US Stocks Morning Briefing
$DIA, $SPY, $QQQ
- US stocks rose on the 1st trading day of this New Year
US equities began Y 2018 on a positive note, boosted by a sense of optimism for this New Year.
The major stock indices mostly reclaimed the losses registered ahead of the extended New Year’s weekend, with the tech-heavy NAS Comp (+1.5%) finishing above the 7000 mark for the 1st time ever.
The S&P 500 (+0.8%) also finished at a new record high, while the DJIA (+0.4%) under-performed.
- DJIA +104.79 at 24824.01, NAS Comp +103.51 at 7006.90, S&P 500 +22.18 at 2695.79
- NAS Comp: +1.5% YTD
- Russell 2000: +0.9% YTD
- S&P 500: +0.8% YTD
- DJIA: +0.4% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.55)||Bullish (0.49)||Very Bullish (0.50)||Very Bullish (0.67)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Very Bullish (0.57)||Very Bullish (0.51)||Very Bullish (0.60)||Very Bullish (0.58)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.42)||Neutral (0.17)||Very Bullish (0.62)||Bullish (0.47)|
No notable companies reported earnings after the close.
Futures are slightly lower after hours: S&P 500 futures are -2 from fair value of 2696, and NAS Comp futures are -8 from fair value of 6523.
Wednesday morning, CMC, NEOG and UNF are expected to report earnings.
Economic data out Wednesday morning: December ISM Index (consensus 58 from 58.2 in November) at 10:00a EST, November Construction Spending (Consensus +0.7% from +1.4% in October) at 10:00a EST. December auto sales will be reported too.
In addition, the minutes from the December FOMC meeting will cross the wires at 02:00p EST, and December auto and truck sales will be released during the day.