After yesterday’s downside intraday turnaround disaster, the markets found some stability today. The DOW climbed 98 points higher, the S&P 500 added 16 points, and the NASDAQ gained 58 points today.
The DOW labored under the negative influence of WBA which did poorly on a large selloff in the healthcare and pharmaceutical group. This was due to a report that AMZN is getting into the prescription delivery business with its takeover of Pill Pack. WBA had subtracted 45 points from the DOW in the early going. The financials led the way today as they broke their longest losing streak in history of 13 straight lower days. In addition, BA gained 1.46% today and VZ grew by 3.14% by the closing bell.
The NASDAQ was led by AMZN,TSLA, ISRG, NVDA, GOOG and CTSH.
Breadth numbers were positive and the VIX dropped nearly 6% to close at 16.85.
Bond yields were 2.85% for the 10-year Treasury Note and 2.52% for the 2-year Note. The yield curve narrowed to .33%. The Euro and the Yen were flat. Gold finished lower again at $1,249 which is a new low for the move. Crude oil was higher at $73.28 a barrel which is the most since 2014. This top of the price range is just in time for the start of the summer driving season next week.
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.