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Wednesday, June 23, 2021
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The DJIA Erased its 2020 YTD Gains Friday

$DIA $SPY $QQQ $RUTX $VXX

The US government’s latest tally of Q-4 growth showed business non-residential investment in equipment declined an annualized 2.9% after a 3.8% slump in the prior 3 months. That marked the worst back-to-back Quarters since late 2015-early 2016.

Outlays for construction machinery in the Q-4 were the weakest in more than 2 years.

In the current Quarter, Goldman Sachs Group Inc. predicts the coronavirus outbreak will cut American economic growth by 0.4 percentage point.

Meanwhile, American steelmakers have faced slowing demand for their products, and US Steel has been particularly hard hit because of aging plants that are less efficient than rivals’ with newer technology.

US Steel (NYSE:X) said it expects Q-4 Y 2020 to be the “trough” for the year. Deerfield, Illinois-based Caterpillar (NYSE:CAT) said that dealers are likely to work down excess inventories in 1-H of Y 2020.

Friday, the major US stock market indexes finished at: DJIA -603.41 at 28255.94, NAS Comp -148.00 at 9150.95, S&P 500 -58.14 at 3225.52

Volume: Trade on the NYSE came in at 1.3-B/shares exchanged

  • NAS Comp +2.0% YTD
  • S&P 500 -0.2% YTD
  • DJIA -1.0% YTD
  • Russell 2000 -3.3% YTD

HeffX-LTN’s overall technical outlook for the major US stock indexes is Neutral to Bullish for the month ended 31 January 2020.

Looking ahead: investors will receive the ISM Manufacturing Index for January, the Construction Spending report for December, and auto and truck sales for January Monday.

Have a terrific weekend.

HEFFXhttp://www.heffx.com
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

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