Market Overview


US stock indices closed higher supported by better than expected economic data. The dollar strengthened helped also by Federal Reserve Vice Chairman Stanley Fischer‘s comment he expects the Fed to raise rates at least two more times this year. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.5% higher at 99.685. Dow Jones industrial average rose 0.7% to 20701.50 led by Apple and Goldman Sachs shares. The blue chip index snapped eight sessions of losses, the longest losing streak since 2011. The S&P 500 gained 0.7% settling at 2358.57. The Nasdaq index added 0.6% to 5875.14.

US stocks closed lower on Monday after President Donald Trump withdrew his proposed health care law designed to replace Obamacare. The dollar weakened: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.5% to 99.212. The Dow Jones average closed 0.2% lower at 20550.98, led by Chevron and Goldman Sachs shares. The blue chip index fell for an eighth session, its longest losing streak since August 2011. S&P 500 slipped 0.1% to 2341.59 with telecom and financial stocks leading the decliners while health care and materials stocks recorded biggest gains. The Nasdaq composite index closed 0.2% higher at 5840.37.

US stocks retreated on Thursday as lawmakers postponed a vote on Trump’s healthcare bill destined to dismantle notorious Obamacare. The new bill is seen as a touchstone for Trump’s policy. If Trump fails to pass his American Health Care Act through the Congress, it may make investors doubt about his ability to fulfill his election promises on massive tax cuts and infrastructure spending. The voting on the bill was scheduled on Thursday but lawmakers delayed the vote as failed to find enough support among the Republicans to pass it (Note that the Congress is being Republican-controlled). S&P 500 index sky-rocketed 10% since the November elections mainly on Trump’s pledges of fiscal stimulus and pro-business legislation. But markets looked down on Thursday on jitters over the vote with S&P 500 posting its worst day in several months. The benchmark lost 0.11% to 2,345.96 with 7 out of 11 its major sectors posting losses. Energy sector of S&P 500 slipped 0.36%. Dow Jones industrial average slid 0.02% to 20,656.58 and Nasdaq fell 0.07% to 5,817.69. Google-parent Alphabet slid 1.19% as several companies terminated adds contracts with Youtube as the adds could appear alongside offensive videos.

US stock market edged higher on Wednesday lifted by technology stocks. The dollar strengthened marginally inching higher from six-week low: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed up 0.06% at 99.745. The S&P 500 rose 0.2% settling at 2348.45 led by technology stocks. The Dow Jones industrial average slipped less than 0.1% to 20661.30 weighed by 7.1% drop in Nike shares on weak growth outlook. The Nasdaq index gained 0.5% closing at 5821.64.

US stock indices fell on Tuesday snapping the 109-day streak without a 1% decline. The dollar weakened: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.7% lower at 99.685. Dow Jones industrial average closed 1.1% lower at 20668.01. The S&P 500 lost 1.2%, the worst drop since September, settling at 2344.02. The Nasdaq index fell 1.8% to 5793.83.

US stock indices closed lower on Monday as investors were reluctant to make big bets as they awaited more details on tax reforms and spending projects proclaimed by President Trump. The dollar edged higher: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.04% higher at 100.365. The Dow Jones average slipped less than 0.1% to 20905.86, led by Home Depot and Visa shares down 1.2% respectively. The S&P 500 closed 0.2% lower at 2373.45 with financials leading the decliners and seven of the 11 main sectors finishing in negative territory. The Nasdaq composite index closed less than a point higher at 5901.53.

US stocks fell on Thursday on profit-taking in healthcare sector which is one of the best performing sectors so far this year. Donald Trumps proposed the budget which signals for higher regulatory costs for the sector and cut the federal funding for medical research. Financials outperformed, rebounding after the poor performance on Wednesday in the wake of the Fed rate hike. US dollar fell to a five-week low on Thursday while US bond yields increased after the Fed rate hike and indication that monetary tightening will not speed up. US dollar index, a measure of a greenback’s value against a basket of six major currencies, fell 0.5% to 100.160. S&P 500 index slid 0.16% to 2,381.38. Dow Jones industrial average lost 0.07% to 20,934.55 while Nasdaq composite added 0.01% to 5,900.76. Oracle shares hit a fresh high at $46.99 on unexpectedly positive earnings report. Today at 16:00 CET the Confidence index by Michigan University for February will come out in the US as well as some preliminary indicators on current economic conditions, expectations, inflation and leading indicators for March. At 19:00 CET the Baker Hughes US rig count will come out in US.

US stock indices closed higher on Wednesday after the Federal Reserve hiked the interest rates and signaled two more rate hikes this year. The dollar weakened as investors deemed the central bank’s stance on the pace of rate hikes this year less hawkish than expected: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed down 1.1% at 100.572. The S&P 500 rose 0.8% settling at 2385.26 led by energy stocks and financial sector the only one to close in the red. The Dow Jones industrial average gained 0.5% to 20950.10 led by Caterpillar and UnitedHealth shares. The Nasdaq index added 0.7% closing at 5900.05.

US stock indices retreated on Tuesday led by declines in energy and airlines shares as oil prices slipped and flights were cancelled due to a snowstorm in North East. The dollar strength continued with traders awaiting the interest rate decision as the Fed concludes its policy meeting on Wednesday: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.3% higher at 101.719. Dow Jones industrial average closed 0.2% lower at 20837.37 led by Chevron and General Electric shares. The S&P 500 lost 0.3% settling at 2365.45. The Nasdaq index fell 0.3% to 5856.82.

US stock indices closed marginally higher on Monday in light trading as investors refrained from making big bets ahead of Federal Reserve policy meeting this week. The dollar strengthened with markets pricing in high likelihood of March rate hike: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, inched 0.1% higher to 101.406. The Dow Jones average slipped 0.1% to 20881.48, led by Intel and Merck shares. S&P 500 ended 0.1% higher at 2373.47 with consumer discretionary and materials stocks closing higher and the consumer staples and health care sectors finishing in the red. The Nasdaq composite index closed 0.2% higher at 5875.78.

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