#marketsummary

Rent Rolls: Key Insights for Smarter Property Management

Synopsis

U.S. Market Recap: Dow +0.06%, S&P 500 +0.20%, Nasdaq (0.24%), Russell 2000 +0.16%

US equities closed mostly higher today. Treasuries were mixed, with some curve steepening. The dollar gained against the euro but underperformed on the yen cross. Gold was higher. Oil came under      renewed pressure, with WTI settling (2.2%).

There was no specific driver behind today’s price action. China remained the top story as Beijing implemented several measures to stabilize markets. There was also some talk about how yesterday's decline may have been more a function of quant/technical fund and rebalancing activity. December US auto sales came in below expectations, but still set an annual record. Oil inventory and demand concerns continue to outweigh geopolitical tensions.

Corporate news flow was fairly light. SWHC positively preannounced and RGR rose on stronger demand. FCS said an unsolicited offer from China may be superior to the current deal with ON. LLY guided F16 earnings and revenue below expectations, but many analysts viewed this as conservative and focused on the company’s pipeline.

Telecoms and utilities led the market. Consumer staples outperformed. Pharmaceuticals were strong. Banks underperformed.  Machinery was weaker. Autos and suppliers declined. Hardware was a drag on tech.

Synopsis

US Market Recap: Dow (1.58%), S&P 500 (1.53%), Nasdaq (2.08%), Russell 2000 (2.40%)

US equities were sharply lower on Monday, but finished off worst levels. Treasuries were stronger with the curve flattening. The dollar was higher with the DXY +0.23%. Gold +1.4% was higher. Oil (0.8%) finished lower in volatile trading; crude gave up earlier gains, which were driven by rising tensions between Saudi Arabia and Iran.

The drop in US equities followed declines in Europe and Asia, most notably in China, which saw declines large enough to trigger circuit breakers. Global manufacturing PMIs were mixed. US construction spending disappointed. There are increasing concerns about geopolitical tensions in the Middle East.

All sectors were lower. Financials (2.05%) was the worst performer partially driven by weakness in banks. Defensives outperformed. Energy (0.15%) was the best performer despite volatility in crude.

Synopsis

U.S. market recap: Dow (1.02%), S&P 500 (0.94%), Nasdaq (1.15%), Russell 2000 (1.20%)

US equities closed lower in quiet, pre-holiday trading. Treasuries were firmer. The dollar was mixed, outperforming on the euro cross. Gold was little changed. Oil rose, with WTI settling +1.2%.

It was a subdued session with no obvious drivers.  Macro newsflow was extremely limited. The ECB’s Constancio seemed somewhat hawkish side in comments to Boersen Zeitung. Weekly jobless claims came in higher than consensus. Chicago PMI contracted at the fastest pace since July 2009.

There was some limited news on the corporate front.  LBTYA and VOD.LN are reportedly restarting merger talks after previous discussions broke down in September. Bloomberg reported that NXST raised $4.5B for a bid to acquire MEG.

Energy was the only positive sector on strength from E&Ps. Select road & rail firms helped industrials. Materials saw weakness in chemicals. Pharmaceuticals lagged within healthcare. The financials sector was even with the tape, though insurers were down.  Retail underperformed within consumer discretionary. HPCs were a drag on consumer staples. Semis were a soft spot for tech.

Synopsis

  U.S. Market Recap: Dow (0.66%), S&P 500 (0.72%), Nasdaq (0.82%), Russell 2000 (0.94%)

US equities declined in quiet, pre-holiday trading on Wednesday. Treasuries were mixed, with the curve steepening. The dollar was somewhat stronger. Gold declined while copper gained slightly.  Oil      declined on inventory concerns and cautious headlines, with WTI settling (3.4%).

Macro drivers were largely absent today, with oil’s drop and seasonality mooted as factors. The EIA reported an inventory build for crude, in contrast to last week’s significant decline. Pending home sales were down in November, while consensus was for a small gain.

All sectors were down today, with energy names trailing the market. Miners were weak. Banks underperformed. Retailers were mixed. Semis were a drag on tech. Airlines were down. Healthcare and consumer staples were relative outperformers.

Synopsis

U.S. Market Recap: Dow +1.10%, S&P 500 +1.06%, Nasdaq +1.33%, Russell 2000 +1.07%

US equities closed up today in uneventful trading.  Treasuries were weaker, with the curve steepening. The dollar was stronger, outperforming on the euro cross. Gold was little changed, but copper rose +2.8%. Oil bounced back from yesterday’s decline, with WTI      settling +2.9%.

The session was very quiet, with little macro news.  There were no clear catalysts driving the market’s rise, though a commodities bounce and year-end dynamics were discussed. December consumer confidence posted a consensus-beating gain. November housing prices rose faster than expectations. Advance data suggest the US trade deficit narrowed last month.

Tech led the market today on strong performance from networking and communications names. Healthcare was boosted by biotech.  Retailers advanced. Insurers buoyed financials. Industrials and materials underperformed. Energy lagged despite oil’s rise. Utilities was the worst-performing sector.

Synopsis

U.S. Market Recap: Dow (0.14%), S&P 500 (0.22%), Nasdaq (0.15%), Russell 2000 (0.57%)

US equities closed lower, off worst levels, in fairly quiet trading. Treasuries were mixed. The dollar was little changed.  Commodities came under some pressure, with gold (0.7%) and copper (2.1%).      Crude was weaker, with WTI settling (3.4%).

It was a very quiet day, with little in the way of macro or corporate releases. China saw weaker industrial profits, and Japan posted larger-than-consensus declines in industrial production and retail sales. The Dallas Fed survey showed stronger output growth, but a worsening broader outlook.

Most sectors closed down. Energy trailed due to oil’s decline, and industrial metals were a drag on materials. Pharmaceuticals were weaker. Banks lagged. Semis were a soft spot for tech. Consumer discretionary was narrowly positive thanks to select retail and media names.