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posted on 29 July 2017

Investing.com Weekly Wrap-Up 28 July 2017

Written by , Investing.com

U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.15%

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

At the close in NYSE, the Dow Jones Industrial Average rose 0.15% to hit a new all time high, while the S&P 500 index fell 0.13%, and the NASDAQ Composite index lost 0.12%.


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The best performers of the session on the Dow Jones Industrial Average were ChevronCorporation (NYSE:CVX), which rose 1.89% or 2.01 points to trade at 108.12 at the close. Meanwhile, UnitedHealth Group Incorporated (NYSE:UNH) added 1.18% or 2.22 points to end at 191.15 and American Express Company (NYSE:AXP) was up 1.13% or 0.95 points to 84.80 in late trade.

The worst performers of the session were Exxon Mobil Corporation (NYSE:XOM), which fell 1.52% or 1.23 points to trade at 79.60 at the close. General Electric Company (NYSE:GE) declined 1.01% or 0.26 points to end at 25.53 and E I du Pont de Nemours & Co (NYSE:DD) was down 0.72% or 0.61 points to 83.98.

The top performers on the S&P 500 were First Solar Inc (NASDAQ:FSLR) which rose 9.06% to 48.87, Mohawk Industries Inc (NYSE:MHK) which was up 4.33% to settle at 248.65 and Rockwell Collins Inc (NYSE:COL) which gained 4.32% to close at 113.73.

The worst performers were Flowserve Corporation (NYSE:FLS) which was down 10.93% to 41.30 in late trade, Altria Group (NYSE:MO) which lost 9.49% to settle at 66.94 and Starbucks Corporation (NASDAQ:SBUX) which was down 9.24% to 54.00 at the close.

The top performers on the NASDAQ Composite were CytRx Corporation (NASDAQ:CYTR) which rose 43.11% to 0.820, ArcBest Corp (NASDAQ:ARCB) which was up 25.35% to settle at 26.95 and Novan Inc (NASDAQ:NOVN) which gained 24.65% to close at 5.31.

The worst performers were Destination Maternity Corporation (NASDAQ:DEST) which was down 41.84% to 1.71 in late trade, CyberOptics Corporation (NASDAQ:CYBE) which lost 27.06% to settle at 17.25 and MicroStrategy Incorporated (NASDAQ:MSTR) which was down 26.00% to 139.99 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1673 to 1412 and 149 ended unchanged; on the Nasdaq Stock Exchange, 1328 fell and 1153 advanced, while 144 ended unchanged.

Shares in First Solar Inc (NASDAQ:FSLR) rose to 52-week highs; rising 9.06% or 4.06 to 48.87. Shares in Mohawk Industries Inc (NYSE:MHK) rose to all time highs; rising 4.33% or 10.31 to 248.65. Shares in Rockwell Collins Inc (NYSE:COL) rose to all time highs; rising 4.32% or 4.71 to 113.73. Shares in Exxon Mobil Corporation (NYSE:XOM) fell to 52-week lows; down 1.52% or 1.23 to 79.60. Shares in General Electric Company (NYSE:GE) fell to 52-week lows; falling 1.01% or 0.26 to 25.53. Shares in Destination Maternity Corporation (NASDAQ:DEST) fell to all time lows; losing 41.84% or 1.23 to 1.71. Shares in MicroStrategy Incorporated (NASDAQ:MSTR) fell to 52-week lows; falling 26.00% or 49.19 to 139.99.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 2.18% to 10.33.

Gold Futures for August delivery was up 0.77% or 9.74 to $1269.74 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September rose 1.47% or 0.72 to hit $49.76 a barrel, while the September Brent oil contract rose 2.14% or 1.10 to trade at $52.59 a barrel.

EUR/USD was up 0.66% to 1.1754, while USD/JPY fell 0.57% to 110.62.

The US Dollar Index Futures was down 0.66% at 93.15.

See also:

Read more news from Reuters at Investing.com: Chip stocks show signs of slowing with more earnings on tap.

Forex

The dollar fell to 14-month lows against a basket of global currencies on Friday, after economic data undershot estimates, narrowing investor expectations the Federal Reserve will keep to its plan to hike rates at least once more this year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.58% to 93.23.

U.S. gross domestic product (GDP) increased 2.6% in the second quarter, meeting expectations, the Bureau of Economic Analysis said on Friday.

First-quarter GDP, however, was revised downwards to 1.2%, fuelling concerns that U.S. economic growth was not as robust as previously expected.

Also adding to negative sentiment on the greenback, was continued political uncertainty from Washington, following the U.S. Senate’s failure to pass a repeal of Obamacare, formally known as the Affordable Care Act.

