The major indices were narrowly mixed most of today. At the closing bell, the DOW lost 22 points, the S&P 500 fell 2, and the NASDAQ dropped 10 points. Groups that did poorly on Friday after the weak jobs report were able to recover a bit today. The financials and energy sector were mostly higher by today’s close. XOM and CVX were in the green while C, GS, AXP, BRKB, and JPM were on the plus side for the banks and financial institutions.
AAPL was lower on some downgrades ahead of its developers meeting today. It is not unusual for AAPL…it has shown a historical tendency to do poorly right before major events.
On the other hand, GOOG is now close to joining AMZN in the over 1000 club as these two roll merrily along to the upside in an almost unstoppable way. Ditto for NVDA at a new high as well ULTA and CTSH.
Since the earnings season for the first-quarter is over, the big events this week will be a trio of happenings on Thursday. The parliamentary elections in the U.K. show the ruling Conservative Party to be slightly ahead with its plans to effect the BREXIT, the E.C.B. central bank interest rate decision arrives on Thursday, and the potentially explosive Senate testimony of former F.B.I. director James Comey. So look for Thursday to be the most dynamic day of the week. Thus far, other events this year in the geopolitical field such as the tension with North Korea and various terrorist attacks in Europe have not been able to derail the higher journey of the market.
Donald M. Selkin
These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning. The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report. This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities. This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm. This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author. These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.