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posted on 27 January 2017

Investing.com Weekly Wrap-Up 27 January 2017

Written by , Investing.com

U.S. stocks mixed at close of trade; Dow Jones Industrial Average down 0.04%

U.S. stocks were mixed after the close on Friday, as gains in the Healthcare, Telecoms and Technology sectors led shares higher while losses in the Oil & Gas, Financials and Consumer Goods sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average fell 0.04%, while the S&P 500 index declined 0.09%, and the NASDAQ Composite index gained 0.10%.

The best performers of the session on the Dow Jones Industrial Average were Microsoft Corporation (NASDAQ:MSFT), which rose 2.35% or 1.51 points to trade at 65.78 at the close. Meanwhile, Caterpillar Inc (NYSE:CAT) added 1.82% or 1.77 points to end at 98.99 and Johnson & Johnson (NYSE:JNJ) was up 1.38% or 1.54 points to 113.38 in late trade.

The worst performers of the session were Chevron Corporation (NYSE:CVX), which fell 2.37% or 2.76 points to trade at 113.79 at the close. Wal-Mart Stores Inc (NYSE:WMT) declined 1.60% or 1.07 points to end at 65.66 and Goldman Sachs Group Inc (NYSE:GS) was down 1.10% or 2.63 points to 236.95.

The top performers on the S&P 500 were Wynn Resorts Limited (NASDAQ:WYNN) which rose 7.94% to 103.08, CR Bard Inc (NYSE:BCR) which was up 5.24% to settle at 238.44 and General Dynamics Corporation (NYSE:GD) which gained 4.42% to close at 185.14.

The worst performers were Robert Half International Inc (NYSE:RHI) which was down 7.27% to 46.30 in late trade, Gap Inc (NYSE:GPS) which lost 5.40% to settle at 22.58 and American Airlines Group (NASDAQ:AAL) which was down 5.32% to 46.95 at the close.

The top performers on the NASDAQ Composite were Eco Stim Energy Solutions Inc (NASDAQ:ESES) which rose 66.67% to 1.350, Pulmatrix Inc (NASDAQ:PULM) which was up 51.80% to settle at 3.370 and Lantronix Inc (NASDAQ:LTRX) which gained 29.52% to close at 2.150.

The worst performers were Novan Inc (NASDAQ:NOVN) which was down 74.01% to 4.86 in late trade, DryShips Inc (NASDAQ:DRYS) which lost 33.22% to settle at 1.99 and Athersys Inc (NASDAQ:ATHX) which was down 26.32% to 1.120 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1805 to 1403 and 44 ended unchanged; on the Nasdaq Stock Exchange, 1299 fell and 1193 advanced, while 130 ended unchanged.

Shares in General Dynamics Corporation (NYSE:GD) rose to all time highs; gaining 4.42% or 7.84 to 185.14. Shares in Microsoft Corporation (NASDAQ:MSFT) rose to all time highs; rising 2.35% or 1.51 to 65.78. Shares in Caterpillar Inc (NYSE:CAT) rose to 52-week highs; up 1.82% or 1.77 to 98.99. Shares in Novan Inc (NASDAQ:NOVN) fell to all time lows; losing 74.01% or 13.84 to 4.86. Shares in DryShips Inc (NASDAQ:DRYS) fell to 5-year lows; losing 33.22% or 0.99 to 1.99. Shares in Lantronix Inc (NASDAQ:LTRX) rose to 52-week highs; gaining 29.52% or 0.490 to 2.150. Shares in Athersys Inc (NASDAQ:ATHX) fell to 52-week lows; losing 26.32% or 0.400 to 1.120.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 0.47% to 10.58 a new 52-week low.

Gold for February delivery was up 0.03% or 0.35 to $1190.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in March fell 1.19% or 0.64 to hit $53.14 a barrel, while the March Brent oil contract fell 1.39% or 0.78 to trade at $55.46 a barrel.

EUR/USD was up 0.13% to 1.0694, while USD/JPY rose 0.49% to 115.11.

The US Dollar Index was up 0.06% at 100.58.

Read additional news from Reuters at Investing.com.

Forex

The dollar rose against a basket of currencies on Friday as the new U.S. administration keeps up a busy pace of meetings and actions with a Fed meeting next week expected to add more for investors to chew on.

USD/JPY changed hands at 1135.09, up 0.47%, while GBP/USD fell 0.45% to 1.2542 as British Prime Minister Theresa May met President Donald Trump at the White House with both pledging to expand trade ties, but also seeing some friction on talk over economic sanctions on Russia.

Trump is expected to speak on Saturday with Russian President Vladimir Putin for the first time since taking power a week ago and was asked if he would lift sanctions imposed on Russia by then-President Barack Obama over Moscow's annexation of Ukraine's Crimea Peninsula in 2014. Trump declined to be drawn in, saying it was too early to tell, but May was emphatic that any such action needed to be coordinated with European allies who also imposed sanctions.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.05% to 100.57.

The Fed releases its latest review of policy on Wednesday with the Fed Rate Monitor Tool from Investing.com showing a nearly 95% think the central bank will hold pat.

