US Stock Indexes Pull Back From Record Highs

Posted by: : Paul EbelingPosted on: April 27, 2015 US Stock Indexes Pull Back From Record Highs
 

US Stock Indexes Pull Back From Record Highs

$IBB, $SLX, $GDX, $DD, $AAPL, $GS, $AMAT

DJIA +1.2% YTD, NAS 100 +6.9% YTD, S&P 500 +2.4% YTD, Russell 2000 +4.1% YTD

DJIA -42.17 at 18037.97, NAS 100 -31.84 at 5060.24, S&P 500 -8.77 at 2108.92

Volume: trade was about average with 780-M/shares + changing hands on the NYSE.

The The S&P 500 (-0.4%) marked its 1st decliner in 4 sessions, the NAS 100 (-0.6%) under performed.

Biotechnology pressured the healthcare stock sector (-1.8%) to the bottom of the board.

The iShares Nasdaq Biotechnology ETF (INYSEArca:IBB) 348.55, -15.15, or – 4.2% and contributed to the under performance of the NAS 100.

The DJIA (-0.2%) was able to end a little ahead of the broad market.

The largest Dow component by weight Goldman Sachs (NYSE:GS) finished at 196.52, -1.47, or – 0.7%.

4 of the remaining 5 cyclical stock groups settled ahead of the broad market, the consumer discretionary stock sector (-0.9%) under performed.

Materials (+0.9%) and technology (+0.4%) spent the day in the Green.

The materials stock sector saw broad support, including a 4.6% spike in DJIA component DuPont (NYSE:DD) 74.81, +3.29 after Institutional Shareholder Services recommended Nelson Peltz for the company’s board of directors.

Steelmakers and miners also rallied with Market Vectors Gold Miners ETF (NYSEArca:GDX) 19.76, +0.40, and Market Vectors Steel ETF (NYSEArca:SLX) 35.79, +0.29, or + 2.1% and 0.8%, respectively.

The technology stock sector (+0.4%) kept the market from falling deeper into the Red thanks to solid gainers among large cap components.

Apple (NASDAQ:AAPL) 132.65, +2.37 climbed 1.8% ahead of its Quarterly report

The PHLX Semiconductor Index adding 0.3%. The modest uptick in the chip index masked an 8.4% plunge in the shares of Applied Materials (AMAT 19.97, -1.83) brought on by news that the company terminated its combination agreement with Tokyo Electron due to regulatory concerns.

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US Treasuries retreated early, but reversed course to erase most of their losses. The 10-yr yield ticked up 1 bpt to 1.92%.

Tuesday

The Case-Shiller 20-City Index for February will be reported at 9:00a EDT (consensus 4.7%), the April Consumer Confidence report will cross the wire at 10:00a EDT (expected 102.2).

Stay tuned…

HeffX-LTN

Paul Ebeling

 

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.

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