US Stock Indexes Finished Moderately Higher On Light Volume
$OIL, $USO, $DXY, $CHRW
DJIA +1.4% YTD, NAS 100 +7.7% YTD, S&P 500 +2.7% YTD, Russell 2000 +5.1% YTD
DJIA +64.33 at 18076.27, NAS 100 +22.71 at 5099.24, S&P 500 +4.47 at 2114.07
Volume: trade was light with fewer than 670-M/shares changing hands on the NYSE.
The S&P 500 added 0.2% while the Nasdaq Composite (+0.5%) outperformed.
Another passed without an agreement between Greece and its creditors. The lack of progress did not stop EUR from rallying 1.1% Vs USD to 1.1270. The European Central Bank (ECB) made no changes to its policy stance, but ECB President Mario Draghi warned that low rates invite high volatility.
Germany’s 10-yr bund continued this week’s decline, sending its yield higher by 17 bpts to 0.89%. This week, the bund yield has soared 40 bpts.
The US Treasuries also sold off with the 10-yr yield rising 11 bpts to 2.37%.
6 of 10 stock sectors posted gains with a few cyclical groups holding the lead on the day.
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Consumer discretionary (+0.7%), financials (+0.7%), and industrials (+0.5%) kept the in the Green, with the industrial stock sector receiving support from transport stocks.
The Dow Jones Transportation Average gained 1.2%, extending its June advance to 2.5% after falling 3.4% in May. The stock complex enjoyed gains among 15 of its 20 components with CH Robinson (NASDAQ:CHRW) 64.62, +3.36, or + 5.5% to lead the stock group North.
The financial stock sector rallied to the steepening yield curve, and the discretionary stock sector saw broad support.
The technology stock sector (+0.2%) finished behind the broad market as chipmakers lagged.
The PHLX Semiconductor Index lost 0.6%, narrowing its Q-2 gain to 5.4%.
5 of 6 cyclical stock groups finished the day in the Green.
The energy (-0.7%) struggled on the day as Crude Oil (NYSEArca:USO) dropped 2.6% to 59.69 bbl. The Dollar (.DXY) Index 95.33, -0.51, or -0.5%.
The countercyclical stocks
Consumer staples (-0.1%) and utilities (-1.4%) finished in the Red with the utilities sector responding to an increase in US Treasury yields; telecom services (+0.8%) and healthcare (+0.1%) finished higher.
Economic data
- The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 201-K in May, the consensus expected an increase of 200-K
- The trade deficit fell to $40.90-B in April from a revised $50.60-B, from $51.40-B the consensus expected a decline to $44.00-B
- The ISM Non-manufacturing Index fell to 55.7 in May from 57.8 in April, the consensus expected a drop to 57.1
- The weekly MBA Mortgage Index fell 7.6% to follow last week’s 1.6% decliner
Thursday
The Challenger Job Cuts report for May will be released at 7:30a EDT, weekly Initial Claims (consensus 280-K) and Q-1 Productivity/Unit Labor Cost data will cross the wire at 8:30a EDT.
Stay tuned…
HeffX-LTN
Paul Ebeling
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