Written by Investing.com Staff, Investing.com
U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.65%
U.S. stocks were higher after the close on Friday, as gains in the Technology, Utilities and Consumer Services sectors led shares higher.
At the close in NYSE, the Dow Jones Industrial Average added 0.65%, while the S&P 500 index gained 0.81%, and the NASDAQ Composite index gained 1.19%.
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The best performers of the session on the Dow Jones Industrial Average were Microsoft Corporation (NASDAQ:MSFT), which rose 2.56% or 7.59 points to trade at 304.36 at the close. Meanwhile, Home Depot Inc (NYSE:HD) added 1.96% or 6.34 points to end at 329.24 and Cisco Systems Inc (NASDAQ:CSCO) was up 1.66% or 0.95 points to 58.22 in late trade.
The worst performers of the session were Intel Corporation (NASDAQ:INTC), which fell 0.82% or 0.43 points to trade at 52.01 at the close. Coca-Cola Co (NYSE:KO) declined 0.39% or 0.22 points to end at 56.64 and Amgen Inc (NASDAQ:AMGN) was down 0.38% or 0.86 points to 223.53.
The top performers on the S&P 500 were Foot Locker Inc (NYSE:FL) which rose 7.26% to 58.34, NVIDIA Corporation (NASDAQ:NVDA) which was up 5.14% to settle at 208.16 and ABIOMED Inc (NASDAQ:ABMD) which gained 4.43% to close at 348.11.
The worst performers were Ross Stores Inc (NASDAQ:ROST) which was down 2.73% to 123.12 in late trade, Deere & Company (NYSE:DE) which lost 2.10% to settle at 351.43 and Lam Research Corp (NASDAQ:LRCX) which was down 1.94% to 565.97 at the close.
The top performers on the NASDAQ Composite were Regencell Bioscience Holdings Ltd (NASDAQ:RGC) which rose 204.13% to 19.16, Flora Growth Corp (NASDAQ:FLGC) which was up 43.93% to settle at 12.680 and GeoVax Labs Inc (NASDAQ:GOVX) which gained 32.79% to close at 5.710.
The worst performers were Progenity Inc (NASDAQ:PROG) which was down 54.77% to 0.674 in late trade, Sonnet Biotherapeutics Holdings Inc (NASDAQ:SONN) which lost 48.25% to settle at 0.6313 and Endo International PLC (NASDAQ:ENDP) which was down 40.00% to 2.130 at the close.
Rising stocks outnumbered declining ones on the New York Stock Exchange by 2363 to 867 and 137 ended unchanged; on the Nasdaq Stock Exchange, 2596 rose and 1006 declined, while 163 ended unchanged.
Shares in NVIDIA Corporation (NASDAQ:NVDA) rose to all time highs; gaining 5.14% or 10.18 to 208.16. Shares in Microsoft Corporation (NASDAQ:MSFT) rose to all time highs; up 2.56% or 7.59 to 304.36. Shares in Cisco Systems Inc (NASDAQ:CSCO) rose to 5-year highs; rising 1.66% or 0.95 to 58.22. Shares in Regencell Bioscience Holdings Ltd (NASDAQ:RGC) rose to all time highs; rising 204.13% or 12.86 to 19.16. Shares in Progenity Inc (NASDAQ:PROG) fell to all time lows; losing 54.77% or 0.816 to 0.674. Shares in Sonnet Biotherapeutics Holdings Inc (NASDAQ:SONN) fell to all time lows; falling 48.25% or 0.5887 to 0.6313. Shares in Endo International PLC (NASDAQ:ENDP) fell to all time lows; down 40.00% or 1.420 to 2.130.
The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 14.35% to 18.56.
Gold Futures for December delivery was up 0.02% or 0.35 to $1783.45 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 2.54% or 1.61 to hit $61.89 a barrel, while the October Brent oil contract fell 2.15% or 1.43 to trade at $65.02 a barrel.
EUR/USD was up 0.26% to 1.1704, while USD/JPY rose 0.07% to 109.79.
The US Dollar Index Futures was down 0.14% at 93.455.
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The dollar was largely unchanged in early European trade Friday, but the tone remains positive on worries the Covid-19 virus could stunt global growth just as the Federal Reserve starts to cut back its pandemic-era monetary stimulus.
