Wall Street Finished Mixed with a Bullish Bias Ahead of this Long Weekend


Wall Street posted mixed results on Friday on month end re-balancing ahead of a holiday weekend in which a fresh round of US tariffs on Chinese imports were set for levy.

The DJIA .DJI rose 37.4 pts, or 0.14%, to 26,399.65, the S&P 500 .SPX gained 1.45 pts, or 0.05%, to 2,926.03 and the NAS Comp .IXIC dropped 10.51 pts, or 0.13%, to 7,962.88.

.DXY rose 0.1% to a 2-year high.

Data on the world’s largest economy showed personal spending accelerated in July, exceeding forecasts. Household consumption remained solid at the start of the third quarter, but the University of Michigan consumer sentiment index dropped to its lowest since October 2016. The Fed’s preferred measure of underlying inflation continues to fall short of its goal.

The US consumer is strong, and expected to remaining strong while the rest of the world slows.

The MSCI Emerging Markets Index sans Japan climbed 1.5%, a 3-week high.

Key Commodities

  • NYMEX WTI Crude Oil fell 3% to $55.04 bbl,
  • US Gold futures fell 0.3% to $1,523.78 oz

The US markets will be closed on Monday for Labor Day. Investors will receive the ISM Manufacturing Index for August and Construction Spending for July Tuesday.

  • NAS Comp +20.0% YTD
  • S&P 500 +16.7% YTD
  • DJIA +13.2% YTD
  • Russell 2000 +10.9% YTD

HeffX-LTN’s overall technical analysis for the major US stock market indexes is Neutral with a Bullish bias for the week ended 30 August 2019

Have a terrific holiday weekend

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