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posted on 02 June 2017

Investing.com Weekly Wrap-Up 02 June 2017

Written by , Investing.com

U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.29%

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

At the close in NYSE, the Dow Jones Industrial Average rose 0.29% to hit a new all time high, while the S&P 500 index gained 0.37%, and the NASDAQ Composite index added 0.94%.


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The best performers of the session on the Dow Jones Industrial Average were Microsoft Corporation (NASDAQ:MSFT), which rose 2.37% or 1.66 points to trade at 71.76 at the close. Meanwhile, Boeing Co (NYSE:BA) added 1.55% or 2.91 points to end at 190.23 and Apple Inc (NASDAQ:AAPL) was up 1.48% or 2.27 points to 155.45 in late trade.

The worst performers of the session were Exxon Mobil Corporation (NYSE:XOM), which fell 1.49% or 1.20 points to trade at 79.50 at the close. Chevron Corporation (NYSE:CVX) declined 1.11% or 1.16 points to end at 103.11 and Walt Disney Company (NYSE:DIS) was down 0.95% or 1.03 points to 107.18.

The top performers on the S&P 500 were Broadcom Ltd (NASDAQ:AVGO) which rose 8.50% to 254.53, Cooper Companies Inc (NYSE:COO) which was up 8.43% to settle at 238.32 and Regeneron Pharmaceuticals Inc (NASDAQ:REGN) which gained 3.09% to close at 480.43.

The worst performers were Newfield Exploration Company (NYSE:NFX) which was down 5.02% to 30.83 in late trade, Southwestern Energy Company (NYSE:SWN) which lost 4.97% to settle at 5.74 and Tegna Inc (NYSE:TGNA) which was down 4.36% to 14.6800 at the close.

The top performers on the NASDAQ Composite were Inventergy (NASDAQ:INVT) which rose 38.30% to 0.260, Wins Finance Holdings Inc (NASDAQ:WINS) which was up 33.53% to settle at 26.72 and ChinaCache International Holdings (NASDAQ:CCIH) which gained 26.12% to close at 1.69.

The worst performers were LiNiu Technology Group (NASDAQ:LINU) which was down 30.65% to 0.430 in late trade, Endocyte Inc (NASDAQ:ECYT) which lost 30.04% to settle at 1.910 and Microbot Medical Inc (NASDAQ:MBOT) which was down 29.57% to 3.8100 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1893 to 1322 and 43 ended unchanged; on the Nasdaq Stock Exchange, 1671 rose and 865 declined, while 96 ended unchanged.

Shares in Broadcom Ltd (NASDAQ:AVGO) rose to all time highs; rising 8.50% or 19.94 to 254.53. Shares in Newfield Exploration Company (NYSE:NFX) fell to 52-week lows; falling 5.02% or 1.63 to 30.83. Shares in Cooper Companies Inc (NYSE:COO) rose to all time highs; up 8.43% or 18.53 to 238.32. Shares in Southwestern Energy Company (NYSE:SWN) fell to 52-week lows; down 4.97% or 0.30 to 5.74. Shares in Regeneron Pharmaceuticals Inc (NASDAQ:REGN) rose to 52-week highs; rising 3.09% or 14.41 to 480.43. Shares in Tegna Inc (NYSE:TGNA) fell to 3-years lows; down 4.36% or 0.6700 to 14.6800. Shares in Microsoft Corporation (NASDAQ:MSFT) rose to all time highs; up 2.37% or 1.66 to 71.76. Shares in Exxon Mobil Corporation (NYSE:XOM) fell to 52-week lows; losing 1.49% or 1.20 to 79.50. Shares in Boeing Co (NYSE:BA) rose to all time highs; gaining 1.55% or 2.91 to 190.23. Shares in Endocyte Inc (NASDAQ:ECYT) fell to all time lows; down 30.04% or 0.820 to 1.910.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 0.91% to 9.80.

Gold Futures for June delivery was up 0.92% or 11.67 to $1278.67 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 1.10% or 0.53 to hit $47.83 a barrel, while the August Brent oil contract fell 1.03% or 0.52 to trade at $50.11 a barrel.

EUR/USD was up 0.61% to 1.1281, while USD/JPY fell 0.86% to 110.41.

The US Dollar Index Futures was down 0.55% at 96.63.

See also US stocks shrug off weak jobs report; Nasdaq, Dow, S&P record new highs and Top 5 things that moved markets this past week.

Read additional news from Reuters at Investing.com.

Forex

The dollar slipped to a seven-month low, after data showed the pace of U.S. job growth in April unexpectedly fell, causing a shift in sentiment towards safe havens as investors questioned the prospect of stronger U.S. economic growth in the second quarter.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.49% to 96.68.

The U.S. economy added 138,000 jobs in May, well below forecasts of 185,000 new jobs while the unemployment rate fell to a 16-year low of 4.3%, the Labor Department said on Friday.

The soft headline jobs number did little to derail expectations that the Federal Reserve (Fed) would hike its benchmark rate in June, as the majority of traders, more than 80%, continued to support the view that the Fed will hike rates at its next meeting on June 13-14.

“We know the Fed is more than happy to look through this kind of thing," Saxo Bank head FX Strategy John Hardy said on Friday.

Despite elevated expectations of a June rate hike, the dollar has fallen to its lowest level since President Donald Trump was elected last November, while the U.S. 10-Yearremained on track to post its fourth straight weekly loss, as investors questioned whether the soft jobs report may be a precursor to a slowdown in the U.S. economy.

The euro and yen, were the main beneficiaries of the slump in the dollar while the pound bounced off session lows.

EUR/USD rose 0.54% to $1.1273 while EUR/GBP added 0.51% to 0.8748.

USD/JPY fell to Y110.44, down 0.84%, while USD/CAD lost 0.21% to trade at $1.3488.

GBP/USD pared losses, rising to $1.2887, up 0.02%, as the race for No 10 tightened, after polls indicated that that Theresa May’s Conservative party holds only a slender lead over the Labour party, ahead of the election vote on June 8.

See also Dollar tumbles to seven-month low after weaker-than-expected U.S. jobs data.

Commitments of Traders

This week speculators were more bullish on the euro gold, and oil.

Note: This data is for the week ending on Tuesday so the last three days (this week two because markets were closed Friday) of trading are not reflected.

cot.2017.may.24

Gold

Gold rose to session highs on Friday, buoyed by the return of safe haven demand, as the U.S. dollar fell to a seven-month low, after data showed that U.S. economy created fewer jobs than expected last month.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange rose $9.94 or 0.79%, to $1,276.92 a troy ounce.

Gold hit a session high of $1,278.95 just shy of six-week highs, as an unexpected dip in U.S. job growth, fuelled concerns about the strength of the U.S. economy, increasing demand for gold, which is traditionally used as a safe haven against economic uncertainty and volatility.

The U.S. economy added 138,000 jobs in May, well below forecasts of 185,000 new jobs while the unemployment rate fell to a 16-year low of 4.3%, the Labor Department said on Friday.

Gains in gold were capped, however, as the soft headline jobs number did little to derail expectations that the Federal Reserve (Fed) would hike its benchmark rate in June.

According to investing.com’s Fed rate monitor tool nearly 90% of traders expect the Fed to hike its benchmark rate in June from 0.75-1% to 1-1.25%.

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

Gold remained on track to post a gain for the week, fresh on the heels of achieving its longest monthly winning streak since 2010 in May. It was the yellow metal’s fifth consecutive monthly advance, a feat it last replicated six-and-a-half-years ago.

In other precious metals, silver futures rose 1.33% to $17.511 a troy ounce while platinum futures gained 2.68% to trade at $953.90.

Copper added 0.41% to $2.577, while natural gas traded flat at $3.006.

Oil

Crude futures tumbled more than 1%, as President Donald Trump’s decision to withdraw from the 2015 Paris climate agreement, sparked concerns that U.S. oil production could expand rapidly in the absence of a stringent focus on curbing the use of fossil fuels.

On the New York Mercantile Exchange crude futures for July delivery fell 70 cents to settle at $47.66 a barrel, while on London's Intercontinental Exchange, Brent dipped by 47 cents to trade at $50.16 a barrel.

The selloff in oil prices sustained during the later hours of the U.S. session yesterday, continued on Friday, as investors mulled over the prospect of a ramp-up in U.S. output, after Trump announced that the U.S. is withdrawing from the 2015 Paris climate agreement.

The Paris Agreement laid out a framework for countries to adopt clean energy and phase out fossil fuels such as oil, coal and natural gas.

Oilfield services firm Baker Hughes on Friday reported its weekly count of oil rigs rose by 11 to a total 733. It was the 20th straight weekly increase in the number of active U.S. oil rigs.

Sentiment on oil has turned soar, despite data from the Energy Information Administration on Thursday, showing that inventories of US crude fell for an eight-straight week in the week ended May 19, as investors continued to worry about the impact rising U.S. oil production could have on Opec and its allies’ efforts to reduce the glut in global inventories.

U.S crude production rose nearly 500,000 barrels per day (bpd) last week from year-earlier levels.

Opec and non-Opec members agreed to extend production cuts for a period of nine months until March last week, but stuck to production cuts of 1.8 million bpd agreed in November last year.

Natural Gas (Thursday Report)

No report this week.

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