At 2:50 AM ET (0650 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded flat at 93.558, after earlier Friday rising as high as 93.612 for the first time since early November. It’s on track to gain 1.1% this week, the most in two months.
EUR/USD was 0.1% higher at 1.1686, near the over 9-month low of 1.1665 reached overnight, USD/JPY was largely flat at 109.70, while GBP/USD fell 0.1% to 1.3624, not far off a new one-month low after a sharp 2.5% fall in U.K. retail sales in July, a signal that the country’s recovery may be losing momentum.
That said, the biggest losses against the dollar were reserved for the so-called commodity currencies. AUD/USD fell 0.3% to 0.7127, more than a 9-month low, over 3% lower this week, as a Covid-19 lockdown in Sydney was extended by a month.
NZD/USD dropped 0.3% to 0.6824, just above a new 9-month low, and almost 3% lower this week, with the country’s central bank delaying a rate hike earlier this week because of a snap lockdown over a fresh Covid-19 outbreak, which was extended earlier Friday.
USD/CAD rose 0.3% to 1.2870, a fresh six-month high, with the sudden drop in oil prices hurting the Canadian economy.
The spreading of the highly-transmissible delta variant of the Covid-19 virus is prompting concerns that the economic recovery from the first outbreak may be stalling. But, adding to this is the idea that the Federal Reserve, the central bank of the world’s largest economy and primary growth driver, is one the verge of easing its bond-buying stimulus.
“The mood-music from the Fed is very much one of a glide-path to tapering,” said analysts at ING, in a note, and “it looks like a lot of demand for the dollar is coming from investors pulling out of growth stories overseas.”
This means the market’s focus is now very much on the Fed’s annual Jackson Hole symposium in Wyoming, which starts at the end of next week.
Elsewhere, USD/CNY traded 0.1% higher at 6.5015, just off the new three-week high of 6.5104 seen earlier and above the key 6.50 level, after the People’s Bank of China maintained its one-year loan prime rate at 3.85% and the five-year LPR at 4.65%.
While this move to keep its benchmark interest rates unchanged was widely expected, there had been some looking for a cut given the slowdown in growth at the world’s second largest economy after a spate of localized Covid-19 outbreaks that have resulted in extensive lockdowns.
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Gold was slightly higher Friday morning in Asia, with a stronger dollar taking some of the luster from a recent rally in the yellow metal.
Gold futures were up 0.16% to $1,786.90 by 11:30 PM ET (3:20 AM GMT) and spot gold was also flat. The dollar that tracks the greenback against a basket of currencies has been rallying over the past week and was mostly flat in the morning in Asia, down just 0.02% to 93.55.
Ongoing uncertainty caused by rising COVID-19 cases globally and the relentless spread of the Delta variant should be supportive for gold, which tends to rise in periods of uncertainty, but relatively positive economic figures out of the US have given the dollar a shot in the arm at the expense of gold.
The number of new unemployment benefits claims in the U.S. fell last week to a 17-month low, which suggests there will be another month of strong job growth. Counterbalancing this optimistic outlook, growth in factory activity in the mid-Atlantic region slowed for the fourth month in a row in August, according to a survey out on Thursday.
The dollar has been pushed higher by expectations the U.S. Federal Reserve could begin easing stimulus this year, as minutes from its July meeting seemed to suggest. The market is now looking towards the Jackson Hole meeting of central bankers on Aug. 26-28 for further clues as to the Fed’s direction.
Overall, the prospects for gold appear to be positive.
“Gold is certainly benefiting from its safe-haven status,” OANDA analyst Craig Erlam told Reuters. “While markets are falling heavily, gold is back in demand.”
“In the medium-term, downside pressure will remain on gold but that won’t stop it reaping the benefits of the jitters.”
In other metals, silver futures were also subdued, down 0.08% to $23.212 and platinum futures for October 21 delivery were up 0.45% to $973.90.
Brent oil futures and WTI oil futures were both marginally higher after big drops during U.S. and European trading sessions overnight.
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Crude oil prices slumped Friday, settling near three-month lows as signs thst US energy firms are looking to increase output, added to concerns about a possible glut in crude supply just as the Delta variant weighs on demand.
On the New York Mercantile Exchange crude futures for September delivery fell by 52 cents to settle at $62.98 a barrel, while on London’s Intercontinental Exchange (NYSE:ICE), Brent slipped 0.7% to trade at $65.93 a barrel.
