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posted on 16 September 2016

Investing.com Weekly Wrap-Up 16 September 2016

by Investing.com Staff, Investing.com

U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.49%

U.S. stocks were lower after the close on Friday, as losses in theOil & Gas, Financials and Industrials sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average fell 0.49%, while the S&P 500index declined 0.38%, and the NASDAQ Composite index fell 0.10%.

The best performers of the session on the Dow Jones Industrial Average were Intel Corporation (NASDAQ:INTC), which rose 3.04% or 1.11 points to trade at 37.67 at the close. Meanwhile, UnitedHealth Group Incorporated (NYSE:UNH) added 2.12% or 2.87 points to end at 138.48 and Wal-Mart Stores Inc (NYSE:WMT) was up 0.64% or 0.47 points to 72.86 in late trade.

The worst performers of the session were United Technologies Corporation (NYSE:UTX), which fell 2.58% or 2.65 points to trade at 100.06 at the close. Chevron Corporation (NYSE:CVX) declined 1.70% or 1.69 points to end at 97.81 and Cisco Systems Inc (NASDAQ:CSCO) was down 1.50% or 0.47 points to 30.84.

The top performers on the S&P 500 were Western Digital Corporation (NASDAQ:WDC) which rose 3.12% to 54.94, Intel Corporation (NASDAQ:INTC) which was up 3.04% to settle at 37.67 and Cigna Corporation (NYSE:CI) which gained 2.59% to close at 131.97.

The worst performers were Range Resources Corporation (NYSE:RRC) which was down 5.08% to 37.37 in late trade, Oracle Corporation (NYSE:ORCL) which lost 4.67% to settle at 38.95 and WW Grainger Inc (NYSE:GWW) which was down 4.26% to 218.22 at the close.

The top performers on the NASDAQ Composite were Carver Bancorp Inc (NASDAQ:CARV) which rose 29.53% to 5.000, Stellar Biotechnologies Inc(NASDAQ:SBOT) which was up 25.68% to settle at 2.790 and Insignia Systems Inc (NASDAQ:ISIG) which gained 24.41% to close at 2.650.

The worst performers were Novavax Inc (NASDAQ:NVAX) which was down 84.53% to 1.290 in late trade, Real Goods Solar Inc (NASDAQ:RGSE) which lost 39.25% to settle at 2.6000 and Great Basin Scientific Inc (NASDAQ:GBSN) which was down 31.14% to 3.9500 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 2021 to 1144 and 82 ended unchanged; on the Nasdaq Stock Exchange, 1335 fell and 1213 advanced, while 84 ended unchanged.

Shares in Intel Corporation (NASDAQ:INTC) rose to 5-year highs; up 3.04% or 1.11 to 37.67. Shares in Intel Corporation (NASDAQ:INTC) rose to 5-year highs; up 3.04% or 1.11 to 37.67. Shares in Novavax Inc (NASDAQ:NVAX) fell to 3-years lows; down 84.53% or 7.050 to 1.290. Shares in Real Goods Solar Inc (NASDAQ:RGSE) fell to all time lows; falling 39.25% or 1.6800 to 2.6000.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 5.46% to 15.41.

Gold for December delivery was down 0.34% or 4.45 to $1313.55 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 1.55% or 0.68 to hit $43.23 a barrel, while the November Brent oil contract fell 1.27% or 0.59 to trade at $46.00 a barrel.

EUR/USD was down 0.79% to 1.1155, while USD/JPY rose 0.23% to 102.31.

The US Dollar Index was up 0.83% at 96.07.

Read additional news from Reuters at Investing.com.

Forex

The dollar extended gains to two-and-a-half week highs against the other major currencies on Friday, despite a disappointing U.S. consumer sentiment report as investors turned their attention to the Federal Reserve's policy meeting scheduled next week.

EUR/USD declined 0.68% to 1.1166, the lowest since September 6.

In a preliminary report, the University of Michigan said its consumer sentiment indexremained unchanged at 89.8 in August, disappointing expectations for an increase to 90.8.

The data came after the U.S. Commerce Department said the consumer price index rose 0.2% in August, compared to expectations for a 0.1% gain and after a flat reading the previous month.

Year-over-year, consumer prices increased 1.1%, above expectations for a gain of 1.0%.

Core CPI, which excludes food and energy costs, increased by 0.3% last month, above forecasts for a 0.2% rise and after a 0.1% advance in July.

