Facebook, Apple, and Amazon are leading the tech sector after announcing better than expected earnings. However, as we head into the close, all three major indexes have dipped into the red for the day.
As far as the weekly numbers go, the S&P 500 will likely eke out a weekly gain of roughly +.5%. The DOW, on the other hand, will suffer it's second straight weekly loss standing at -1.3% while the NASDAQ, on the back of the big earnings blowout by the big three, will post a weekly gain of +2.4%.
For the first time since 2011, spot gold has topped $1900, hitting an intra-day high of $1906.35. Gold futures in the December contract traded above $1900, starting on Wednesday, hitting an intra-day high of 1933.60 today. On a weekly level, gold will post its seventh consecutive week of gains with a weekly increase of +4.8%
The move higher has been attributed to a US new home sales beat with US new home sales rising 13.8% in June versus an expected 4% increase for the month.
The May numbers were also upwardly revised to 19.4% advance. New home sales were at a seasonally adjusted annualized rate of 776,000 homes in June, the US Commerce Department said on Friday. May's sales were revised up to a rate of 682,000 units.
The market consensus called for sales to advance to 700,000 units in June. On an annual basis, new home sales were up 6.9% from last year's estimate of 726,000 units. Looking at home prices, the report said that the median sales price for homes sold last month was $329,200, while the average price was $384,700. The inventory of houses for sale as of the end of June was at 307,000, representing a 4.7-month supply at the current sales rate.
The major indexes are struggling to make up ground at the end of the week with all three indexes posting weekly losses. The S&P 500 will lose roughly -.5%. The DOW stands to lose somewhere around -.7%, and as a weakness to continue to enter the tech sector, the NASDAQ will post a weekly loss standing near -1.6%.
The US dollar continues to be put under pressure losing -1.6% on the weekly extending its weekly loss streak to five weeks.
Bitcoin, on the other hand, like gold, has seen a recent increase in trading volume triggering a new green weekly Trade Triangle at 9479.57 with a weekly gain of +4.3%.
U.S. consumer sentiment fell unexpectedly dipping in the early part of July amid a continuing rise in new coronavirus cases. The University of Michigan's consumer sentiment index came in at 73.2 for July, a decline from 78.1 in June, snapping a two-month uptrend. Economists who had been polled by the Dow Jones were expecting a small rise to 79.
Falling consumer sentiment shouldn't be a shock with coronavirus cases spiking in several states across the country, including massive spikes in the stares of Florida, Texas, Arizona, and California. The stock market seems to agree with today's muted moves to end the week. As we head into the Friday close, the major indexes are mixed on the day matching their theme for the week.
The DOW will end the week with a positive gain of roughly +2%, which is a bit higher than the S&P 500's gain of +1%. However, the NASDAQ will post a weekly loss of approximately -1% as the tech sector was hit hard to end the week, most notably with Netflix losing over -6% on the day and -10 for the week. Continue reading "Consumer Sentiment Falls Unexpectedly In July"→
The S&P 500 just sent what most traders view as a bullish signal, what is it you ask? A golden cross, which is often seen as a bullish indicator signaling that a significant move higher could follow.
So, precisely what is the golden cross. A golden cross is when the 50-day Simple Moving Average (SMA) crosses above the longer-term 200-day SMA.
When a short-term simple moving average crosses over a long-term one, it's often a signal that bullish momentum is ramping for the stock. Because long-term simple moving averages take a lot more time to influence, traders can use this to calculate a stock's relative strength. The higher the time period used, the stronger and longer-lasting the breakout tends to be.
As we head into the close for the week, stocks are at or near session lows in a market selloff ending what was a volatile week. The reason for the selloff, spiking cases for Coronanvirus in several states.
The U.S. hit a new record for daily coronavirus cases. That has caused the governors of Texas and Florida to pause their reopening plans, with both states effectively closing bars to limit the spread of coronavirus. Coronavirus cases are trending upward in about half of U.S. states, and several have reported record-breaking daily new case counts this week, according to Johns Hopkins University. The U.S. reported 39,972 daily cases of the coronavirus on Thursday, a new daily record, according to Johns Hopkins.
Both the S&P 500 and DOW have now gone negative for the month, but the NASDAQ continues to trade in positive territory on a monthly level. However, on a weekly level, all three indexes will post weekly losses with the S&P 500 losing over -2%, the DOW will drop over -2.9% closing in on -3%, and the NASDAQ is looking at a weekly loss over -1%. Continue reading "Market Selloff To End Volatile Week"→
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