Written by Investing.com Staff, Investing.com
U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.90%
U.S. stocks were mixed after the close on Friday, as gains in the Utilities, Financials and Industrials sectors led shares higher while losses in the Technology, Healthcare and Oil & Gas sectors led shares lower.
At the close in NYSE, the Dow Jones Industrial Average rose 0.90% to hit a new all time high, while the S&P 500 index gained 0.10%, and the NASDAQ Composite index lost 0.59%.
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The best performers of the session on the Dow Jones Industrial Average were Boeing Co (NYSE:BA), which rose 6.82% or 17.19 points to trade at 269.19 at the close. Meanwhile, Caterpillar Inc (NYSE:CAT) added 4.20% or 9.24 points to end at 229.00 and Walgreens Boots Alliance Inc (NASDAQ:WBA) was up 3.28% or 1.69 points to 53.21 in late trade.
The worst performers of the session were Salesforce.com Inc (NYSE:CRM), which fell 1.73% or 3.74 points to trade at 212.21 at the close. Visa Inc Class A (NYSE:V) declined 0.79% or 1.79 points to end at 224.36 and Apple Inc (NASDAQ:AAPL) was down 0.76% or 0.93 points to 121.03.
The top performers on the S&P 500 were Nordstrom Inc (NYSE:JWN) which rose 10.62% to 41.37, ViacomCBS Inc (NASDAQ:VIAC) which was up 10.34% to settle at 94.94 and Macy’s Inc (NYSE:M) which gained 9.85% to close at 18.73.
The worst performers were Ulta Beauty Inc (NASDAQ:ULTA) which was down 8.45% to 318.15 in late trade, Arconic Corp (NYSE:ARNC) which lost 3.54% to settle at 29.95 and Lennar Corporation (NYSE:LEN) which was down 3.38% to 87.91 at the close.
The top performers on the NASDAQ Composite were NLS Pharmaceutics AG (NASDAQ:NLSP) which rose 107.45% to 5.85, Entera Bio Ltd (NASDAQ:ENTX) which was up 70.79% to settle at 6.900 and Seelos Therapeutics Inc (NASDAQ:SEEL) which gained 56.25% to close at 4.750.
The worst performers were Marker Therapeutics Inc (NASDAQ:MRKR) which was down 23.32% to 1.94 in late trade, Evoke Pharma Inc (NASDAQ:EVOK) which lost 20.97% to settle at 2.450 and Poshmark Inc (NASDAQ:POSH) which was down 19.90% to 47.63 at the close.
Rising stocks outnumbered declining ones on the New York Stock Exchange by 1710 to 1090 and 80 ended unchanged; on the Nasdaq Stock Exchange, 1815 rose and 1480 declined, while 106 ended unchanged.
Shares in Nordstrom Inc (NYSE:JWN) rose to 52-week highs; up 10.62% or 3.97 to 41.37. Shares in ViacomCBS Inc (NASDAQ:VIAC) rose to all time highs; rising 10.34% or 8.90 to 94.94. Shares in Macy’s Inc (NYSE:M) rose to 52-week highs; up 9.85% or 1.68 to 18.73. Shares in Boeing Co (NYSE:BA) rose to 52-week highs; up 6.82% or 17.19 to 269.19. Shares in Caterpillar Inc (NYSE:CAT) rose to all time highs; gaining 4.20% or 9.24 to 229.00. Shares in Walgreens Boots Alliance Inc (NASDAQ:WBA) rose to 52-week highs; up 3.28% or 1.69 to 53.21. Shares in NLS Pharmaceutics AG (NASDAQ:NLSP) rose to all time highs; gaining 107.45% or 3.03 to 5.85. Shares in Seelos Therapeutics Inc (NASDAQ:SEEL) rose to 52-week highs; rising 56.25% or 1.710 to 4.750. Shares in Poshmark Inc (NASDAQ:POSH) fell to all time lows; down 19.90% or 11.83 to 47.63.
The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 5.57% to 20.69.
Gold Futures for April delivery was up 0.17% or 3.00 to $1725.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in April fell 0.68% or 0.45 to hit $65.57 a barrel, while the May Brent oil contract fell 0.65% or 0.45 to trade at $69.18 a barrel.
EUR/USD was down 0.23% to 1.1956, while USD/JPY rose 0.51% to 109.05.
