Stocks – Kraft, Corning, Anheuser-Busch Fall Premarket

© Reuters.  © Reuters.

Investing.com – Stocks in focus in premarket trading on Tuesday:

• Kraft Heinz (NASDAQ:) stock fell 2.9% in premarket trade by 8:20 AM ET (12:20 GMT) after 3G Capital Partners sold 25.2 million shares at $ 28.44 – a 2% discount to Monday’s close. Kraft director Jorge Lemann bought 3.5 million shares at $ 28.60 per share, according to an SEC filing.

• Anheuser Busch Inbev (NYSE:) stock rose 1.4% as the company revived plans to list its Asia-Pacific business. It’s planning to raise up to $ 6.6 billion through an initial public offering for the unit, valuing it at up to $ 50.7 billion, according to various reports.

• Corning (NYSE:) stock slumped 8.8% after the glass and optical component maker cut its sales forecast for TV and cable parts, due to cutbacks at several major telecommunication companies.

• Shopify (NYSE:) declined 5% after the company announced a secondary stock offering of 1.9 million shares in an attempt to strengthen its balance sheet.

• SeaWorld Entertainment (NYSE:) stock fell 1.9% after its CEO Gustavo Antrocha resigned after only seven months on the job.

Home Depot (NYSE:) stock slipped 1.1% after it was downgraded to ‘neutral’ from ‘buy’ by analysts at Guggenheim Securities, who noted an increase in the company’s spending and expenses next year as the reason for the downgrade.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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US stocks poised to tick lower at the day

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U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.14%

© Reuters.  U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.14% © Reuters. U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.14%

Investing.com – U.S. stocks were mixed after the close on Monday, as gains in the , and sectors led shares higher while losses in the , and sectors led shares lower.

At the close in NYSE, the gained 0.14% to hit a new 1-month high, while the index fell 0.01%, and the index declined 0.19%.

The best performers of the session on the were Walgreens Boots Alliance Inc (NASDAQ:), which rose 5.76% or 3.03 points to trade at 55.59 at the close. Meanwhile, Caterpillar Inc (NYSE:) added 3.71% or 4.55 points to end at 127.25 and Dow Inc (NYSE:) was up 2.80% or 1.21 points to 44.45 in late trade.

The worst performers of the session were Merck & Company Inc (NYSE:), which fell 3.58% or 3.10 points to trade at 83.47 at the close. Visa Inc Class A (NYSE:) declined 2.26% or 4.19 points to end at 181.55 and The Travelers Companies Inc (NYSE:) was down 1.84% or 2.79 points to 149.23.

The top performers on the S&P 500 were Helmerich and Payne Inc (NYSE:) which rose 8.56% to 41.72, National Oilwell Varco Inc (NYSE:) which was up 8.07% to settle at 23.96 and L Brands Inc (NYSE:) which gained 6.94% to close at 17.87.

The worst performers were MarketAxess Holdings Inc (NASDAQ:) which was down 11.85% to 369.69 in late trade, IDEXX Laboratories Inc (NASDAQ:) which lost 7.37% to settle at 267.20 and Roper Technologies Inc (NYSE:) which was down 4.80% to 356.96 at the close.

The top performers on the NASDAQ Composite were ACADIA Pharmaceuticals Inc (NASDAQ:) which rose 63.24% to 38.850, FuelCell Energy Inc (NASDAQ:) which was up 60.16% to settle at 0.640 and Changyoucom Limited (NASDAQ:) which gained 49.32% to close at 8.84.

The worst performers were Neurotrope Inc (NASDAQ:) which was down 77.27% to 1.0000 in late trade, Freds Inc (NASDAQ:) which lost 49.47% to settle at 0.12 and Synthesis Energy Systems Inc (NASDAQ:) which was down 26.75% to 2.3805 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1853 to 1117 and 64 ended unchanged; on the Nasdaq Stock Exchange, 1652 rose and 1024 declined, while 75 ended unchanged.

