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posted on 07 April 2017

Investing.com Weekly Wrap-Up 07 April 2017

Written by , Investing.com

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

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

At the close in NYSE, the Dow Jones Industrial Average fell 0.03%, while the S&P 500 index fell 0.08%, and the NASDAQ Composite index declined 0.02%.


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The best performers of the session on the Dow Jones Industrial Average were Wal-Mart Stores Inc (NYSE:WMT), which rose 2.06% or 1.47 points to trade at 72.90 at the close. Meanwhile, Boeing Co (NYSE:BA) added 0.83% or 1.48 points to end at 178.85 and United Technologies Corporation (NYSE:UTX) was up 0.52% or 0.58 points to 112.99 in late trade.

The worst performers of the session were E I du Pont de Nemours & Co (NYSE:DD), which fell 0.73% or 0.59 points to trade at 80.05 at the close. Walt Disney Company (NYSE:DIS) declined 0.42% or 0.47 points to end at 112.58 and Chevron Corporation (NYSE:CVX) was down 0.39% or 0.43 points to 108.86.

The top performers on the S&P 500 were Vulcan Materials Company (NYSE:VMC) which rose 3.89% to 123.99, Incyte Corporation (NASDAQ:INCY) which was up 3.40% to settle at 140.11 and FMC Corporation (NYSE:FMC) which gained 3.07% to close at 75.24.

The worst performers were Under Armour Inc C (NYSE:UA) which was down 3.20% to 18.430 in late trade, CarMax Inc (NYSE:KMX) which lost 2.59% to settle at 56.50 and Cabot Oil & Gas Corporation (NYSE:COG) which was down 2.32% to 24.41 at the close.

The top performers on the NASDAQ Composite were China Cmrcl (NASDAQ:CCCR) which rose 136.00% to 2.3600, Hongli Clean Energy Technologies Corp (NASDAQ:CETC) which was up 101.73% to settle at 4.6399 and Akari Therapeutics PLC (NASDAQ:AKTX) which gained 26.71% to close at 18.500.

The worst performers were DryShips Inc (NASDAQ:DRYS) which was down 32.04% to 0.70 in late trade, Yulong Eco-Materials Ltd (NASDAQ:YECO) which lost 28.09% to settle at 0.374 and Catalyst Biosciences Inc (NASDAQ:CBIO) which was down 25.85% to 5.450 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1657 to 1532 and 48 ended unchanged; on the Nasdaq Stock Exchange, 1245 rose and 1230 declined, while 135 ended unchanged.

Shares in FMC Corporation (NYSE:FMC) rose to 52-week highs; rising 3.07% or 2.24 to 75.24. Shares in DryShips Inc (NASDAQ:DRYS) fell to 5-year lows; losing 32.04% or 0.33 to 0.70. Shares in Yulong Eco-Materials Ltd (NASDAQ:YECO) fell to all time lows; falling 28.09% or 0.146 to 0.374.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 3.71% to 12.85.

Gold Futures for June delivery was up 0.28% or 3.55 to $1256.85 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May rose 1.03% or 0.53 to hit $52.23 a barrel, while the June Brent oil contract rose 0.55% or 0.30 to trade at $55.19 a barrel.

EUR/USD was down 0.42% to 1.0599, while USD/JPY rose 0.24% to 111.08.

The US Dollar Index Futures was up 0.42% at 101.03.

See also U.S. stocks close lower: Nasdaq ends week in negative.

Read additional news from Reuters at Investing.com.

Forex

The dollar traded higher against a basket of major currencies on Friday, after expectations of a June rate hike remained unaffected by the release of a mixed U.S. jobs report.

The dollar initially dipped, after the headline payrolls number was weaker than expected but recovered to trade at the session highs, as investors continued to back a June rate hike amid a drop in the U.S. unemployment rate.

The Bureau of Labor Statistics reported Friday, Nonfarm payrolls grew by just 98,000 in March, well below expectations of 180,000, but the unemployment rate fell to a 10-year low of 4.5%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, added 0.29% to 100.90 by 12:46 EDT.

The weaker than expected headline nonfarm payrolls print, had little impact on traders’ expectations of a June rate, as the majority of traders expected the Federal Reserve to hike interest rates in June.

According to investing.com’s Fed rate monitor tool, the probability of traders that expect a June rate hike remained at 58%, unchanged from the previous day.

The dollar remained at highs, as investors poured into safe haven assets, as a slew of geopolitics events came to the fore, after the United States launched cruise missiles at an airbase in Syria while a terrorist attack was confirmed in Sweden, earlier today.

The U.S. military action in Syria came fresh off the heels of President Trump’s comments on Thursday, after Mr Trump blamed the chemical attack, earlier this week, on Syrian President Bashar al-Assad.

