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posted on 06 January 2017

Investing.com Weekly Wrap-up 06 January 2017

Written by , Investing.com

U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.32%

U.S. stocks were higher after the close on Friday, as gains in the Technology, Industrials and Healthcare sectors led shares higher.

At the close in NYSE, the Dow Jones Industrial Average gained 0.32%, while the S&P 500index gained 0.35%, and the NASDAQ Composite index added 0.60%.

The best performers of the session on the Dow Jones Industrial Average were Nike Inc (NYSE:NKE), which rose 1.60% or 0.85 points to trade at 53.91 at the close. Meanwhile, Walt Disney Company (NYSE:DIS) added 1.49% or 1.60 points to end at 108.98 and Goldman Sachs Group Inc (NYSE:GS) was up 1.48% or 3.58 points to 244.90 in late trade.

The worst performers of the session were Verizon Communications Inc (NYSE:VZ), which fell 1.48% or 0.80 points to trade at 53.26 at the close. Wal-Mart Stores Inc (NYSE:WMT) declined 1.37% or 0.95 points to end at 68.26 and EI du Pont de Nemours and Company (NYSE:DD) was down 0.58% or 0.43 points to 73.38.

The top performers on the S&P 500 were Illumina Inc (NASDAQ:ILMN) which rose 5.15% to 141.49, The AES Corporation (NYSE:AES) which was up 3.59% to settle at 11.82 and eBay Inc (NASDAQ:EBAY) which gained 3.47% to close at 31.05.

The worst performers were Regeneron Pharmaceuticals Inc (NASDAQ:REGN) which was down 5.84% to 358.68 in late trade, Endo International PLC (NASDAQ:ENDP) which lost 5.70% to settle at 16.54 and Newmont Mining Corporation (NYSE:NEM) which was down 3.14% to 35.42 at the close.

The top performers on the NASDAQ Composite were EnteroMedics Inc (NASDAQ:ETRM) which rose 131.49% to 9.1900, VivoPower International PLC (NASDAQ:VVPR) which was up 29.32% to settle at 5.69 and Pernix Therapeutics Holdings Inc (NASDAQ:PTX) which gained 28.65% to close at 2.933.

The worst performers were COPsync Inc (NASDAQ:COYN) which was down 33.01% to 0.6900 in late trade, Delcath Systems Inc (NASDAQ:DCTH) which lost 29.34% to settle at 0.5800 and Avinger Inc (NASDAQ:AVGR) which was down 15.38% to 3.30 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1733 to 1490 and 38 ended unchanged; on the Nasdaq Stock Exchange, 1351 fell and 1140 advanced, while 131 ended unchanged.

Shares in Walt Disney Company (NYSE:DIS) rose to 52-week highs; rising 1.49% or 1.60 to 108.98. Shares in Goldman Sachs Group Inc (NYSE:GS) rose to 5-year highs; up 1.48% or 3.58 to 244.90. Shares in COPsync Inc (NASDAQ:COYN) fell to all time lows; falling 33.01% or 0.3400 to 0.6900. Shares in Delcath Systems Inc (NASDAQ:DCTH) fell to 5-year lows; falling 29.34% or 0.2408 to 0.5800. Shares in Avinger Inc (NASDAQ:AVGR) fell to all time lows; down 15.38% or 0.60 to 3.30.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 3.34% to 11.28.

Gold for February delivery was down 0.72% or 8.50 to $1172.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February fell 0.09% or 0.05 to hit $53.71 a barrel, while the March Brent oil contract fell 0.09% or 0.05 to trade at $56.84 a barrel.

EUR/USD was down 0.68% to 1.0532, while USD/JPY rose 1.45% to 117.03.

The US Dollar Index was up 0.79% at 102.19.

Read additional news from Reuters at Investing.com.

Forex

The dollar gained significant ground today, surging on positive job creation figures from a U.S. government report, but gold and silver suffered price setbacks.

The dollar/yen pairing ended the day today at 117.00, an increase of 1.44%.

The pound/dollar pair concluded the day at 1.2279, an increase for the dollar of 1.08%.

The euro/dollar pairing finished Friday at 1.0529, a decrease of 0.70% for the euro.

The price of gold today settled at $1172.60 per ouce, down 0.74%.

The price of silver also slitted on trading today, at $16.515, a decrease of 0.73%.

Gold was down from yesterday's level, which was a one-month high for the precious metal. Spot gold prices were also down.

The dollar was rising based on data that showed the addition of about 150,000 new jobs last month in the U.S. Hourly wages increased nearly 3%. Job creation was weaker than expected by analysts, including overseas observers of the U.S. market.

Moves by the Chinese banking authorities to bolster their currency, the yuan, also impacted forex today.

The session high for the dollar was 116.74 yen. While the euro hit a weekly high today, it declined against the dollar for the day.

The dollar is expected to continue to rise in the coming weeks. Parity with the euro may be reached shortly, analysts said.

The markets were impacted as well by a mass murder shooting by a domestic terrorist in Ft. Lauderdale, Florida, though the extent of the impact was not quantifiable, analysts said.

CTFC Commitment of Traders

This week speculators changed net positions very little except for bullish swing for S&P 500 which reached a 3-month high for net longs.

Note: This data is for the week ending on Tuesday so the last three days of trading are not reflected.

cot.2017.jan.04

Gold

Gold prices edged higher in Asia on Friday with jobs data in the U.S. eyed for signals on the prospects of the Fed rate hike path in 2017.

Gold for February delivery on the Comex division of the New York Mercantile Exchange eased 0.20% to $1.178.95 a troy ounce. Copper futures gained 0.24% to $2.541 a pound.

Nonfarm payrolls data from the U.S. later Friday is expected to set the tone for gold as it is sensitive to higher interest rates and a stronger dollar. The Fed in December forecast as many as three rate hikes in 2017.

Overnight, gold prices rallied to a four-week high on Thursday, as the U.S. dollar stepped further away from a 14-year peak against a basket of major currencies following the release of commentary from the Federal Reserve. But at the close in New York on Friday the price of gold settled at $1172.60 per ouce, down 0.74% from Thursday.

Minutes from the Fed's December policy meeting showed most officials thought the U.S. economy could grow more quickly because of tax cuts and infrastructure spending under President-elect Donald Trump’s incoming administration.

At the same time, policymakers "emphasized their considerable uncertainty" about future economic policy changes.

The minutes also showed that policymakers assumed that Trump's promises of fiscal stimulus could, if delivered, spur inflation which would in turn lead to a faster pace of rate increases this year.

Trump will take office on January 20 and has yet to outline his economic policies in detail.

Oil

The price of oil declined Friday, as traders mulled whether the OPEC production cuts would be as effective as forecast late last year.

The price of crude oil settled at $53.65, down 0.20% today.

The price of Brent oil settled at $56.78, a decline of 0.19%.

Investors purchased futures ahead of the weekend, but the strong U.S. dollar limited price gains, as did overhanging doubts about whether all OPEC producers would cut output in line with an agreement reached Nov. 30.

Volumes were relatively low today, at the conclusion of the first week of trading of 2017.

Top crude producer Saudi Arabia and neighbors Abu Dhabi and Kuwait showed signs they were indeed cutting production in performance with an agreement by OPEC and other producers. Russia is not yet complying the the OPEC cut, which it agreed to in December, even though it is not an OPEC member, experts said.

The Kurds and the Iraqis are not expected to comply, even though Baghdad is a member of OPEC, according to analysts.

The Iranians are said to have millions of barrels of oil stored on ocean tankers which it is expected to start selling in order to regain market share lost during recent years, according to experts.

Saudi Aramco is telling its customers that it will reduce production by 3% or 7% this month to put the plans in motion.

In other news impacting global markets, Sen. Marco Rubio (R-Fla.) said that allegations of Russian hacking have, at best, influenced some public opinion, but did not influence actual voting or give President-elect Trump an edge during the election last year. U.S. Intel agencies briefed Trump today, and also released materials to the media regarding their investigation of the unproven charges. But Rubio, himself a failed candidate for president last year, said:

"There number one goal was to create doubt about our electoral system. Having people questioning Hillary Clinton, had she won, would have accomplished that goal too."

Natural Gas (Thursday Report)

U.S. natural gas futures declined again on Thursday, falling to a near six-week low after data showed that natural gas supplies in storage in the U.S. fell less than expected last week.

Natural gas for February delivery on the New York Mercantile Exchange hit a session low of $3.175 per million British thermal units, a level not seen since November 28.

It was last at $3.192 by 10:35AM ET (15:35GMT), down 7.5 cents, or 2.3%. Futures were at around $3.287 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. declined by 49 billion cubic feet in the week ended December 30, below market expectations for a drop of 82 billion cubic feet.

That compared with a withdrawal of 237 billion cubic feet in the preceding week, 131 billion a year earlier and a five-year average drop of 107 billion cubic feet.

Total natural gas in storage currently stands at 3.311 trillion cubic feet, according to the U.S. Energy Information Administration, 9.9% lower than levels at this time a year ago and less than 1% below the five-year average for this time of year.

Futures have lost more than 13% so far this week as forecasts of mild weather replaced predictions of severe cold.

According to updated weather forecasting models, above normal temperatures are expected throughout large portions of the southern and eastern U.S. through January 16, dampening demand for the heating fuel.

About half of U.S. homes use natural gas for heating.

Natural-gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns.

Prices rallied to two-year highs at the end of December amid weather forecasts that predicted extreme cold would hit most of the country in January. But the arctic blast is now expected to be briefer than many anticipated, with milder temperatures taking hold in mid-January.

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