Shares in ACADIA Pharmaceuticals Inc (NASDAQ:) rose to 52-week highs; gaining 63.24% or 15.050 to 38.850. Shares in Neurotrope Inc (NASDAQ:) fell to 3-years lows; falling 77.27% or 3.4000 to 1.0000. Shares in Freds Inc (NASDAQ:) fell to all time lows; down 49.47% or 0.12 to 0.12. Shares in Synthesis Energy Systems Inc (NASDAQ:) fell to 3-years lows; falling 26.75% or 0.8695 to 2.3805.

The , which measures the implied volatility of S&P 500 options, was up 1.80% to 15.27.

Gold Futures for December delivery was down 0.56% or 8.45 to $ 1507.05 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October rose 2.71% or 1.53 to hit $ 58.05 a barrel, while the November Brent oil contract unchanged 0.00% or 0.00 to trade at $ 62.67 a barrel.

EUR/USD was up 0.01% to 1.1047, while USD/JPY rose 0.02% to 107.25.

The US Dollar Index Futures was down 0.08% at 98.287.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Stocks: Jobs Report, Fed’s Powell Help Boost S&P 500

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Investing.com – Stocks moved mostly higher on Friday, thanks in part to a decent jobs report and Federal Reserve Chairman Jerome Powell’s continued assurance the central bank stands ready to support the economic expansion.

The rose 0.1%, with the up 0.26%. The slipped to a small loss at the end of the day because of weakness in Amazon.com (NASDAQ:), Microsoft (NASDAQ:) and Apple (NASDAQ:).

Plus, White House Economic Advisor Larry Kudlow suggested it may take some time to get a trade deal with China. Tech stocks are heavily exposed to China. Stocks had soared Wednesday and Thursday on news that U.S. and Chinese negotiators expect to meet next month in Washington, D.C.

The major averages finished higher for a second straight week. The S&P 500 was up 1.8% on the week. The Dow added 1.5% and the Nasdaq was up 1.76%. A week ago, the S&P 500 was up 2.8%, with the Dow up 3% and the Nasdaq up 2.7%.

The August showed payroll employment added 130,000 jobs in August, less than expected, and the U.S. held at 3.7%. The employment figure would have been lower except for 25,000 workers put on the government payroll to prepare for the 2020 census. Payroll estimates for June and July were revised lower.

But the report did not suggest a recession was in the offing.

Indeed, Fed Chairman Powell, speaking in Switzerland, said the economy is healthy and not in danger of falling into a recession. His remarks followed the usual tweets from President Trump calling for deep rate cuts when the Fed’s Federal Open Market Committee meets Sept. 17-18. The central bank is expected to cut its key federal funds rate by a quarter percentage point – not as much as the president wants.

Telecom, energy, materials and staples stocks led the market. Costco Wholesale (NASDAQ:), Home Depot (NYSE:) and Target Corporation (NYSE:) all hit 52-week highs.

Cyber security company Symantec (NASDAQ:) was up 4.5% after The Wall Street Journal reported that two private companies (Permira and Advent International) had approached the company about taking it private at $ 26 to $ 27 a share, valuing the company at about $ 16 billion. Symantec already has a deal to sell its enterprise business to Broadcom (NASDAQ:) for $ 10.7 billion and that deal is near to being closed.

And pharmaceutical company Mallinckrodt (NYSE:) jumped 17.6% after announcing it will pay $ 24 million in cash to settle opioid-related cases in two Ohio counties.

Intel (NASDAQ:), Home Depot (NYSE:) and Exxon Mobil (NYSE:) led the , with Microsoft (NASDAQ:), Walmart (NYSE:) and American Express (NYSE:) the laggards.

Energy shares moved as crude moved up 22 cents to $ 56.52 a barrel, ending the week up 2.6%. crude rose 59 cents to $ 61.54 and gained nearly 3.9% this week. moved lower, with futures in New York, closing at $ 1,515.50 an ounce, down $ 10.

Symantec (NASDAQ:), over-the-counter drug company Perrigo (NYSE:), Alexion Pharmaceuticals (NASDAQ:) and Tapestry (NYSE:), owner of the Coach and Kate Spade businesses, were among the top performers on Friday.

Advanced Micro Devices (NASDAQ:), Monster Beverage (NASDAQ:), electric utility WEC Energy Group (NYSE:) and oil-and-gas company TechnipFMC (NYSE:) were among the S&P 500 laggards.

