The markets were mixed today. The DOW dropped 57 points, the S&P 500 lost 1, and the NASDAQ was higher by 45 points. ADBE and FDX were at new highs while KMX and RHT did very well after their reports. CAT fell 3% today and financial sector took a hit with BAC, WFC, C, and JPN all losing ground.
AAPL recovered and the so did the FANG stocks: AMZN, FB, NFLX, and GOOG along with ISRG making a new high, plus gainers NVDA and PCLN.
May existing home sales rose unexpectedly to the third highest level in a decade This breaks the streak of weaker economic reports that we have seen recently. On the other hand, crude oil could not hold on to early gains and fell back to $42.54 a barrel. This put further pressure on the energy stocks today.
Bond yields were a little higher with the 10-year Treasury Note up to 2.16%. The dollar was a bit weaker with the Euro at 1.115 and the Japanese yen at 111.4 to the greenback. Gold followed the dollar weakness with a small gain to $1,246 an ounce.
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.