THURSDAY’S MARKET SUMMARY: Best of Both Worlds
It’s the best of both worlds today, with the American central bank holding soft policy in place while the day’s data shows decent economic activity. The Chicago PMI is just one of many data points, and it will likely be forgotten soon enough; amnesia may strike even as soon as a week from Friday when the jobs report is published for October.
U.S. shares celebrated the strong Chicago PMI figure today, offering evidence of economic activity even through the government turmoil of October. Given that the U.S. Federal Reserve took a soft stance on Wednesday, it’s the best of both worlds for today’s traders.
Economic Events
-R symbolizes “revised”
The Chicago Purchasing Managers Index offered a different message this morning than the U.S. Federal Reserve did yesterday. The measure of manufacturing showed strong expansion in October. The consumer mood continued to soften though, as illustrated by the Bloomberg Consumer Comfort measure. It’s a weekly accounting, and so is likely the result of Obamacare adjustment and the poor jobs data recently reported, and also currently expected. Jobless claims did soften this past week as well, so nothing indicates otherwise.
Overseas Markets
Foreign markets are being swung by the U.S. Federal Reserve message. Asia would prefer to see U.S. economic activity improving, but the Fed said it would not begin tapering, sending a negative message about economics. Europe celebrated ongoing dovishness, since Europe is not pegged to dollar and appreciates U.S. economic supports almost as much as American traders. Today, Europe received two times the reason to raise the flag, with US manufacturing showing signs of strength even as the American Fed stays soft.
Commodity Markets (Afternoon)
Thursday’s commodity price movement had more to do with the dollar than anything else. Whenever you see a majority of commodities moving in one direction, it usually signifies dollar driver. In this case, a strengthening dollar sent commodity prices lower. Precious metals and industrial metals alike all moved lower, and energy commodities mostly declined along with some of the agricultural sector.
Corporate Events
Facebook’s (NYSE: FB) earnings report from the night prior led the wire today. The company did well, but also reported less usage by younger Americans. The mixed message drove a bit of a roller coaster ride for the stock after hours last evening.
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.
Thursday’s Market Summary
Market ETF
|
October 31
|
Year-to-Date
|
SPDR S&P 500 (NYSE: SPY)
|
+0.1%
|
+23.9%
|
SPDR Dow Jones (NYSE: DIA)
|
+0.1%
|
+19.5%
|
PowerShares (Nasdaq: QQQ)
|
+0.0%
|
+27.4%
|
U.S. shares celebrated the strong Chicago PMI figure today, offering evidence of economic activity even through the government turmoil of October. Given that the U.S. Federal Reserve took a soft stance on Wednesday, it’s the best of both worlds for today’s traders.
Economic Events
ECONOMIC REPORT SCHEDULE
|
|||
Economic Data Point
|
Prior Period
|
Expected
|
Actual
|
THURSDAY
|
|||
55.7
|
55.0
|
65.9
|
|
-36.1
|
-37.6
|
||
350K
|
335K
|
340K
|
|
87 Bcf
|
38 Bcf
|
||
-2.1%
|
The Chicago Purchasing Managers Index offered a different message this morning than the U.S. Federal Reserve did yesterday. The measure of manufacturing showed strong expansion in October. The consumer mood continued to soften though, as illustrated by the Bloomberg Consumer Comfort measure. It’s a weekly accounting, and so is likely the result of Obamacare adjustment and the poor jobs data recently reported, and also currently expected. Jobless claims did soften this past week as well, so nothing indicates otherwise.
Overseas Markets
EUROPE
|
CLOSE
|
ASIA/PACIFIC
|
CLOSE
|
EURO STOXX 50
|
+0.9%
|
NIKKEI 225
|
-1.2%
|
German DAX
|
+0.3%
|
Hang Seng
|
-0.4%
|
CAC 40
|
+0.6%
|
S&P/ASX 200
|
-0.1%
|
FTSE 100
|
-0.7%
|
Korean KOSPI
|
-1.4%
|
Bloomberg GCC 200 Mideast
|
+0.5%
|
BSE India SENSEX
|
+0.6%
|
Foreign markets are being swung by the U.S. Federal Reserve message. Asia would prefer to see U.S. economic activity improving, but the Fed said it would not begin tapering, sending a negative message about economics. Europe celebrated ongoing dovishness, since Europe is not pegged to dollar and appreciates U.S. economic supports almost as much as American traders. Today, Europe received two times the reason to raise the flag, with US manufacturing showing signs of strength even as the American Fed stays soft.
Commodity Markets (Afternoon)
WTI Crude
|
-0.1%
|
Brent Crude
|
-0.8%
|
NYMEX Natural Gas
|
-0.8%
|
RBOB Gasoline
|
+0.5%
|
Gold Spot
|
-1.6%
|
Silver Spot
|
-3.7%
|
COMEX Copper
|
-0.7%
|
CBOT Corn
|
-0.5%
|
CBOT Wheat
|
-0.6%
|
CBOT Soybeans
|
-0.5%
|
ICE Cocoa
|
+0.4%
|
ICE Sugar
|
+0.2%
|
ICE Orange Juice Conc.
|
+2.7%
|
CME Lumber
|
+0.1%
|
CME Live Cattle
|
-0.3%
|
Thursday’s commodity price movement had more to do with the dollar than anything else. Whenever you see a majority of commodities moving in one direction, it usually signifies dollar driver. In this case, a strengthening dollar sent commodity prices lower. Precious metals and industrial metals alike all moved lower, and energy commodities mostly declined along with some of the agricultural sector.