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Australia stocks lower at close of trade; S&P/ASX 200 down 0.38%

© Reuters.  Australia stocks lower at close of trade; S&P/ASX 200 down 0.38% © Reuters. Australia stocks lower at close of trade; S&P/ASX 200 down 0.38%

Investing.com – Australia stocks were lower after the close on Monday, as losses in the , and sectors led shares lower.

At the close in Sydney, the fell 0.38%.

The best performers of the session on the were Speedcast International Ltd (ASX:), which rose 23.87% or 0.185 points to trade at 0.960 at the close. Meanwhile, Western Areas Ltd (ASX:) added 14.11% or 0.350 points to end at 2.830 and Independence Group NL (ASX:) was up 9.56% or 0.520 points to 5.960 in late trade.

The worst performers of the session were Nearmap Ltd (ASX:), which fell 6.59% or 0.180 points to trade at 2.550 at the close. Incitec Pivot Ltd (ASX:) declined 6.23% or 0.200 points to end at 3.010 and Service Stream Ltd (ASX:) was down 4.18% or 0.120 points to 2.750.

Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 698 to 552 and 363 ended unchanged.

Shares in Western Areas Ltd (ASX:) rose to 52-week highs; up 14.11% or 0.350 to 2.830. Shares in Incitec Pivot Ltd (ASX:) fell to 52-week lows; falling 6.23% or 0.200 to 3.010. Shares in Independence Group NL (ASX:) rose to 3-years highs; gaining 9.56% or 0.520 to 5.960.

The , which measures the implied volatility of S&P/ASX 200 options, was up 0.05% to 14.359.

Gold Futures for December delivery was up 0.12% or 1.85 to $ 1531.25 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 0.02% or 0.01 to hit $ 55.09 a barrel, while the November Brent oil contract fell 0.27% or 0.16 to trade at $ 59.09 a barrel.

AUD/USD was down 0.07% to 0.6732, while AUD/JPY rose 0.05% to 71.47.

The US Dollar Index Futures was down 0.08% at 98.780.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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USD/JPY into positive territory as US stocks near record

USD/JPY to take a look at yesterday’s high

USD/JPY to take a look at yesterday's high

USD/JPY has erased today’s loss as equity markets grind higher. The S&P 500 opened 10 points lower but has steadily battled back and is now up 12 points to 3017 — just shy of the all-time record.

 

Watch out for stops in stocks and USD/JPY if they both break higher.

stocks

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Israel stocks higher at close of trade; TA 35 up 0.45%

© Reuters.  Israel stocks higher at close of trade; TA 35 up 0.45% © Reuters. Israel stocks higher at close of trade; TA 35 up 0.45%

Investing.com – Israel stocks were higher after the close on Sunday, as gains in the , and sectors led shares higher.

At the close in Tel Aviv, the gained 0.45%.

The best performers of the session on the were Liveperson (TASE:), which rose 6.11% or 640 points to trade at 11110 at the close. Meanwhile, Perrigo (TASE:) added 2.41% or 430 points to end at 18280 and Nice Ltd (TASE:) was up 2.16% or 1110 points to 52570 in late trade.

The worst performers of the session were OPKO Health Inc (TASE:), which fell 2.13% or 17 points to trade at 775 at the close. Isramco Negev 2 LP (TASE:) declined 1.38% or 1.0 points to end at 71.6 and Delek Drilling LP (TASE:) was down 0.96% or 10 points to 975.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 217 to 156 and 38 ended unchanged.

Shares in Liveperson (TASE:) rose to all time highs; rising 6.11% or 640 to 11110. Shares in Nice Ltd (TASE:) rose to all time highs; gaining 2.16% or 1110 to 52570.

Crude oil for August delivery was up 0.28% or 0.17 to $ 60.37 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.54% or 0.36 to hit $ 66.88 a barrel, while the August Gold Futures contract rose 0.78% or 10.95 to trade at $ 1417.65 a troy ounce.

USD/ILS was up 0.09% to 3.5532, while EUR/ILS rose 0.19% to 4.0024.

