US Stocks Finished Volatile Week, NAS Comp Outpreformed
$DIA, $SPY, $QQQ, $VXX, $AAPL
The the US stock market finished a volatile week, but was able to settle above last Friday’s marks.
The NAS Comp outperformed, +2.3%, the S&P 500 + 0.5% after testing its 100-Day MA at 2122.5 several times.
Fears of a September Fed rate hike were put down out on a batch of disappointing economic data.
A disappointing August Retail Sales report (-0.3%; consensus -0.1%) was a Key contribution.
US Treasuries sold off.
Weakness in the benchmark 10-yr T-Note drove its yield to a test at 1.75% before ending the week at 1.69% (+1 bp). The retreat in US Treasuries suggest some inflation up ahead.
CPI (+0.2% consensus +0.1%) and Core CPI (+0.3% consensus +0.2%) came in above consensus
US consumer prices rose more than expected in August as healthcare costs recorded their biggest gain in 32.5 years, pointing to a steady build-up of inflation.
The CME fed funds futures market, tells us the implied likelihood of a September hike declined to 15.0% from last week’s 24.0% and the implied odds of a rate hike in December moved down to 55.5% from 58.4% last week.
The technology sector finished +3.0%, as it outperformed on the week, that thanks to an 11.4% rise in the shares of Apple (NASDAQ:AAPL). The top-weighted stock rallied on reports of strong iPhone 7 sales, ending the week near levels not seen since December 2015.
Friday, the US major stock market indexes finished at: DJIA -88.68 at 18123.80, NAS Comp -5.12 at 5244.57, S&P 500 -8.10 at 2139.16
Volume: Trade was heavy+ with over 2-B/shares exchanged on the NYSE.
- Russell 2000: +7.8% YTD
- S&P 500: +4.7% YTD
- NAS Comp: +4.7% YTD
- DJIA: +4.0% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Neutral (-0.15)||Bearish (-0.29)||Bearish (-0.44)||Bullish (0.29)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Neutral (-0.12)||Bearish (-0.29)||Neutral (-0.21)||Neutral (0.14)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Neutral (0.21)||Neutral (0.18)||Neutral (0.19)||Bullish (0.25)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Neutral (-0.21)||Bullish (0.29)||Bearish (-0.30)||Very Bearish (-0.62)|
Have a terrific week.