I think what Assad did is terrible" President Trump said Thursday.

Meanwhile, investors continued to focus on the final day of a two-day summit between U.S. President Donald Trump and Chinese President Xi Jinping.

EUR/USD traded at $1.0609, down 0.33%, while EUR/GBP gained 0.23% to 0.8558.

GBP/USD lost 0.58% to $1.2397, after a weaker than expected UK manufacturing data weighed on sentiment.

USD/JPY traded mostly flat at 110.77 while USD/CAD dipped 0.22% to $1.3383.

Commitments of Traders

This week speculators were less bullish on the S&P 500 and more bullish on Oil and Gold.

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

cot.2017.apr.05

Gold

Gold prices traded higher on Friday, buoyed by the release of a mixed US jobs report while geopolitical worries increased demand for safe haven gold.

Gold for April delivery on the Comex division of the New York Mercantile Exchange added $3.70, or 0.61%, to $1,257.00 a troy ounce by 13:26 EDT. Gold rose to a five-month high of $1272.85 earlier during the session.

Gold prices eased from a five-month high, weighed by a broad based dollar rally, as the US Dollar Index Futures advanced beyond the 101 level, after a mixed US jobs report failed to dampened expectations of a June rate hike.

The Bureau of Labor Statistics reported Friday, Nonfarm payrolls grew by just 98,000 in March, well below expectations of 180,000, but the unemployment rate fell to a 10-year lowof 4.5%.

According to investing.com’s Fed rate monitor tool, the probability of traders that expect a June rate hike remained at 58%, unchanged from the previous day.

A sharp rise in U.S. treasury yields added to expectations of a higher interest rate environment, with U.S. 10-Year, up 0.75% to 2.361.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Gold futures had spiked higher in overnight trade, after news broke that the United States launched cruise missiles at an airbase in Syria.

Meanwhile, the final day of a two-day summit between U.S. President Donald Trump and Chinese President Xi Jinping remained front and center, as a number of sensitive topics are expected to be discussed including North Korea and trade.

Silver futures, lost 0.15% to $18.218, a troy ounce while copper dipped 0.56% to trade at $2.643.

Platinum gained 0.28% to $961.55 while Natural Gas added 1.77% to $3.272.

Oil

Crude settled higher on Friday, after the U.S. launched a cruise missile attack against Syria while the number of active U.S. drilling rigs rose for an twelfth straight week.

Oilfield services firm Barker Hughes reported its weekly U.S. rig count rose by 10 to 672, it was the twelfth straight weekly increase.

On the New York Mercantile Exchange crude futures for May delivery gained 54 cents to settle at $52.24 a barrel, while on London's Intercontinental Exchange, Brent added 29 cents to trade at $55.17 a barrel.

Although, Syria is no longer a significant oil producer, investors fretted over potential supply disruptions in the region, as Syria neighbors and has relationships with big oil producers in the oil-rich region.

The concerns over a disruption is supply overshadowed renewed fears that rising U.S. crude and shale production could weigh on OPEC’s efforts to reduce a glut in supply, after U.S. crude inventories rose to record high on Wednesday.

Market participants, however, remained optimistic that OPEC would extend its current deal with non-OPEC members to cut production beyond June, after Russian Deputy Prime Minister Arkady Dvorkovich expressed his concern that the deal to cut supply hasn’t delivered as much as expected.

In November last year, OPEC and other producers, including Russia agreed to cut output by about 1.8 million barrels per day (bpd).

Natural Gas (Thursday Report)

U.S. natural gas futures edged higher on Thursday, extending gains after data showed that natural gas supplies in storage in the U.S. rose less than expected last week.

U.S. natural gas for May delivery tacked on 5.0 cents, or around 1.5%, to $3.316 per million British thermal units by 10:35AM ET (14:35GMT). Futures were at around $3.290 prior to the release of the supply data.

It settled lower on Wednesday after touching its strongest January 27 at $3.347.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 2 billion cubic feet in the week ended March 31, compared to forecasts for a build of 7 billion.

That compared with a withdrawal of 43 billion cubic feet in the preceding week, a gain of 12 billion a year earlier and a five-year average drop of 13 billion cubic feet.

Total natural gas in storage currently stands at 2.051 trillion cubic feet, according to the U.S. Energy Information Administration, 17.2% lower than levels at this time a year ago but 12.9% above the five-year average for this time of year.

Meanwhile, traders monitored shifting weather forecasts to assess the outlook for early-spring demand and supply levels.

Overall, an active spring pattern is expected the next two weeks across most parts of the U.S. with swings in demand between slightly lighter and stronger than normal every few days, according to forecasters at NatGasWeather.com.

Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting forecasts on early-spring demand.

Gas use typically hits a seasonal low with spring's mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning.

Nearly 50% of all U.S. households use gas for heating.

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