The US Dollar Index Futures was down 0.25% at 96.428.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forexlive Americas FX news wrap: Dollar moves lower as Fed speak this week sinks in. PS All time high closes in US stocks

Forex news for NY trading on July 12, 2019.

In other markets: 

  • Spot gold is trading up $ 11.36 or 0.80% at $ 1414.96.  The yelllow metal was helped by a lower USD. Technically, the price at the session lows,  stalled near the 100 hour MA support level, giving the buyers more confidence (and forcing the sellers to buy). See technical post here.
  • WTI crude oil future are trading at $ 60.26, up $ .06 or 0.10%. The high today reached $ 60.74. The low extended to $ 59.93. For the week, the price was up over 4.5% helped by a much larger than expected drawdown of inventories on Wednesday.  For a technical look at the pair CLICK HERE.
  • The price of Bitcoin is trading up $ 447 at $ 11600 despite negative comments on cryptocurrencies from Pres. Trump.
Forex news for NY trading on July 12, 2019.
The major stock indices moved to new record highs just ahead of what is the start of the earnings calendar on Monday.    Moreover the S&P index closed above the 3000 level, after toying with the level on Wednesday and Thursday.  European shares closed mixed with the German Dax and UK FTSE down marginally. 
The US indices closed at the highs for the day and at all time highs heading into the start of the earnings calendar next week. After two days of loads of Fedspeak that did not stop the market from expecting a Fed cut in July, today was a “digest the words” type of day.  That feeling, led to a slightly softer tone for the dollar despite higher than expected PPI. 

However, when Fed’s Evan’s (a new voice this week) started chirping in Chicago, the dollar started to take on an even weaker tone.   Comments included:

  • Business investment weaker than expected
  • Sees growth for 2019 around 2% which is close to what he regards as sustainable trend
  • Business investment has been weaker despite fiscal aid
  • Nervous about under running inflation objective
  • Policy is currently about neutral but could be more accommodated if the aim was to lift inflation
  • A couple of rate cuts could lift inflation by 2021
  • Framework is adequate as long as policymakers are going to actively push for inflation of 2% to assure target is met symmetrically
  • Hard for businesses to make long-term plans given uncertainty around trade landscape
  • Slowing foreign growth is going to dampen the US economy
  • Rsk management approach means being a little more accommodative in case downside risks materialize, but we don’t want to go too far
  • Now am more concerned policy isn’t on  accommodative side
  • Takes seriously the current rates may be more restrictive than should be
  • Could argue for rate cuts on inflation, global slowdown

He seemed to get more and more dovish as he went along.

Overall, the votes are there for a rate cut in July and if Charlie Evans, Vice Chair Williams, Chair Powell, Thomas Barkin, et. al. take the chatter from this week into the meeting at the end of the month, the bias may shift even more to the dovish side for other meetings this year.  

Below is a snapshot the rankings of the strongest and weakest currencies. The AUD is ending as the strongest on risk on sentiment, the USD is the weakest. 

The USD is the weakest of the major currencies.

In the US debt market, yields are ending the session lower, but  off the day’s lowest levels.

The US yields are ending lower
Some technical views/thoughts going into the weekend:
EURUSD: The EURUSD traded up. It traded down. It traded up again and is closing near the day highs. In between the high at 1.12744 and the low at 1.1237 sits the 100 day MA and 200 hour MA at 1.1253. In the NY session,dollar selling in the NY afternoon, took the price back above that bullish above/bearish below barometer. In next week’s trading, the levels will remain
key for the technical bias.   For the week, the low for the week was reached on Tuesday at 1.11927. The high was on Thursday at 1.1285.  The 38.2% of the move down from the June 18 high comes in at 1.1276. A move above that level would be more bullish in the new week.

USDJPY: The USDJPY fell below a neckline level at 107.93, and the 100 bar MA on 4-hour (at 107.956) and 50% retracement of the move up from June 18 on Friday (at 107.878). That area will be close resistance in the new trading week.  Next week on more selling, the 107.53-57 will be a key swing area from June 18 and July 3rd to get below.  If the 108.00 is breached above, the 200 hour MA and 200 bar MA on the 4-hour chart will be a key upside target.  

