FRIDAY’S STOCK MARKET: NA Still the Standard
Friday’s Stock Market
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Market ETF
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October 11
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Year-to-Date
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SPDR S&P 500 (NYSE: SPY)
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+0.6%
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+19.5%
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SPDR Dow Jones (NYSE: DIA)
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+0.7%
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+16.4%
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PowerShares (Nasdaq: QQQ)
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+0.8%
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+21.6%
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Stocks are enjoying their second straight day of rally on the apparent agreement of the U.S. government. It is widely hoped Congress will come to true formal agreement before the close of the weekend in order to keep market confidence though, so some may be shopping for insurance as early as this afternoon.
Economic Events
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ECONOMIC REPORT SCHEDULE
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||
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Economic Data Point
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Prior Period
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Expected
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Actual
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FRIDAY
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|
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+0.2%
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0.0%
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NA Gov’t
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|
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-Less Autos & Gas
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+0.1%
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+0.4%
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NA Shut
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+0.3%
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+0.2%
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NA
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-Core PPI
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+0.0%
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+0.1%
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NA
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77.5
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75.0
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75.2
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+0.4%
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+0.2%
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NA
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|
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-Sales
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+0.6%
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NA
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Fed-Men Powell & Rosengren Give Speeches
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Looking over the day’s economic data flow, you’ll notice one common message. “NA” or not available is the story that runs through the various data points today, because the government shutdown goes on and the agencies reporting the news are closed. The only economic data point on the day is the one published by the University of Michigan, which thankfully is not government run. We could have done without the news nonetheless. As I’ve been reporting this week, the consumer mood is failing thanks to the dire and well communicated consequences of a debt ceiling debacle. This latest measure was taken before the two political parties appeared together yesterday with news that they were engaged in conversation and determined to come to some resolution ahead of the deadline. Still, consumer sentiment is more than two points lower at the latest check.
Overseas Markets
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EUROPE
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CLOSE
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ASIA/PACIFIC
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CLOSE
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EURO STOXX 50
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+0.2%
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NIKKEI 225
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+1.5%
|
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German DAX
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+0.5%
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Hang Seng
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+1.2%
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CAC 40
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+0.0%
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S&P/ASX 200
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+1.6%
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FTSE 100
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+0.9%
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Korean KOSPI
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+1.2%
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|
Bloomberg GCC 200 Mideast
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+0.0%
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BSE India SENSEX
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+1.3%
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Asia caught up today, after having closed before the news broke in the United States about the impending agreement on the debt ceiling and government shutdown. Stocks in the U.S. and Europe largely enjoyed the benefits of that news on Thursday. That being said, European shares continued to recover on Friday.
Commodity Markets (12:05 PM)
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WTI Crude
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-1.3%
|
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Brent Crude
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-0.7%
|
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NYMEX Natural Gas
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+1.1%
|
|
RBOB Gasoline
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+1.5%
|
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Gold Spot
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-1.5%
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Silver Spot
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-2.0%
|
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COMEX Copper
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+0.7%
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CBOT Corn
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-1.0%
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CBOT Wheat
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+1.1%
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CBOT Soybeans
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-1.4%
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ICE Cocoa
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+0.8%
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ICE Sugar
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+0.8%
|
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ICE Orange Juice Conc.
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-1.1%
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CME Lumber
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-0.5%
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CME Live Cattle
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+0.3%
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The big story today in the commodity markets is the drop in gold and silver. I think the decline today, which is much more impressive than yesterday’s shortfall, is evidence of the massive foreign interest in precious metals, especially in Asia. With Asian markets closed yesterday as the news broke in the U.S., Asian traders had to wait a bit for their alarm clocks to wake them before they could start selling. Where else do you get this kind of insight? The SPDR Gold Shares (NYSE: GLD) and iShares Silver Trust (NYSE: SLV) are off 1.4% and 1.7%, respectively.
Corporate Events
The Friday before the real start of earnings season always includes those two big financials that like to garner attention. Wells Fargo (NYSE: WFC) and J.P. Morgan Chase (NYSE: JPM) are getting all the attention today. JPM is up 0.8% on the day, while WFC is off 0.1%; the SPY is up 0.6%, so you can draw your own conclusions about how well or poorly each of the two fared.
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REPORTING EARNINGS
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Company
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Ticker
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FRIDAY
|
|
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Webster Financial
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NYSE: WBS
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Wells Fargo
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NYSE: WFC
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J.P. Morgan Chase
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NYSE: JPM
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MOST ACTIVE STOCKS
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BIGGEST GAINERS
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% Gain
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United Online (Nasdaq: UNTDV)
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+23%
|
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SolarCity (Nasdaq: SCTY)
|
+22%
|
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L&L Energy (Nasdaq: LLEN)
|
+16%
|
|
Envestnet (NYSE: ENV)
|
+17%
|
|
Cytokinetics (Nasdaq: CYTK)
|
+17%
|
|
Altair Nanotechnologies (Nasdaq: ALTI)
|
+17%
|
|
Promotora De Informaciones SA (Nasdaq: PRIS)
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+16%
|
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Kingold Jewelry (Nasdaq: KGJI)
|
+15%
|
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China BAK Battery (Nasdaq: CBAK)
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+13%
|
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Star Scientific (Nasdaq: STSI)
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+14%
|
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BIGGEST LOSERS
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% Drop
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ARIAD Pharmaceuticals (Nasdaq: ARIA)
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-14%
|
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Leading Brands (Nasdaq: LBIX)
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-15%
|
|
ParkerVision (Nasdaq: PRKR)
|
-14%
|
|
Mercury Systems (Nasdaq: MRCY)
|
-12%
|
|
Integrated Electrical Services (Nasdaq: IESC)
|
-10%
|
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Silicon Graphics Int’l (NYSE: SGI)
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-10%
|
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NPS Pharmaceuticals (Nasdaq: NPSP)
|
-9%
|
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Cray (Nasdaq: CRAY)
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-10%
|
|
Agria Corp. (NYSE: GRO)
|
-8%
|
|
Escalon Medical (Nasdaq: ESMC)
|
-8%
|
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Labels: Market-Outlook, Market-Outlook-2013-Q4
posted by The Greek | 1:34 PM
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