Oilfield services firm Barker Hughes reported its weekly U.S. rig count rose by 8 to 405.
Rising rig counts, pointing to signs of tightening crude output, did little to calm worries that demand could outstrip supply as China, the world’s largest energy consumer, is showing signs of slowing growth amid restrictions to curb the Delta variant.
China earlier this week reported weaker-than-expected industrials and retail data. Data in China showing daily crude processing in July fell to its lowest level in 14 months, exacerbated worries over demand outlook.
The weakening outlook on demand appears to have dividend opinion on the whether a supply glut is on the horizon.
“Our base-case remains that this will remain a transient demand hit, with structural supply underinvestment increasingly clear,” Goldman Sachs (NYSE:GS) said in a note, forecasting that the oil market deficit will persist through year-end.
Others, however, pointing to OPEC and its allies’ plan to raise production, say supply could outstrip demand in the back of half of the year.
“By our calculations, the oil market will already show a slight supply surplus in the second half year if OPEC+ raises production by 400,000 barrels per day each month as planned and returns to 100% compliance,” Commerzbank (DE:CBKG) said in a note.
As well as souring outlook on energy demand, dollar strength played a role in the 6% weekly loss in oil prices after the Federal Reserve signaled it could taper its monthly bond purchases by year-end.
The dollar’s ascendency, however, is unlikely to come to an end anytime soon.
“I’m pretty constructive on the dollar index,” “In April and May the dollar pulled back a pretty decent amount and almost returned to the lows from earlier in the year, but didn’t quite do it and now you’re actually rotating back above the march high which I think is significant,” Chief Market Strategist David Keller at StockCharts.com told Investing.com in an interview on Friday.
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Natural Gas (Hellenic Shipping News)
US natural gas volumes in storage increase 46 Bcf following reclassification: EIA
US natural gas volumes in storage increased 46 Bcf, more than the five year-average, following the reclassification of base to working gas in the South Central region, while Henry Hub futures continue to decline.
Inventories increased to 2.822 Tcf for the week ended Aug. 13, the US Energy Information Administration reported Aug. 19.
The injection was more than the 35 Bcf addition expected by an S&P Global Platts survey of analysts. Responses to the survey ranged from a 25 to 42 Bcf injection. The 46 Bcf build was more the five-year average build of 42 Bcf and last year’s 45 Bcf injection in the corresponding week.
US storage volumes now stand 547 Bcf, or 16.2%, less than the year-ago level of 3.369 Tcf and 174 Bcf, or 5.8%, less than the five-year average of 2.996 Tcf.
The weekly injection would have matched the five-year average, but 4 Bcf of base gas in the South Central storage region was reclassified to working gas. This caused the region to post a 1 Bcf injection rather than a 3 Bcf withdrawal for the week. The reclassification occurred in a non-salt dome storage facility.
The Pacific region demonstrated a drawdown for the fifth consecutive week as heat and below-normal hydro generation continues to affect the area. The region’s inventory is 16% below the five-year average and 23% less than last year. SoCal Gas, city-gate spot price has retreated from $7.62/MMBtu on Aug. 17 to $4.77 on Aug. 19. PG&E city-gate is at $5.16.
The NYMEX Henry Hub September contract dropped 10 cents to $3.75/MMBtu in trading following the release of the weekly storage report. It has fallen by 25 cents since Aug. 16. The winter strip, November through March, averaged $3.87/MMBtu, representing a decline of 23 cents from one week prior.
Platts Analytics’ supply and demand model currently forecasts a 31 Bcf injection for the week ending Aug. 20, which would measure 13 Bcf less than the five-year average. The last full week in August is expected to add 36 Bcf compared to the five-year average of 53 Bcf.
Fundamentals during the week in progress have tightened by roughly 1.2 Bcf/d despite a relatively small increase in total demand. Total supplies are down 900 MMcf/d on the week, with losses split almost evenly between onshore production and Canadian imports. Downstream, total demand is up roughly 300 MMcf/d as a 1.6 Bcf/d slide in power burn demand is being offset by a 1 Bcf/d rebound in LNG feedgas demand and a combined nearly 1 Bcf/d gain in residential-commercial and industrial loads.
Source: Platts
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US oil, gas rig count jumps 14 to 617 on week as companies sound upbeat note (Hellenic Shipping News)
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