Market participants were now eyeing the Fed's next policy meeting amid ongoing uncertainty over a potential rate hike.

GBP/USD tumbled 1.06% to 1.3100, the lowest since August 31.

The pound remained under pressure after the Bank of England kept monetary policy on hold on Thursday, but indicated that it could cut interest rates again as soon as November unless the economy picks up.

USD/JPY edged up 0.17% to 102.24, while USD/CHF gained 0.74% to trade at 0.9791.

The Australian and New Zealand dollars were weaker, with AUD/USD down 0.52% at 0.7480 and with NZD/USD sliding 0.67% to 0.7265.

Elsewhere, USD/CAD climbed 0.60% to trade at an eight-week high of 1.3235

Statistics Canada reported on Friday that manufacturing sales rose 0.1% in July, disappointing expectations for an increase of 1.0% and after a 0.8% gain in June.

The commodity currencies remained under pressure amid tumbling oil prices on Friday following reports that Iran's August crude oil exports jumped 15% to a five-year high of more than 2 million barrels per day. The news sparked fresh concerns over a global supply glut.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up 0.63% at 95.88, the highest since September 1.

CTFC Commitment of Traders

This week speculators were less bullish on the the U.S. dollar, S&P 500 and gold.

Note: This data closes on Wednesday so the last two days of trading are not reflected. There were was very little change in investor sentiment this week.

cot.2016.sep.19

Gold

Gold prices were little changed on Friday, as markets continued to digest the previous session's weak U.S. economic reports and investors awaited fresh U.S. data to be released later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were steady at $1,318.50.

The December contract ended Thursday's session 0.61% lower at $1,1318 an ounce.

Futures were likely to find support at $1,310.80, Thursday's low and resistance at $1,324.60, the high from September 12.

The Commerce Department reported on Thursday that U.S. retail sales fell 0.3% in August, worse than expectations for a 0.1% decline. It was the first decline in five months.

In a separate report, the Department of Labor said initial jobless claims rose less than expected last week, pointing to further tightening in the labor market. But the Labor Department also reported that U.S. producer prices were flat in August.

The data indicated that the Fed is likely to leave interest rates unchanged at its next meeting, which is scheduled for September 20-21.

Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

Market participants were looking ahead to upcoming reports on U.S. consumer price inflation and consumer sentiment, due later in the day for further indications on the strength of the economy.

Elsewhere in metals trading, silver futures for December delivery edged up 0.08% to $19.057 a troy ounce, while copper futures for December delivery gained 0.39% to $2.168 a pound.

Oil

Oil was sharply lower Friday on ongoing supply concerns with U.S. rig count data due.

U.S. crude was down 72 cents, or 1.64%, at $43.19 at 07:00 ET, while Brent crude fell 1.67% to $45.81.

Returning exports from Libya and Nigeria after disruptions have added to persistent glut worries.

Baker Hughes U.S. rig count data are scheduled for release later in the session.

The number of rigs operating in the U.S. rose by seven to 414 in the week to September 9, the highest level since February.

The dollar index was higher. A stronger dollar depresses demand for oil.

Natural Gas (Thursday Report)

U.S. natural gas futures trimmed losses on Thursday morning, after data showed that natural gas supplies in storage in the U.S. rose less than forecast last week.

Natural gas for delivery in October on the New York Mercantile Exchange shed 1.1 cents, or 0.38%, to trade at $2.878 per million British thermal units by 10:33AM ET (14:33GMT). Futures were at around $2.838 prior to the release of the supply data.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 62 billion cubic feet in the week ended September 9, below expectations for an increase of 63 billion.

That compared with a gain of 36 billion cubic feet in the preceding week, 74 billion a year earlier and a five-year average build of 69 billion cubic feet.

Total U.S. natural gas storage stood at 3.499 trillion cubic feet, 5.3% higher than levels at this time a year ago and 8.6% above the five-year average for this time of year.

On Wednesday, gas futures surged to a more than two-month high of $2.978 amid forecasts for warmer than normal temperatures across most parts of the continental U.S. in the days ahead.

Despite the recent rally, gains are likely to remain limited as traders react to the reality that higher summer demand for the commodity is coming to an end.

Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning.

But with autumn due to start on September 22, power burns to feed air conditioning demand have probably peaked for now, market analysts said.

Unless intense late-summer heat boosts demand from power plants, stockpiles could possibly test physical storage limits of 4.3 trillion cubic feet at the end of October.

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