US Stock Indexes Finished Sharply Lower Thursday
$XRT, $DISH, $FIVE, $TMUS
DJIA +0.5% YTD, NAS 100 +6.8% YTD, S&P 500 +1.8% YTD, Russell 2000 +3.9% YTD
DJIA -170.69 at 17905.58, NAS 100 -40.11 at 5059.13, S&P 500-18.23 at 2095.84
Volume: trade was relatively light, 710-M/shares exchanged hands on the NYSE
The US stock market finished the Thursday session sharply lower. The S&P 500 (-0.8%) pushed below its 50-Day MA at 2,100.
The IMF’s Christine Lagarde urged the Fed to delay its first rate hike until 1-H of Y 2016. A lowered growth forecast was cited to support that argument with the IMF now expecting US Y 2015 GDP growth of 2.5%, down from 3.1%.
US Treasuries marked fresh highs following the outlook change at the IMF, and built on their gains in the afternoon with the 10-yr yield falling 6 bpts to 2.31%. The US Dollar (.DXY) Index at 95.49 ended flat after erasing its overnight losses.
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All 1- stock sectors finished in the Red with most growth-sensitive groups showing relative weakness.
The energy (-1.2%) and materials (-1.3%) stock sectors spent most of the session behind other groups with energy pressured by a 2.8% fall in Crude Oil, which ended the pit session at 58.00 bbl ahead of Friday’s semiannual OPEC meeting.
The cyclical stock sectors
The industrials (-1.1%) and technology (-0.9%) lost close to 1.0% each, while the consumer discretionary stock sector (-0.7%) stayed ahead of the broad market.
Five Below (NASDAQ:FIVE) 37.77, +2.67, or +7.6% showed a 1-cent beat and raised its guidance for the FY.
SPDR S&P Retail ETF (NYSEArca:XRT) 99.85, -0.09, or – 0.1%. Dish Network (NASDAQ:DISH) 74.25, +3.44, or + 4.9% after it was reported the company has engaged in merger talks with T-Mobile US (NYSE:TMUS) 39.34, +1.01.
The utilities stock sector (-0.2%) finished ahead of other groups thanks to Thursday’s drop in US Treasury yields. The rate-sensitive sector extended this week’s decline to 2.9%. .
Economic data
- The initial claims level declined to 276,000 for the week ending 30 May from an revised 284,000 from 282,000 for the week ending 23 May, consensus expected a drop to 280,000
- Nonfarm productivity in Q-1 was revised down to -3.1% from an originally reported -1.9% in the advance release, consensus expected a revision to -2.9%
- The Challenger Job Cuts report for May showed a 22.5% Y-Y decline to follow the previous 52.8% spike
Friday
The NFPs report for May, consensus 225-K, will be released at 8:30a EDT, and the Consumer Credit report for April, consensus at 16.80-B will cross the wire at 03:00p EDT.
Stay tuned…
HeffX-LTN
Paul Ebeling
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