70%, to trade at $61.64 a barrel. On Thursday, London-traded Brent futures declined by $1.58, or 2.48%, to settle at $62.01.

The spread between the Brent and the WTI crude contracts stood at $5.08 a barrel.

Natural Gas (Thursday Report)

Natural gas futures were higher on Thursday, after data showed that U.S. natural gas supplies rose less-than-expected last week.

On the New York Mercantile Exchange, natural gas for delivery in August was up 1.37% to $2.859 per million British thermal units. Prices were at around $2.822 prior to the release of the supply data.

In its weekly report the Energy Information Administration said natural gas storage in the week ended June 26 rose by 69 billion cubic feet, compared to expectations for an increase of 70 bcf.

Total U.S. natural gas storage stood at 2,577 bcf, the EIA said. Stocks were 662 bcf higher than last year at this time and 29 bcf above the five-year average of 2,548 bcf for this time of year.

EIA data shows that power plants account for approximately 32% of gas demand in the U.S.

Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.

Natural gas accounts for about a quarter of U.S. electricity generation.









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