The US Dollar Index Futures was up 0.27% at 91.667.
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The dollar rose Friday, but remains set to snap a two-week winning streak as investors turned attention to the Federal Reserve’s monetary policy meeting due next week that could prove to be a “wildcard” for U.S. bonds yields, which have been driving up the greenback.
The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.26% to 91.66, driven by a move higher in U.S. rates as investors bet on stimulus-led recovery.
The backdrop of liquidity from President Joe Biden’s $1.9 trillion stimulus package, the ongoing positive economic data, and the greater supply of bonds – to fund the government spending – will likely continue to support rates in the near term, but the Federal Reserve remains a key wildcard, Jefferies (NYSE:JEF) said in a note.
“[W]e do expect the rate move to continue in the very near term. The Fed as ever remains a key wildcard,” Jefferies added. “So we do think folks need to watch the price action quite closely here going into next week’s Fed meeting,” it added.
The Fed will provide a fresh update on its economic outlook that will likely reflect the faster pace of growth and the transitory inflation pressures, but with the labor market still below pre-pandemic levels, the central bank will stick with its projection on rates to remain near zero through 2023.
The increasing scrutiny over price action in the bond market comes in the wake of a rapid move higher in bond yields, which trade inversely to price, and is more often a boon for the dollar. There are fears the move could signal inflation is at risk of the spiraling of control. Still, the level of concern appears overdone somewhat as real yields are only two basis points.
The press conference that follows the Fed decision was be closely watched after Fed Chairman Jerome Powell at a recent virtual event — hosted by the Wall Street Journal — said the move in rates has caught his attention, but he downplayed the risk of the runaway inflation.
“Bonds sold off after Powell’s WSJ Q&A, pressuring risk assets and lifting the dollar. If the Fed Chair can present a dovish narrative in such a way that US Treasuries avoid a disorderly sell-off, then those currencies exposed to the global business cycle – including the EUR – can probably enjoy some modest gains later in the week,” ING said in a note.
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Gold squeezed in its first weekly profit in four on Friday, rebounding from under $1,700 an ounce, despite a 13-month high in U.S. bond yields and a spike in the dollar that should have kept the yellow metal lower.
Gold for April delivery on New York’s Comex settled down $2.80, or 0.2%, at $1,719.80 an ounce after tumbling earlier to $1,696.65 to break key $1,700 support.
For the week though, the benchmark gold futures contract gained $21.30, or 1.3%. It was the first positive week for Comex gold after three prior weeks of losses that left longs in the yellow metals some 8% poorer.
The spot price of gold, which fund managers sometimes rely on for direction more than futures, was at $1,722.60 by 3:08 PM ET (20:08 GMT), trading flat on the day. Spot gold’s intraday low was $1,699.28.
Gold’s comeback from under $1,700 was somewhat spectacular as yields benchmarked to the U.S. 10-year Treasury note soared to 1.64%, their highest since February 2020.
The Dollar Index – which pits the greenback against six major currencies – also rose, nearing the key 92 level.
“While the dollar is not making lower lows, yields might be overdone for the time being, in some kind of consolidation mode, and I think gold is recognizing that,” said Philip Streible, analyst and broker at Blueline Futures in Chicago.
“Also, gold is extremely light-weighted now, as it’s hated so much. And when you have such extreme levels of pessimism, often you see critical turning points in the market.”
Gold’s rebound on Friday also coincided with markets’ acknowledgement that the United States may be entering a new era of inflation with President Joe Biden’s signing into law on Thursday his $1.9 trillion Covid-19 bill. The stimulus package aims to vaccinate the country’s entire adult population before Independence Day on the 4th of July; fund states and businesses; and put money into Americans’ pockets besides finding them work.
Bond yields hit prepandemic highs since last month on the argument that economic recovery in the coming months could overheat, leading to spiraling inflation, as the Federal Reserve insisted on keeping interest rates at near zero.
The dollar, which should logically tumble in an environment of heightened inflation fears, also rallied on the same logic of runaway economic recovery. The greenback’s standing as a safe haven, due to its reserve currency status, also led to new long positions being built in the dollar.
Gold prices, meanwhile, fell 2.7% in January and continued to slide 6% in February. For March, they are down about 0.5 % month-to-date.