USDCHF: This is another currency pair that breached a neckline on the hourly chart (see post here), but has other support levels to get below in order to solicit more selling. Those levels include the 100 bar MA on 4-hour at 0.98377 a swing levels from July 2, and July 3rd at 0.9831-35.  Get below in the NY week and there should be more downside momentum.

AUDUSD: The AUD is the strongest of the major currencies today. In the process, the pair based against the 200 hour MA at 0.6984 , moved above a swing area at 0.7012-16 and breached the 100 day MA at 0.70209. The pair did stall near that 100 day MA, leaving the “higher?” or “lower?” decision for next week’s trading.   On more upside, the 0.7047 is the July high  and the highest level since May 1.

USDCAD: The USDCAD was pushed lower on more bearish USD flows, and higher oil in the second half of the week. The pair is closing at the lowest level of the year, and lowest level since October 2018 (trading at 1.3032). A move below the 1.3000 level opens the pair for a shot at the 100 week MA at 1.2980.  

My fingers are tired and I must have lost finger weight from all the typing exercise without Adam this week (and all the Fed speak and other events). I will return part of the favor on Monday and Tuesday (family in town), but look forward to my return on Wednesday.  Thank you for all your support this week and wishing you all a great and safe weekend. 

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Why It May Be Downhill From Here for Stocks in 2019

© Reuters.  Why It May Be Downhill From Here for Stocks in 2019 © Reuters. Why It May Be Downhill From Here for Stocks in 2019

(Bloomberg) — Summertime and the livin’ is easy, right? The market is near a record, President Donald Trump delivered a nugget of good news on the trade front, the labor market is thriving and the Federal Reserve is at least considering a rate cut.

And for all that, few of Wall Street’s denizens sound particularly optimistic.

Professional prognosticators often dance to the same tune but what’s unusual now is how glum the music has become of late. With $ 5 trillion added to equities already, pessimism pervades second-half forecasts. It will be hard to sustain the advance, they say — the market can’t defy gravity forever. And freakish June, when just about everything rallied, won’t be repeated.

“A lot of the gains for the year have already been booked,” said Arthur Hogan, chief market strategist at National Securities Corp. “We’re up 19% in the first half of this year in the , it’s a great start. I don’t think anybody supposes we’re going to annualize that number.”

Hogan is right — it wouldn’t be so awful if the rally ended now, with the S&P 500 having just posted its best first half since 1997. In the holiday-shortened week, stocks rallied to records and bonds surged on the expectation the Fed will cut rates at its July meeting. But a stronger-than-expected jobs report on Friday clouded the case for easing, and the S&P 500 retreated 0.2%.

Concern about the economy and trade won’t go away. Negotiations between the U.S. and China may be set to pick up, but little else has been agreed to following the Group of 20 summit. Last week’s promises sounded good, but investors are realizing there’s been a shortage of new news — and that doesn’t bode well for calm.

“Investors are slowly but surely becoming a little bit numb to ‘We’re almost there’ because we’ve been told ‘We’re 90% of the way,’ and it never really comes to fruition,” said Shawn Cruz, manager of trader strategy at TD Ameritrade. “Eventually you’ll find it harder and harder to make new highs.”

Nobody is rushing to revise year-end S&P 500 targets higher. The majority of those surveyed by Bloomberg expect the S&P to end at a lower level than it’s at now. Forecasters at RBC, for instance, reiterated a year-end S&P 500 target of 2,950, about 1.3% below current levels. Citigroup (NYSE:) maintained its 2,850 target, and both shops warned rallies won’t be sustainable. Jonathan Golub at Credit Suisse (SIX:) recommended “cautious positioning” given the decelerating environment.

To be sure, 2019’s surging markets have raised hopes among many investors for truly huge gains such as those enjoyed in 2013 and 1995, when the S&P 500 rallied around 30%. While big gains through June obviously don’t hurt that case, they come nowhere near guaranteeing it. Out of 10 times when stocks rose 15% or more in the first six months of a year going back to the 1950s, more gains happened about half the time, according to research from LPL Financial.

