econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 13 January 2017

Investing,com Weekly Wrap-up 13 January 2017

Written by , Investing.com

U.S. stocks mixed at close of trade; Dow Jones Industrial Average down 0.03%

U.S. stocks were mixed after the close on Friday, as gains in the Industrials, Financials and Technology sectors led shares higher while losses in the Oil & Gas, Basic Materials and Utilities sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average declined 0.03%, while the S&P 500 index added 0.18%, and the NASDAQ Composite index climbed 0.48%.

The best performers of the session on the Dow Jones Industrial Average were Nike Inc (NYSE:NKE), which rose 0.99% or 0.52 points to trade at 52.92 at the close. Meanwhile, JPMorgan Chase & Co (NYSE:JPM) added 0.53% or 0.46 points to end at 86.70 and Caterpillar Inc (NYSE:CAT) was up 0.52% or 0.49 points to 94.48 in late trade.

The worst performers of the session were Wal-Mart Stores Inc (NYSE:WMT), which fell 1.24% or 0.84 points to trade at 67.13 at the close. EI du Pont de Nemours and Company (NYSE:DD) declined 0.69% or 0.51 points to end at 73.60 and United Technologies Corporation (NYSE:UTX) was down 0.54% or 0.60 points to 110.22.

The top performers on the S&P 500 were Netflix Inc (NASDAQ:NFLX) which rose 3.50% to 133.70, Monster Beverage 1990 Corp (NASDAQ:MNST) which was up 3.25% to settle at 44.51 and Qorvo Inc (NASDAQ:QRVO) which gained 3.04% to close at 58.57.

The worst performers were Endo International PLC (NASDAQ:ENDP) which was down 4.90% to 13.19 in late trade, Signet Jewelers Ltd (NYSE:SIG) which lost 4.24% to settle at 80.78 and PVH Corp (NYSE:PVH) which was down 4.10% to 89.31 at the close.

The top performers on the NASDAQ Composite were Globus Maritime Ltd (NASDAQ:GLBS) which rose 135.85% to 7.2400, Naked Brand Group Inc (NASDAQ:NAKD) which was up 63.46% to settle at 1.700 and DexCom Inc (NASDAQ:DXCM) which gained 25.91% to close at 85.13.

The worst performers were Cellect Biotechnology Ltd (NASDAQ:APOP) which was down 28.81% to 4.35 in late trade, Uranium Resources Inc (NASDAQ:URRE) which lost 19.49% to settle at 2.5200 and Opexa Therapeutics Inc (NASDAQ:OPXA) which was down 16.43% to 0.961 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1997 to 1197 and 51 ended unchanged; on the Nasdaq Stock Exchange, 1788 rose and 745 declined, while 99 ended unchanged.

Shares in Netflix Inc (NASDAQ:NFLX) rose to all time highs; rising 3.50% or 4.52 to 133.70. Shares in Endo International PLC (NASDAQ:ENDP) fell to 5-year lows; down 4.90% or 0.68 to 13.19.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 2.17% to 11.29.

Gold for February delivery was down 0.15% or 1.85 to $1197.95 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February fell 0.94% or 0.50 to hit $52.51 a barrel, while the March Brent oil contract fell 0.80% or 0.45 to trade at $55.56 a barrel.

EUR/USD was up 0.26% to 1.0640, while USD/JPY fell 0.17% to 114.50.

The US Dollar Index was down 0.26% at 101.20.

Read additional news from Reuters at Investing.com.

Forex

Forex markets reacted to positive retail sales data today, pushing the dollar up against the yen, the euro and the pound.

The euro/dollar pairing was up 0.29% to 1.0641.

The yen/dollar pairing was down 0.17% to 114.50.

The pound/dollar pair increased 0.21% to 1.2181. The price of gold was also down on the day's strong retail sales data, settling at 1197.80, a decline of 0.17%.

Analysts noted the dollar gained against the yen, but was little changed against the euro on Friday. The greenback is rebounding from five-week lows. Retail sales data fueled expectations that the Federal Reserve Bank would indeed raise interest rates three times this year, as previously announced.

The U.S. Commerce Department today reported that retail sales increased 0.6% in December, while November's retail sales were revised upward to reveal a 0.2% rise instead of the previously reported 0.1% gain.

President-elect Trump takes office a week from today. Only CIA Director Mike Pompeo and Secretary of Defense James Mattis are expected to be confirmed by the Senate before the president takes the oath of office on Friday afternoon.

Secretary of State Rex Tillerson, the CEO of ExxonMobil Corporation (NYSE:XOM), may see his nomination delayed by opposition Democrats.

Sen. Marco Rubio (R-Fla.) is said to be considering a "no vote," or not voting at all, in committee, in order to delay Tillerson's confirmation.

Rubio lost the GOP nomination for president to Trump last year, failing even in his home state of Florida.

CTFC Commitment of Traders

This week speculators changed net positions very little except for bullishness declining for S&P 500 and increasing for gold.

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

cot.2017.jan.11

Gold

Gold prices slipped lower on Friday, pulling away from a seven-week high as the U.S. dollar regained some strength, although ongoing U.S. political uncertainties continued to support demand for the safe-haven precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.31% at $1,196.15, just off Thursday’s seven-week high of $1,204.30.