That was despite U.S. personal income growing 10% in January, beating forecasts, after $600 checks sent out to most Americans by the former Trump administration under a previous $900 billion Covid-19 stimulus package.
Touted for decades as a go-to asset whenever there are worries about price pressures, gold has of late been systematically prevented from playing that role by Wall Street banks, hedge funds and other actors that have sold down the metal while pushing up U.S. bond yields and the dollar instead. Bitcoin, an asset that can barely prove its intrinsic value, has also cropped up as a contrarian trade, often rallying at the expense of gold.
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U.S. crude prices posted their first weekly loss in three on Friday as a resurgent dollar smothered most commodities.
Global oil benchmark Brent also had its first weekly dip since January though the drop barely made a dent on market sentiment with the London-traded crude staying at just under the key $70 per barrel mark.
Futures of New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled at $65.61, down 41 cents, or 0.6%, on the day. For the week, it lost 0.7%.
Brent also fell 41 cents, or 0.6%, to settle at $69.22. On the week, it fell just 14 cents, or 0.2%.
“Brent crude will remain stuck around the $70 level until the oil demand outlook improves in Europe, which will only happen when they stop struggling with COVID variants,” said Ed Moya, analyst at New York’s OANDA.
Oil started the day higher in Asian trading as markets celebrated President Joe Biden’s signing into law on Thursday his signature $1.9 trillion Covid-19 bill. The stimulus package aims to vaccinate the country’s entire adult population before Independence Day on the 4th of July; fund states and businesses; and put money into Americans’ pockets besides finding them work. All these are positives for oil.
But as the day progressed, bond yields tied to the benchmark U.S. 10-year Treasury note spiked along with the dollar. That took the shine off most commodities, including the dollar.
Bond yields hit pre-pandemic highs since last month on the argument that economic recovery in the coming months could overheat, leading to spiraling inflation, as the Federal Reserve insisted on keeping interest rates at near zero.
The Dollar Index, which should logically tumble in an environment of heightened inflation fears, also rallied on the same logic of runaway economic recovery. The greenback’s standing as a safe haven, due to its reserve currency status, led to new long positions being built in the dollar.
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Natural Gas (Hellenic Shipping News)
U.S. natural gas end-use deliveries in 2020 decreased in three out of four consuming sectors relative to 2019, according to the U.S. Energy Information Administration’s (EIA) Natural Gas Monthly. Despite mild winter weather and the economic effects of COVID-19, the second-highest annual amount of natural gas was delivered in the United States to end users in 2020, averaging 75.8 billion cubic feet per day (Bcf/d) for the year. The highest annual amount of natural gas consumption in the United States occurred in 2019, when end-use deliveries reached 77.6 Bcf/d.
The electric power sector consumed the most natural gas of any sector-31.7 Bcf/d in 2020, a 2% increase from the previous year. In 2020, natural gas prices were the lowest they had been in decades. Lower natural gas prices made natural gas more competitive in the electric power sector, especially compared with coal. Natural gas-fired electricity generation has been growing throughout the United States. Natural gas-fired generation replaced much of the lost generation from coal plant retirements in recent years, making natural gas the largest input fuel for power generation nationally. Natural gas accounted for nearly 40% of all power generation in 2020, accounting for more generation than coal and nuclear, the next two largest sources, combined.
U.S. industrial consumption of natural gas decreased 2% in 2020. COVID-19-related closures and less demand reduced industrial consumption for much of the year. Industrial natural gas consumption has increased in 8 out of the past 10 years because of growth in dry natural gas production and relatively low natural gas prices.
Weather patterns have been the primary drivers of residential and commercial natural gas consumption volumes in the United States. Economic patterns also affect U.S. commercial natural gas consumption. The winter months of 2020 (January-March 2020 and November-December 2020) were milder than the previous two winters in the United States, resulting in less heating demand. Natural gas consumption in the commercial sector, which includes restaurants, hotels, and schools, decreased by 11%.
A small amount of end-use deliveries of natural gas go to the U.S. vehicle fuel sector, representing about 0.2% of total deliveries in 2020. In addition, a substantial volume of natural gas is consumed through producing, processing, and distributing natural gas. EIA considers these volumes as a component of total consumption, but they are not included in the end-use delivery sectors that EIA reports.
Source: EIA
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