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posted on 14 July 2017

Investing.com Weekly Wrap-Up 14 July 2017

Written by , Investing.com

U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.39%

U.S. stocks were higher after the close on Friday, as gains in the Technology, Consumer Goods and Oil & Gas sectors led shares higher.

At the close in NYSE, the Dow Jones Industrial Average gained 0.39% to hit a new all time high, while the S&P 500 index gained 0.47%, and the NASDAQ Composite index gained 0.61%.


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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 1.72% or 1.29 points to trade at 76.34 at the close. Meanwhile, Microsoft Corporation (NASDAQ:MSFT) added 1.41% or 1.01 points to end at 72.78 and Intel Corporation (NASDAQ:INTC) was up 1.28% or 0.44 points to 34.68 in late trade.

The worst performers of the session were JPMorgan Chase & Co (NYSE:JPM), which fell 0.91% or 0.85 points to trade at 92.25 at the close. Goldman Sachs Group Inc (NYSE:GS) declined 0.78% or 1.80 points to end at 228.60 and Home Depot Inc (NYSE:HD) was down 0.27% or 0.41 points to 152.88.

The top performers on the S&P 500 were NetApp Inc (NASDAQ:NTAP) which rose 5.46% to 43.64, Frontier Communications Corp (NASDAQ:FTR) which was up 5.12% to settle at 14.77 and NRG Energy Inc (NYSE:NRG) which gained 4.68% to close at 23.24.

The worst performers were F5 Networks Inc (NASDAQ:FFIV) which was down 3.47% to 123.84 in late trade, Wynn Resorts Limited (NASDAQ:WYNN) which lost 3.38% to settle at 130.42 and Xilinx Inc (NASDAQ:XLNX) which was down 2.36% to 66.25 at the close.

The top performers on the NASDAQ Composite were Ocean Rig UDW Inc(NASDAQ:ORIG) which rose 66.50% to 0.1998, Rand Logistics Inc (NASDAQ:RLOG) which was up 63.67% to settle at 0.3920 and FalconStor Software Inc (NASDAQ:FALC) which gained 26.88% to close at 0.279.

The worst performers were TrovaGene Inc (NASDAQ:TROV) which was down 20.57% to 1.120 in late trade, Cyberark Software Ltd (NASDAQ:CYBR) which lost 16.31% to settle at 42.68 and Westport Fuel Systems Inc (NASDAQ:WPRT) which was down 15.46% to 1.640 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 2228 to 884 and 128 ended unchanged; on the Nasdaq Stock Exchange, 1291 rose and 1154 declined, while 174 ended unchanged.

Shares in NetApp Inc (NASDAQ:NTAP) rose to 3-years highs; up 5.46% or 2.26 to 43.64. Shares in NRG Energy Inc (NYSE:NRG) rose to 52-week highs; gaining 4.68% or 1.04 to 23.24. Shares in Microsoft Corporation (NASDAQ:MSFT) rose to all time highs; up 1.41% or 1.01 to 72.78. Shares in Cyberark Software Ltd (NASDAQ:CYBR) fell to 52-week lows; losing 16.31% or 8.32 to 42.68.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 2.83% to 9.62 a new all time low.

Gold Futures for August delivery was up 0.91% or 11.13 to $1228.43 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August rose 1.17% or 0.54 to hit $46.62 a barrel, while the September Brent oil contract rose 1.22% or 0.59 to trade at $49.01 a barrel.

EUR/USD was up 0.62% to 1.1469, while USD/JPY fell 0.69% to 112.50.

The US Dollar Index Futures was down 0.70% at 94.89.

See also:

Read more news from Reuters at Investing.com: Dow, S&P 500 hit record high closes.

Forex

The dollar slumped to a 10-month low against a basket of global currencies on Friday, after a duo of economic reports showed a slowdown in inflation and retail sales, pointing to weakness in the U.S. economy.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.54% to 95.04.

Inflation and retail sales data undershot forecasts, raising concerns about the strength of the U.S. economy, narrowing the prospect of the Federal Reserve adopting a faster pace of rate hikes.

The rate of inflation over the past 12 months slowed to 1.6% in June from 1.9% in the prior month, and it is down from a five-year high of 2.7% just five months ago.

Economist had expected an inflation reading of 1.7%,

Adding to the negative sentiment on the U.S. economy, was a report showing a 0.2% dip in retail sales.

It was the second-straight month of timid retail sales activity, and missed economists’ forecasts of a 0.2% increase.

The weaker than expected data weighed on the U.S. 10-Year suggesting that investors are less optimistic about the pace of future interest rate hikes.

The pound and euro were the main beneficiaries of a slump in the greenback, hitting session highs and remained on track to close positive for the week.

GBP/USD rose to $1.3078 while EUR/USD added 0.47% to $1.1452.

Elsewhere the oil-linked Canadian dollar benefited from an uptick in oil prices, adding to recent gains against the greenback on the back of the Bank of Canada's decision to raise rates on Wednesday.

