Stocks dip as investors digest inflation data; bond yields up

Stocks dip as investors digest inflation data; bond yields up

By Caroline Valetkevitch

Fri June 28, 2024 3:44 PM

PCE data showed inflation to be flat, which was expected, so there are still hopes for a September rate cut and a second cut before year-end. However, as today’s expert put it, “The Fed will see in this data what it wants to see and that’s going to keep everyone guessing as to when the next rate cut will be.” So despite the report being positive, it wasn’t positive enough to eliminate uncertainty and thus all the indexes fell, despite all three starting well in the black, the Dow up almost 300 points in the morning, before uncertainty set in about 11 a.m.  Last night’s presidential debate as well as the elections this weekend in France added to the uncertainties. Per the CBOE, volume was 19.1 billion, way above average, suggesting this was a panic sell-off. 

DJ: 39,164.06  +36.26         NAS: 17,858.68  +53.53         S&P: 5,482.87  +4.97       6/27

DJ: 39,118.86  -45.20          NAS: 17,732.60  -126.08        S&P: 5,460.48  -22.39      6/28

 Fri 6-28-24 6:46 pm Stocks dip as investors digest inflation data; dollar dips | Reuters  

Wall Street closes subdued as investors sit, wait for inflation data

Wall Street closes subdued as investors sit, wait for inflation data

By Ankika Biswas, Lisa Pauline Mattackal and Carolina Mandl

Thu June 27, 2024 4:32 PM

Like yesterday, there was a lot of seesaw action today, the Dow up over 120 points as late as 1:30, but then all the indexes sinking to just very modest gains by close, all due to fence-sitting as all await Friday’s PCE report. Data on capital goods orders fell in May, encouraging more hopes that the economy is weakening and thus there will be rate cuts. Unemployment benefits came in just a few thousand short of forecast. There are still 59% odds of a September rate cut and a firm conviction there will be two cuts this year. The Fed is still saying only one. It was a day of muted and rocky action awaiting Friday’s inflation data, all reflected in the way below average volume of 9.5 billion. 

DJ: 39,127.80  +15.64         NAS: 17,805.16  +87.50         S&P: 5,477.90  +8.60       6/26

DJ: 39,164.06  +36.26         NAS: 17,858.68  +53.53         S&P: 5,482.87  +4.97       6/27

Thu 6-27-24 4:32 pm Wall Street closes subdued as investors sit, wait for inflation data | Reuters

Dollar hits 38-year high vs yen; US stocks rise

Dollar hits 38-year high vs yen; US stocks rise

By Caroline Valetkevitch

Wed June 26, 2024 5:43 PM

The Dow started the day some 200 points in the red before recovering to break-even by noon and staying there, closing just barely in black.  The S&P and Nasdaq seesawed like crazy with the S&P between red and black all day, closing near flat, while the Nasdaq at least was in the black all day but only modestly so and with much volatility. This speaks to everyone being on the fence awaiting Friday’s PCE data.  

The only real news today was the continued weakening of the Japanese yen as its yield remains near zero so it’s been abandoned in favor of the much more lucrative dollar. The Japanese government has been talking about intervention for some time now and that talk got another boost today as they say, “seriously concerned and on high alert.” Per the CBOE, volume came in a 11 billion, still below average. 

DJ: 39,112.16  -299.05         NAS: 17,717.65  +220.84       S&P: 5,469.30  +21.43     6/25

DJ: 39,127.80  +15.64          NAS: 17,805.16  +87.50         S&P: 5,477.90  +8.60       6/26  

Wed 6-26-24 5:43 pm Dollar hits 38-year high vs yen; US stocks rise | Reuters

Stocks gain with Nvidia, dollar inches up vs yen

Stocks gain with Nvidia, dollar inches up vs yen

By Caroline Valetkevitch

Tue June 25, 2024 5:20 PM

Just as Nvidia losing ground in the last three sessions brought Nasdaq and all of tech down while bolstering the Dow, today Nvidia snapping back to the tune of 6.8% shot the Nasdaq back up 3-digits and correspondingly brought the Dow down 3-digits, all pretty steadily as the day began at zero and then immediately rose or fell from there. All eyes are now on PCE data coming Friday for further insight on inflation and rate cuts, as well as Thursday’s presidential debate and France’s snap elections. Per the CBOE, volume was 10.2 billion, still below average. 