Investors took note of U.S. Bureau of Economic Analysis figures that said gross domestic product grew 1.9% in the fourth quarter of 2016, disappointing expectations for 2.2% and after a 3.5% growth rate in the three months to September. Separately, the Census Bureau said U.S. durable goods orders fell 0.4% in December, compared to expectations for a 2.6% gain. Core durable goods orders, which exclude transportation items increased by 0.5% last month, in line with expectations.

Sentiment on the greenback improved after Trump suggested the implementation of a 20% tax on Mexican goods to pay for a border wall, sparking concerns of a possible trade war between Mexico and the U.S. as Trump said a meeting to discuss a border wall and trade ties with counterpart President Enrique Peña Nieto would not happen as planned.

USD/MXN ended the week down 1.59% to 20.8721.

CTFC Commitment of Traders

This week speculators were less bearish on euro, yen. Crude oil net longs rose to an all-time high. Bullishness on the S&P 500 increased, while gold was steady in bullish sentiment.

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 inched up in the U.S. Friday as a a U.S. Federal Reserve meeting and jobs data are slated next week and are expected to set the tone, along with any comments from President Donald Trump.

Gold for February delivery on the Comex division of the New York Mercantile Exchange gained 0.03% to $1.190.15 and on track to finish the week down a bit more than 1%. Also on the Comex, silver futures for March delivery rose 1.79% to $17.152 a troy ounce and copper futures gained 0.67% to $2.691 a pound.

The Fed releases its latest review of policy on Wednesday with the Fed Rate Monitor Tool from Investing.com showing a nearly 95% think the central bank will hold pat.

Investors took note of U.S. Bureau of Economic Analysis figures that said gross domestic product grew 1.9% in the fourth quarter of 2016, disappointing expectations for 2.2% and after a 3.5% growth rate in the three months to September. Separately, the Census Bureau said U.S. durable goods orders fell 0.4% in December, compared to expectations for a 2.6% gain. Core durable goods orders, which exclude transportation items increased by 0.5% last month, in line with expectations.

Demand for gold weakened as sentiment on the greenback improved after Trump suggested the implementation of a 20% tax on Mexican goods to pay for a border wall, sparking concerns of a possible trade war between Mexico and the U.S. as Trump said a meeting to discuss a border wall and trade ties with counterpart President Enrique Peña Nieto would not happen as planned.

Oil

Crude prices in the U.S. trading day dipped sharply on Friday after rig count figures hit sentiment by highlighting how rapidly small producers can respond to higher prices and investors also noted weaker than expected economic growth in the last quarter of 2016

On the New York Mercantile Exchange, crude futures for March delivery fell 1.13% to $53.17 a barrel, while Brent futures on London's Intercontinental Exchange dropped 1.28% to $55,52 a barrel.

U.S. drillers added 13 rigs by the end of last week, taking the total active to 566, Baker Hughes said on Friday with the oilfield services firm now noting gains in 12 of the past 13-week period and up from 498 a year ago.

The gains come on the back of a recovery in global crude prices above $50 a barrel since late last year and into 2017 when a pact between OPEC and non-OPEC nations agreed to nearly 1.8 million barrels-per-day of supply cuts to global markets for the first six months of the year.

The Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May. U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016.

As well, investors took note of U.S. Bureau of Economic Analysis figures that said gross domestic product grew 1.9% in the fourth quarter of 2016, disappointing expectations for 2.2% and after a 3.5% growth rate in the three months to September. Separately, the Census Bureau said U.S. durable goods orders fell 0.4% in December, compared to expectations for a 2.6% gain. Core durable goods orders, which exclude transportation items increased by 0.5% last month, in line with expectations.

Also this week, the U.S. Energy Information Administration said on Wednesday that crude supplies rose by 2.9 million barrels last week to 488.3 million barrels, sparking concerns over the levels of global oil supplies as OPEC and non-OPEC countries have made a strong start to lowering their oil output under the first such pact in more than a decade, energy ministers said over the weekend as producers look to reduce oversupply and support prices.

If carried out as planned, the deal should reduce global supply by about 2%.

Natural Gas (Thursday Report)

U.S. natural gas futures rose for the fourth day in a row on Thursday, hitting 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 March delivery on the New York Mercantile Exchange rallied 13.0 cents, or about 3.9%, to $3.474 per million British thermal units by 10:35AM ET (15:35GMT), after rising 5.1 cents, or 1.6%, a day earlier.

Futures were at around $3.458 prior to the release of the supply data after climbing to a session high of $3.492 in the immediate aftermath of the storage report, a level not seen since January 17.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 119 billion cubic feet in the week ended January 20, exceeding market expectations for a drop of 117 billion cubic feet.

That compared with a withdrawal of 243 billion cubic feet in the preceding week, 211 billion a year earlier and a five-year average drop of 176 billion cubic feet.

Total natural gas in storage currently stands at 2.798 trillion cubic feet, according to the U.S. Energy Information Administration, 11.1% lower than levels at this time a year ago and less than 1% below the five-year average for this time of year.

Meanwhile, a colder system will sweep across the central and eastern U.S. later this week to finally end the current mild spell as overnight lows drop below freezing across all but the far southern U.S.

Extended models pointed to colder conditions from January 31 through February 3, maintaining near to stronger than normal natural gas demand.

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.

Prices typically rise during the winter as colder weather sparks indoor-heating demand. About half of U.S. homes use natural gas for heating.

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