The February contract ended Thursday’s session 0.22% lower at $1,130.70 an ounce.

Futures were likely to find support at $1,176.50, Wednesday’s low and resistance at $1,204.30, Thursday’s high. Friday's close ended at $1197.95 a troy ounce, down 1.85 (-0.15%).

The dollar found some support after Federal Reserve Chair Janet Yellen said the U.S. economy is doing well and faces no serious obstacles in the short term, with the labor market looking strong.

Ms. Yellen was speaking at a town hall meeting with educators, in Washington.

A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.

But the greenback was still under heavy pressure since U.S. President-elect Donald Trump failed to offer details on his promises to boost fiscal spending and cut taxes at a highly-anticipated news conference on Wednesday.

The dollar was also hit after St. Louis Federal Reserve bank president James Bullard said on Thursday that the election of Donald Trump has not yet switched the U.S. economy to a new "regime" that requires a quick rise in interest rates, which can remain "fairly low" at least through 2017.

Bullard also said that "any effects from the new administration's policies are only likely to be observed in 2018 and 2019".

Elsewhere in metals trading, silver futures for March delivery declined 0.46% to $16.748 a troy ounce, while copper futures for March delivery fell 0.28% to $2.665 a pound.

Oil

Global oil prices are set to settle this week down slightly, as analysts say speculators are taking a break from making bullish bets. This is removing some of the momentum from the market, which had been rallying for the last month.

American oil data is also putting downward pressure on crude, according to analysts.

What is more, sources at the Organization of Petroleum Exporting Countries (OPEC) said that production cuts likely won't go as planned by the oil cartel. "Compliance won't be 100 percent, it never is," the source told reporters.

The official added that a compliance rate of 60% would be good enough to accomplish the alliance's goals. Compliance of 80% would be considered "positive," the OPEC official said.

The comments come after Saudi Arabia and Kuwait this week disclosed that they have cut more than they had promised, hoping the reductions will help make up for some non-compliance elsewhere.

Saudi output is down below 10 million barrels per day and Saudi officials said it could slip further in February.

The U.S. is not cooperating with OPEC, and that factor is hurting global prices as well.

Crude stockpiles in the U.S. rose last week by 4.1 million barrels, according to the U.S. government.

Gasoline stocks also increased. Reports from the U.S. Energy Department's Energy Information Administration (EIA) weekly newsletter showed an increase in output by about 176,000 bpd last week, considered a staggering increase in production by analysts that may offset OPEC production cuts.

Natural Gas (Thursday Report)

U.S. natural gas futures extended sharp gains on Thursday morning, climbing to a more than one-week high after data showed that natural gas supplies in storage in the U.S. fell more than expected last week.

Natural gas for February delivery on the New York Mercantile Exchange jumped almost 7% to a session peak of $3.450 per million British thermal units, a level not seen since January 3.

It was last at $3.427 by 10:35AM ET (15:35GMT), up 20.3 cents, or around 6.3%. Futures were at around $3.368 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 151 billion cubic feet in the week ended January 6, exceeding market expectations for a drop of 144 billion cubic feet.

That compared with a withdrawal of 49 billion cubic feet in the preceding week, 168 billion a year earlier and a five-year average drop of 167 billion cubic feet.

Total natural gas in storage currently stands at 3.160 trillion cubic feet, according to the U.S. Energy Information Administration, 10.3% lower than levels at this time a year ago and around 0.1% below the five-year average for this time of year.

Meanwhile, updated weather forecasts for the end of January turned colder, which should boost demand for the heating fuel. Weather models initially predicted mild temperatures throughout most parts of the U.S. during the period.

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

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

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical Investing Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Econintersect Investing


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Empty Rhetoric: On the Work of Deirdre McCloskey
Men Without Work
News Blog
Early Headlines: Asia Stocks Down, Dollar Up, Gold, Oil Steady, Senate Takes Russia Probe, Income - Tale Of 2 Countries, London Off. Values Face Big Drop, Russia Cuts Oil, Border Wall In Mexico?, And More
Documentary Of The Week: America Before Columbus
American Doctors: The Prognosis Isn't Good
Brexit: 'Leave' Voters Showing Most Signs Of Doubt
Crumbling Comet? The Great Debate About Whether Rosetta Rock 67P Is Breaking Apart
ISIS: Income Has More Than Halved Since 2014
What We Read Today 29 March 2017
The Best Hilarious Prank Ideas For April Fools' Day
February 2017 Pending Home Sales Index Improves?
The Need For Very Low Interest Rates In An Era Of Subdued Investment Spending
America's Missing Workers Are Primarily Middle Educated
The Share Of American Women In The Labor Force Is Slipping Even As It Rises In The Rest Of The Developed World
Infographic Of The Day: Which Countries Are Going In The Right Direction
Investing Blog
Where In The World To Invest? A Search Of The Globe
Boom Or Bust: Tech IPOs Can Go Either Way
Opinion Blog
Scarborough Shoal: Will America Help The Philippines?
Why Did Preet Bharara Refuse To Drain The Wall Street Swamp?
Precious Metals Blog
Following The Yellow Brick Road
Live Markets
29Mar2017 Market Close: DOW Closes Down 42 Points, SP 500 Up At Close, Nasdaq Clearly The Winner Closing Up 0.4 Percent, Wall Street Investors Happy
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government































 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved