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posted on 16 June 2017

Investing.com Weekly Wrap-Up 16 June 2017

Written by , Investing.com

U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.11%

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

At the close in NYSE, the Dow Jones Industrial Average added 0.11%, while the S&P 500 index added 0.03%, and the NASDAQ Composite index declined 0.22%.


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The best performers of the session on the Dow Jones Industrial Average were Chevron Corporation (NYSE:CVX), which rose 1.90% or 2.02 points to trade at 108.35 at the close. Meanwhile, Exxon Mobil Corporation (NYSE:XOM) added 1.50% or 1.23 points to end at 83.49 and Caterpillar Inc (NYSE:CAT) was up 1.13% or 1.20 points to 107.60 in late trade.

The worst performers of the session were Wal-Mart Stores Inc (NYSE:WMT), which fell 4.65% or 3.67 points to trade at 75.24 at the close. Nike Inc (NYSE:NKE) declined 3.40% or 1.80 points to end at 51.10 and Apple Inc (NASDAQ:AAPL) was down 1.40% or 2.02 points to 142.27.

The top performers on the S&P 500 were Whole Foods Market Inc (NASDAQ:WFM) which rose 29.10% to 42.68, Frontier Communications Corporation (NASDAQ:FTR) which was up 6.11% to settle at 1.39 and Murphy Oil Corporation (NYSE:MUR) which gained 4.23% to close at 25.36.

The worst performers were Kroger Company (NYSE:KR) which was down 9.24% to 22.29 in late trade, Costco Wholesale Corporation (NASDAQ:COST) which lost 7.19% to settle at 167.11 and AutoNation Inc (NYSE:AN) which was down 5.73% to 40.31 at the close.

The top performers on the NASDAQ Composite were Celsion Corp (NASDAQ:CLSN) which rose 56.10% to 3.200, Whole Foods Market Inc (NASDAQ:WFM) which was up 29.10% to settle at 42.68 and Avinger Inc (NASDAQ:AVGR) which gained 23.93% to close at 0.47.

The worst performers were Interpace Diagnostics Group Inc (NASDAQ:IDXG) which was down 39.24% to 0.9297 in late trade, iFresh Inc (NASDAQ:IFMK) which lost 19.00% to settle at 12.15 and Biostar Pharmaceuticals Inc (NASDAQ:BSPM) which was down 18.12% to 1.3100 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1830 to 1399 and 24 ended unchanged; on the Nasdaq Stock Exchange, 1434 fell and 1108 advanced, while 80 ended unchanged.

Shares in Whole Foods Market Inc (NASDAQ:WFM) rose to 52-week highs; rising 29.10% or 9.62 to 42.68. Shares in Kroger Company (NYSE:KR) fell to 3-years lows; down 9.24% or 2.27 to 22.29. Shares in Caterpillar Inc (NYSE:CAT) rose to 52-week highs; rising 1.13% or 1.20 to 107.60. Shares in Whole Foods Market Inc (NASDAQ:WFM) rose to 52-week highs; rising 29.10% or 9.62 to 42.68. Shares in Biostar Pharmaceuticals Inc (NASDAQ:BSPM) fell to 52-week lows; falling 18.12% or 0.2900 to 1.3100.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 4.95% to 10.36.

Gold Futures for August delivery was up 0.19% or 2.35 to $1256.95 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.61% or 0.27 to hit $44.73 a barrel, while the August Brent oil contract rose 0.92% or 0.43 to trade at $47.35 a barrel.

EUR/USD was up 0.48% to 1.1200, while USD/JPY fell 0.06% to 110.86.

The US Dollar Index Futures was down 0.38% at 97.13.

See also US stocks close mixed: Dow stretches winning streak to 4 weeks and Top 5 things that moved markets this past week.

Forex

The dollar remained close to session lows against a basket of global currencies on Friday, after the release of disappointing economic data weighed on sentiment.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.34% to 97.18.

U.S. homebuilding fell for a third straight month in May to the lowest level in eight months, suggesting that subdued housing activity could dent economic growth in the second quarter.

Housing starts dropped 5.5% to a seasonally adjusted annual rate of 1.09 million units, the Commerce Department said on Friday, well below forecasts of a 4.1% increase.

In a separate report the University of Michigan said its consumer sentiment gauged fell to 94.5 in early June from 91.1 in May. Analysts had expected a reading of 97.1.

The slowdown in the housing sector comes a few days after the Federal Reserve raised interest rates for the second time this year, and said gradual interest rate increases remained appropriate, asserting that moderate economic growth will continue for foreseeable future.

The pound and euro were the main beneficiaries of the slump lower in the greenback.