The pound and euro were the main beneficiaries of selling pressure in the greenback, as the euro added to its impressive rally, which has seen the single currency gain nearly 3% against the greenback during the month.

EUR/USD traded at $1.1747, up 0.60%, while EUR/GBP rose 0.10% to 0.8947, benefitting from better-than-expected German and French inflation data.

GBP/USD rose to $1.3129, up 0.49% while USD/CAD fell to $1.2439, following a surge in the loonie on the back of Canadian GDP that confounded expectations, rising to 0.6% in May.

USD/JPY fell to Y110.84, down 0.37%.

Commitments of Traders

Crude oil net longs are at a 3-month high; Australian Dollar Longs are at 15-Month High; Bullishness increased significantly for gold, silver, copper, and the Canadian dollar.

Note: This data is for the week ending on Monday 24 June so the last four days of trading is not reflected.

cot.2017.jul.24

Gold

Gold prices traded higher on Friday, as the dollar remained under pressure at fourteen-month lows, after investor expectations grew the Federal Reserve would keep rates low for longer, following data showing inflation remained subdued.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $9.53, or 0.75%, to $1,269.52 a troy ounce.

Gold recouped some of its losses sustained earlier during the week, as traders mulled over a downward revision in first-quarter gross domestic product (GDP) which offset second-quarter gross domestic product that met expectations.

U.S. gross domestic product (GDP) increased 2.6% in the second quarter, meeting expectations, while first quarter GDP was revised down to 1.2%, the Bureau of Economic Analysis said on Friday.

The data also revealed a slowdown in the annual pace of inflation, as the U.S. GDP price index, the broadest inflationary indicator, dipped more-than-expected to 1%, adding to recent concerns over the slowing pace of inflation.

A slowdown in inflation has proven a key concern among Fed members, who voted on Wednesday to keep the central bank’s benchmark rate unchanged.

In a falling interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal reduces relative to other interest-bearing assets such as bonds.

Other precious metals capitalized on a slump in the dollar, as silver futures rose 0.66% to $16.683 while platinum futures rose by 1.03% to $935.90.

Copper traded at $2.880, up 0.09%, while natural gas, declined by 0.78% to $2.944.

Oil

Crude futures settled higher on Friday, as data this week eased concerns about surplus supplies, after Saudi Arabia pledged to lower exports while U.S. crude supplies fell more than expected.

On the New York Mercantile Exchange crude futures for September delivery rose 67 cents to settle at $49.71 a barrel, while on London's Intercontinental Exchange, Brent added $1.02 to trade at $52.51 a barrel.

Crude futures edged closer to a key $50 level, capping off a bullish week which has seen crude futures for the nearest delivery trade at premium to those of the following month, a pattern known as backwardation, usually associated with tighter supplies.

The Energy Information Administration (EIA) reported Wednesday, crude and gasoline stockpiles fell by more than expected last week, pointing to an uptick in demand for crude and refinery activity.

Saudi Arabia pledged earlier this week to lower crude exports to 6.6 million barrels per day (bpd) in August, almost 1 million bpd below the level last year.

Also supporting a rise in crude prices was the possibility of major disruptions to crude supplies from Venezuela, which faces a national vote Sunday to elect a constituent assembly whose job will be to redraft its constitution.

Meanwhile, an uptick in the latest number of active drilling failed to weigh on investor sentiment as crude prices notched their best weekly gain since December, rising 8.6%.

Oilfield services firm Baker Hughes reported its weekly count of oil rigs operating in the United States ticked up by two rig to a total of 766.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

Natural Gas (Thursday Report)

U.S. natural gas futures rose to the highest levels of the session in North American trade on Thursday, after data showed that domestic supplies in storage rose less than anticipated last week.

U.S. natural gas for September delivery was at $2.963 per million British thermal units by 10:35AM ET (1435MT), up 5.2 cents, or around 1.8%. Futures were at around $2.937 prior to the release of the supply data.

Prices ended lower for the fifth time in six sessions on Wednesday amid bearish weather forecasts that should limit demand for the fuel.

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

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

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 17 billion cubic feet in the week ended July 21, below forecasts for a build of 24 billion.

That compared with a gain of 28 billion cubic feet in the preceding week, an increase of 17 billion a year earlier and a five-year average rise of 47 billion cubic feet.

Total natural gas in storage currently stands at 2.990 trillion cubic feet, according to the U.S. Energy Information Administration, 9.2% lower than levels at this time a year ago but 3.7% above the five-year average for this time of year.

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