USD/CAD fell by 0.50% to C$1.2659 while USD/JPY dropped to Y112.64, down 0.56%.

Commitments of Traders

This week bullishness increased for the S&P 500, euro, and the Aussie dollar; bullishness decreased for gold and silver; bearishness decreased for the pound and increased for the yen.

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.jul.05

Gold

Gold prices traded higher on Friday, benefiting from a slump in the dollar to a ten-month low, following a pair of disappointing economic reports suggesting U.S. economic growth is not as robust as previously anticipated.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $10.52, or 0.86%, to $1,227.83 a troy ounce.

Fresh U.S. economic jitters resurfaced Friday, following the release of inflation and retail sales data that undershot economists’ forecasts, reducing investor expectations about future rate increases.

The rate of inflation over the past 12 months slowed to 1.6% in June from 1.9% in the prior month, and it is down from a five-year high of 2.7% just five months ago.

Economist had expected an inflation reading of 1.7%,

In a separate report the Depart of Commerce said retail sales dipped by 0.2% in June, missing economists’ forecasts of a 0.2% increase.

It was the second-straight month of timid retail sales activity.

The timid inflation report comes amid fears that a slowdown inflation could weigh on the Federal Reserve’s ability to hike rates after Fed chair Janet Yellen, earlier this week, said future rate increases would be gradual.

Both the dollar and U.S. 10-Year dipped to lows, lifting investor sentiment for gold, which remained on track to snap a five-week losing streak.

In other precious metals, silver futures rose 1.56% to $15.937 a troy ounce while platinum futures added 1.76% to $923.10.

Copper traded at $2.690, up 1.07%, while natural gas, tacked on 0.81% to trade at $2.984.

Oil

Oil rose 1 percent on Friday, boosted by lower U.S. stockpiles, a slight slowdown in U.S. crude production and signs of increased Chinese demand, but trading was volatile as global supply remained strong.

Brent crude futures (LCOc1), the international benchmark for oil, settled up 49 cents, or 1.01 percent, at $48.91 per barrel.

U.S. West Texas Intermediate (WTI) crude futures (CLc1) settled up 46 cents, or 1 percent, at $46.54 per barrel.

Crude oil contracts were on track for weekly gains of more than 5.2 percent for U.S. WTI and more than 4.7 percent for Benchmark Brent. According to Stewart Glickman, head of energy research at CFRA Research in New York:

"I think the big driver is inventory numbers. We've finally broken below 500 million barrels, I feel like it's a psychological barrier."

U.S. crude inventories fell 7.6 million barrels last week, its biggest weekly plunge in 10 months, the U.S. Energy Information Administration (EIA) said on Wednesday.

And while U.S. energy firms added oil rigs for a second week in a row according to Friday data from Baker Hughes, the pace of additions has slowed to its lowest this year.

Oil production in North Dakota fell 10,000 barrels-per-day in May.

Still, oil stocks remained comfortably above the five-year average, and prices were more than 15 percent below their 2017 highs.

Moreover, output cuts from producing countries coordinated by the Organization of the Petroleum Exporting Countries have been stymied by rising output from Libya and Nigeria, which are exempt. June compliance among other members also fell to just 78 percent, according to the International Energy Agency (IEA).

Kuwait's OPEC governor told Reuters in an interview that it would be premature to cap Nigerian and Libyan oil production.

Brent and WTI prices were roughly 5 percent above the week's lows, aided by reports of accelerating demand growth from the IEA, crude oil import growth in China and falling crude stocks in the United States.

China's crude oil imports over the first six months of 2017 were 13.8 percent above the year-ago period, customs data showed. Asian traders are selling oil products out of tanks to meet soaring demand, while the EIA reported the largest drop in U.S. crude oil inventories in the week to last week in 10 months.

Analysts at Commerzbank (DE:CBKG) said a reduction in the developed world's oil stocks was likely to continue as long as OPEC did not further significantly increase its output.

Natural Gas (Thursday Report)

U.S. natural gas futures turned positive in North American trade on Thursday, immediately after data showed that natural gas supplies in storage in the U.S. rose less than expected last week.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 57 billion cubic feet in the week ended July 7, while analysts had forecast an increase of 59 billion.

Natural gas for delivery in August on the New York Mercantile Exchange gained 0.8 cents, or 0.27%, to trade at $2.993 per million British thermal units by 10:31AM ET (14:31GMT).

Futures were down 0.1% at around $2.982 prior to the release of the supply data.

Thursday's reading compared with a build of 72 billion cubic feet (bcf) in the preceding week and represented a decline of 289 billion from a year earlier but was 172 bcf above the five-year average.

Total U.S. natural gas storage stood at 2.945 trillion cubic feet, 8.9% lower than levels at this time a year ago and 6.2% above the five-year average for this time of year.

Before the report was released, natural gas had been seeing its second day of profit-taking Thursday as investors locked in gains from a rally earlier in the week as updated weather forecasting models continued to point to increased summer demand in the coming weeks.

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