GBP/USD rose to $1.2763, up 0.22%, underpinned by expectations that the Bank of England could alter its stance on low interest rates in the near future, after an increasing number of its members voted in favour of an interest rate increase on Wednesday.

EUR/USD added 0.39% to $1.1190 while EUR/GBP rose by 19% to 0.8753.

USD/CAD traded at C$1.3230, down 0.29%, as a rebound in oil prices supported upward momentum in the oil-linked Canadian dollar.

The yen was one of the few major currencies unable to take advantage of the weaker greenback, hitting a two-week low, after the Bank of Japan kept interest rates unchangedand hinted that ultra-loose monetary policy could remain in place for a while.

Governor Haruhiko Kuroda said there was "some distance" to achieving the BOJ's inflation target of 2%, adding that it was "inappropriate" to say how the Bank would exit its massive stimulus program.

USD/JPY traded roughly flat at Y110.84.

Commitments of Traders

This week bullishness on gold faded slightly and euro net longs continued at a 6-year high. Also, oil bullisheness faded modestly.

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.jun.13

Gold

Gold prices remained unchanged on Friday, as safe haven demand remained subdued, despite a pair of disappointing U.S. economic reports raising concerns about the outlook of U.S. economic growth in the second quarter

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange added $1.59 or 0.13%, to $1,256.15 a troy ounce. Gold prices remained on track to post a two-week losing streak.

U.S. homebuilding fell for a third straight month in May to the lowest level in eight months, suggesting that subdued housing activity could dent economic growth in the second quarter.

Housing starts dropped 5.5% to a seasonally adjusted annual rate of 1.09 million units, the Commerce Department said on Friday, well below forecasts of a 4.1% increase.

In a separate report the University of Michigan said its consumer sentiment gauged fell to 94.5 in early June from 91.1 in May. Analysts had expected a reading of 97.1.

The subdued economic reports weighed on the dollar as it dropped to session lows against its peers.

Gold struggled, however, to capitalize on the slump in the dollar as investor sentiment on the precious metal remained negative, after the Federal Reserve on Wednesday signaled that an additional rate hike may be appropriate.

Gold is sensitive to moves higher in both U.S. rates and the dollar - A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.

In other precious metals news, silver futures lost 0.31% to $16.665, a troy ounce while platinum futures rose by 0.62% to $927.00.

Copper added 0.10% to $2.568, while natural gas dipped to 3.039, down 0.56%.

Oil

Crude futures settled higher on Friday, but ended the week in negative territory, as investors continued to doubt whether Opec and its allies’ global pact to curb production would stem the glut in supply amid rising U.S. output.

On the New York Mercantile Exchange crude futures for July delivery rose 28 cents to settle at $44.74 a barrel, while on London's Intercontinental Exchange, Brent added 32 cents to trade at $47.24 a barrel.

Oilfield services firm Baker Hughes reported on Friday that the number of U.S. oil drilling rigs in operation rose by 6 to 747 in the week to June 16, stoking fears that the rising U.S. production could derail Opec’s efforts to reduce global inventories to the five-year average.

“[But] even by the end of the year, it looks to us that there will still be 150m-200m barrels of surplus inventories." Gary Ross, head of oil at Pira Energy Group, a unit of S&P Global Platts.

The Baker Hughes report came after a duo of inventory updates from both Opec and the International Energy Agency earlier in the week, showing that production remained elevated while stockpiles continued to swell.

Opec said Tuesday, that output from the group rose by 336,000 barrels per day in May to 32.14m barrels per day while the International Energy Agency said it expects production to grow by 700,000 bpd this year.

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

Natural Gas (Thursday Report)

U.S. natural gas futures rose sharply on Thursday, after data showed that natural gas supplies in storage in the U.S. rose less than anticipated last week.

U.S. natural gas for July delivery was at $3.010 per million British thermal units by 10:35AM ET (1435GMT), up 8.0 cents, or around 2.7%. Futures were at around $2.952 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. rose by 78 billion cubic feet in the week ended June 9, below forecasts for a build of 86 billion.

That compared with a gain of 106 billion cubic feet in the preceding week, an increase of 69 billion a year earlier and a five-year average rise of 87 billion cubic feet.

Total natural gas in storage currently stands at 2.709 trillion cubic feet, according to the U.S. Energy Information Administration, 10.6% lower than levels at this time a year ago but 8.4% above the five-year average for this time of year.

Prices of the fuel notched a third-straight decline on Wednesday after falling to its lowest since March 20 at $2.916, as forecasts for below-normal temperatures across most parts of the U.S. over the next two weeks weighed.

Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating 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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