DJ: 39,411.21  +260.88      NAS: 17,496.82  -192.54       S&P: 5,447.87  -16.75   6/24

DJ: 39,112.16  -299.05       NAS: 17,717.65  +220.84       S&P: 5,469.30  +21.43  6/25

Tue 6-25-24 5:20 pm Stocks gain with Nvidia, dollar inches up vs yen | Reuters

Dow closes at a one-month high as investors broaden portfolios

Dow closes at a one-month high as investors broaden portfolios

By Ankika Biswas, Lisa Pauline Mattackal and Carolina Mandl

Mon June 24, 2024 4:27 PM

With tech doing so well for so long, today was the day that portfolio managers decided to rebalance and take some profits out of tech and redirect them to industrials. There was a sell off on many tech stocks, dropping the Nasdaq 3-digits, and transferring to the Dow which rose 3-digits giving the index its fifth straight winning day. PCE data is coming Friday and is expected to show moderation for inflation so the bets are now for 2 rate cuts this year and 61% odds for the first in September, even though the Fed keeps saying only one and in December. Also coming this week are durable goods, jobless claims and revised Q1 GDP.  Volume remains below average at 10.9 billion. 

DJ: 39,150.33  +15.57      NAS: 17,689.36  -32.23       S&P: 5,464.62  -8.55     6/21

DJ: 39,411.21  +260.88    NAS: 17,496.82  -192.54     S&P: 5,447.87  -16.75   6/24

Mon 6-24-24 4:27 pm Dow closes at a one-month high as investors broaden portfolios | Reuters  

S&P, Nasdaq end lower as Nvidia drags the tech sector for second day

 

S&P, Nasdaq end lower as Nvidia drags the tech sector for second day

By Echo Wang

Fri June 21, 2024 4:36 PM

The Dow started the day up about 120 but then started a decline that ended near break-even. The S&P and Nasdaq stayed pretty close to break-even all blamed on a second day of Nvidia losing ground. But as today’s expert put it, “We’ve had a very strong run, especially in the S&P, so not surprised to see things kind of take a pause and settle down.” Business activity hit a 26-month high while prices continued easing suggesting inflation continues to slow down. It continues to encourage bets for 2 rate cuts this year even if the Fed insists there’ll be only one. PMI came in just slightly higher than expected while home sales fell almost exactly as expected. Volume was a whopping 17.68 billion but that was due to today’s triple-witching so the number can’t be trusted. Better luck Monday.  

DJ: 39,134.76  +299.90      NAS: 17,721.59  -140.64      S&P: 5,473.17  -13.86   6/20

DJ: 39,150.33  +15.57        NAS: 17,689.36  -32.23        S&P: 5,464.62  -8.55     6/21

Fri 6-21-24 4:36 pm S&P, Nasdaq end lower as Nvidia drags the tech sector for second day | Reuters  

S&P 500 closes lower after record high, weighed by chips stocks, economic data

 

S&P 500 closes lower after record high, weighed by chips stocks, economic data

By Echo Wang

Thu June 20, 2024 4:32 PM

After going great guns for a considerable stretch, Nvidia pulled back today which, in turn, pulled back the S&P and Nasdaq snapping a 7-session streak of Nasdaq records while the S&P broke the 5,500-mark in the morning before pulling back. Today’s reports showed the highest number of people on unemployment since January indicating a continuing cooling job market, which triggered more hopes for a September rate cut, the odds today at 58%. Minneapolis Fed prez said today that it would likely be 1-2 more years to reach 2% inflation goal. Volume remains well below average at 11.98 billion. 

DJ: 38,834.86  +56.76       NAS: 17,862.23  +5.21        S&P: 5,487.03  +13.80  6/18

DJ: 39,134.76  +299.90     NAS: 17,721.59  -140.64     S&P: 5,473.17  -13.86   6/20

Thu 6-20-24 4:32 pm S&P 500 closes lower after record high, weighed by chips stocks, economic data | Reuters