Corporate Events
Facebook’s (NYSE: FB) earnings report from the night prior led the wire today. The company did well, but also reported less usage by younger Americans. The mixed message drove a bit of a roller coaster ride for the stock after hours last evening.
HIGHLIGHTED EPS REPORTS
|
|
Company
|
Ticker
|
THURSDAY
|
|
Facebook
|
NYSE: FB
|
CONSOL Energy
|
NYSE: CNX
|
Incyte
|
Nasdaq: INCY
|
Discovery Communications
|
Nasdaq: DISCA
|
ITT Corp.
|
NYSE: ITT
|
Perrigo
|
Nasdaq: PRGO
|
Harman International
|
NYSE: HAR
|
MasterCard
|
NYSE: MA
|
Diamond Resorts
|
Nasdaq: DRII
|
Boyd Gaming
|
NYSE: BYD
|
MGM Resorts
|
NYSE: MGM
|
Advance Auto Parts
|
NYSE: AAP
|
Hillshire Brands
|
NYSE: HSH
|
The Greenbrier Cos.
|
NYSE: GBX
|
Iridium Communications
|
Nasdaq: IRDM
|
Cigna
|
NYSE: CI
|
Felcor Lodging
|
NYSE: FCH
|
Reis
|
Nasdaq: REIS
|
New York Times
|
NYSE: NYT
|
Quanta Services
|
NYSE: PWR
|
Retail Opportunity Investments
|
Nasdaq: ROIC
|
Mylan
|
NYSE: MYL
|
Strayer Education
|
Nasdaq: STRA
|
World Wrestling Entertainment
|
NYSE: WWE
|
Alpha Natural Resources
|
NYSE: ANR
|
LoJack
|
Nasdaq: LOJN
|
PPL
|
NYSE: PPL
|
EPL Oil & Gas
|
NYSE: EPL
|
Cardinal Health
|
NYSE: CAH
|
ConocoPhillips
|
NYSE: COP
|
Investment Technology
|
NYSE: ITG
|
Acorda Therapeutics
|
Nasdaq: ACOR
|
KEMET
|
NYSE: KEM
|
Time Warner Cable
|
NYSE: TWC
|
CARBO Ceramics
|
NYSE: CRR
|
Marathon Petroleum
|
NYSE: MPC
|
Fortress Investment Group
|
NYSE: FIG
|
Magellan Midstream
|
NYSE: MMP
|
DSP Group
|
Nasdaq: DSPG
|
Harvard Biosciences
|
Nasdaq: HBIO
|
Exxon Mobil
|
NYSE: XOM
|
Iron Mountain
|
NYSE: IRM
|
Blue Nile
|
Nasdaq: NILE
|
AmerisourceBergen
|
NYSE: ABC
|
Clorox
|
NYSE: CLX
|
Lionbridge
|
Nasdaq: LIOX
|
Pilgrim’s Pride
|
NYSE: PPC
|
Einstein Noah Restaurant
|
Nasdaq: BAGL
|
MasTec
|
NYSE: MTZ
|
Green Dot
|
Nasdaq: GDOT
|
ON Semiconductor
|
Nasdaq: ONNN
|
Newmont Mining
|
NYSE: NEM
|
Public Storage
|
NYSE: PSA
|
Apartment Investment Mngmt.
|
NYSE: AIV
|
Amerisafe
|
Nasdaq: AMSF
|
CEC Entertainment
|
NYSE: CEC
|
Ellie Mae
|
NYSE: ELLI
|
Fluor
|
NYSE: FLR
|
Camden Property Trust
|
NYSE: CPT
|
Arabian American Development
|
NYSE: ARSD
|
Federated
|
Nasdaq: FNHC
|
The Chefs’ Warehouse
|
Nasdaq: CHEF
|
Kodiak Oil & Gas
|
NYSE: KOG
|
Electro Scientific
|
Nasdaq: ESIO
|
First Solar
|
Nasdaq: FSLR
|
Mohawk
|
NYSE: MHK
|
MOST ACTIVE STOCKS
|
|
BIGGEST GAINERS
|
% Gain
|
58.com (Nasdaq: WUBA)
|
+54%
|
ZELTIQ Aesthetics (Nasdaq: ZLTQ)
|
+38%
|
ShoreTel (Nasdaq: SHOR)
|
+32%
|
Carbo Ceramics (NYSE: CRR)
|
+33%
|
Intelliquent (Nasdaq: IQNT)
|
+30%
|
Fluidigm (Nasdaq: FLDM)
|
+25%
|
Essent Group (Nasdaq: ESNT)
|
+25%
|
GrafTech International (NYSE: GTI)
|
+20%
|
Expedia (Nasdaq: EXPE)
|
+19%
|
Silver Spring Networks (Nasdaq: SSNI)
|
+19%
|
BIGGEST LOSERS
|
% Drop
|
ARIAD Pharmaceuticals (Nasdaq: ARIA)
|
-44%
|
Neogen (Nasdaq: NEOG)
|
-34%
|
NII Holdings (Nasdaq: NIHD)
|
-26%
|
Odyssey Marine Exploration (Nasdaq: OMEX)
|
-26%
|
Avon Products (NYSE: AVP)
|
-24%
|
Rocky Brands (Nasdaq: RCKY)
|
-24%
|
Sequenom (Nasdaq: SQNM)
|
-22%
|
Atlas Air Worldwide (Nasdaq: AAWW)
|
-21%
|
ALCO Stores (Nasdaq: ALCS)
|
-21%
|
Support.com (Nasdaq: SPRT)
|
-21%
|
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
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