Weakness is normal after a big start and pullbacks tend to be more severe, the firm found. That could mean stocks could finish the year just a few percentage points from their current levels, according to LPL.

With stocks hovering near spots where past rallies failed, many say it’s time to take profits or re-position. JPMorgan Chase & Co (NYSE:)., for one, is advising clients do just that.

“This has been so good,” Samantha Azzarello, global market strategist for JPMorgan ETFs, said in an interview at Bloomberg’s New York headquarters. But “the risks are to the downside and it makes sense to take some profit, rebalance and hold more cash.”

A focus on economic data doesn’t do much to instill confidence, despite the strong jobs report. Much of it has been weakening. Virtually everyone is still pinning their hopes on a so-called insurance cut from the Fed that may boost growth while the trade mess is unscrambled.

But even that may be too little, too late, according to Morgan Stanley (NYSE:). A gauge of U.S. factory activity is at its lowest level since October 2016, for instance, and many other data points are already headed lower. “An accommodative Fed might cushion the blow but likely won’t prevent it,” wrote the firm’s strategists, led by Mike Wilson, in a note. Wilson and his cohort recently predicted the S&P is likely to fall into a 10% correction in the third quarter on the back of the weak data.

“When the Fed starts cutting rates here, it’s, number one, an acknowledgement that they already went too far to begin with, which is good. And number two, a sign that the economy is starting to weaken and they’re trying to offset the impact of a weaker economy,” said David Spika, president of GuideStone Capital Management. “And neither one of those are positive for stocks.”

UBS’s Francois Trahan warns that ignoring the weakening data comes with peril. Investors were fooled by the “bad news is good news” mantra in the past two slowdowns and markets ignored the negative developments for a time, he wrote in a note. “While the S&P 500 has reacted well to bad economic news of late, this is simply not sustainable,” he said. “The upside for equities finally came to an end when earnings expectations began to decline.”

Earnings forecasts for S&P companies have been getting worse by the week. More than 80% of those that have issued new forecasts have slashed their profit estimates. At Citigroup, a client survey showed a majority believes profit forecasts for next year are too high. “Seasonally, this has not been a great time for share prices and 2019 may not be any exception,” wrote strategists led by Tobias Levkovich in a note.

“We would expect higher volatility,” said Spika. “Everything was up in the first half — every asset class. Safe havens, risky assets, everything went up,” he said. “It’s just not sustainable.”

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Norway stocks lower at close of trade; Oslo OBX down 0.93%

© Reuters.  Norway stocks lower at close of trade; Oslo OBX down 0.93% © Reuters. Norway stocks lower at close of trade; Oslo OBX down 0.93%

Investing.com – Norway stocks were lower after the close on Tuesday, as losses in the , and sectors led shares lower.

At the close in Oslo, the declined 0.93%.

The best performers of the session on the were Nel ASA (OL:), which rose 1.92% or 0.110 points to trade at 5.840 at the close. Meanwhile, Yara International ASA (OL:) added 1.56% or 6.4 points to end at 416.4 and SalMar ASA (OL:) was up 0.89% or 3.20 points to 364.40 in late trade.

The worst performers of the session were BW Offshore Ltd (OL:), which fell 3.55% or 1.900 points to trade at 51.600 at the close. TGS-NOPEC Geophysical Company ASA (OL:) declined 3.20% or 7.7 points to end at 232.9 and Petroleum Geo – Services ASA (OL:) was down 3.00% or 0.40 points to 12.93.

Falling stocks outnumbered advancing ones on the Oslo Stock Exchange by 141 to 70 and 28 ended unchanged.

Shares in Yara International ASA (OL:) rose to 3-years highs; rising 1.56% or 6.4 to 416.4.

Crude oil for August delivery was up 0.31% or 0.18 to $ 58.08 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.47% or 0.30 to hit $ 64.48 a barrel, while the August Gold Futures contract rose 0.38% or 5.35 to trade at $ 1423.55 a troy ounce.

EUR/NOK was up 0.49% to 9.7118, while USD/NOK rose 0.85% to 8.5513.

The US Dollar Index Futures was up 0.31% at 95.787.

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