Stay Informed and Stay Ahead: Market Watch, May 29th, 2024.
Wall Street Mid-Week Market Recap Edition
Market Highlights & Analysis: Indices, Sectors, and More…
- Economic Data: Home prices up, consumer confidence rose, retail flat.
- Market Indices: Major indices declined: DJIA, S&P 500.
- Sector Performance: All sectors fell; tech led; energy lagged most.
- Factors: Mega Cap Growth slightly down; momentum stocks lead YTD.
- Treasury Markets: Yields rose except short-term; 30-year bond highest.
- Commodities: Commodities mostly fell; oil, gold, and gas declined.
- ETFs: Inverse leveraged ETFs surged; ProShares Natural Gas up.
- Cryptos: Cryptocurrencies stable; Bitcoin, Ethereum rose, Ripple declined.
- Asia/ Europe: Global fell; Shanghai slightly up, Hang Seng down.
US Market Snapshot: Key Metrics:
Moving Averages: DOW, S&P 500, NASDAQ:
NASDAQ Global Market Summary:
Sectors:
- All 11 sectors lower; Information Technology (-0.36%) leading, Energy (-1.76%) lagging. Top industries: Technology Hardware, Storage & Peripherals (+0.06%), Health Care REITs (+0.03%), and Industrial REITs (0.00%).
Factors:
- Broad-based losses with Mega Cap Growth off only -0.1%. Momentum stocks up 21.2% year-to-date.
Treasury Markets:
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- Treasury yields rose, except short-term bills; 30-year bond yield highest at 4.739%, 10-year at 4.619%.
Currency and Volatility:
- U.S. Dollar Index ^DXY: 105.14 (+0.52, +0.50%)
- CBOE Volatility ^VIX: 14.28 (+1.36, +10.53%)
- Fear & Greed Index: 47/TY 65/LY (Neutral/ Greed)
Commodity Markets:
- Commodities mostly fell; crude oil, gold, and natural gas declined. Silver slightly up, Bloomberg Index down.
ETF’s:
- Inverse leveraged ETFs surged; ProShares UltraShort Natural Gas up 12.21%, 2x Long VIX Futures up 7.41%.
Cryptos:
- Cryptocurrencies were mostly stable; Bitcoin and Ethereum rose slightly. Ripple, Litecoin, and others saw minor declines.
US Economic Data:
- Home prices rose 7.4% in March. May consumer confidence increased to 102. Fed Beige Book reports flat retail spending.
Notable Earnings Today:
- BEAT: HP Inc (HPQ), Heico (HEI), National Bank of Canada (NTIOF), Okta (OKTA), Dick’s Sporting Goods (DKS), UiPath (PATH), Abercrombie&Fitch (ANF), Chewy (CHWY).
- MISSED: Salesforce Inc (CRM), Bank of Montreal (BMO), Agilent Technologies (A), Pure Storage Inc (PSTG)
Global Markets Summary: Asian & European Markets:
- Global markets mostly fell; Shanghai Composite up slightly, Hang Seng down 1.83%.
Central Banking and Monetary Policy, Noteworthy:
- IMF Raises China Economic Growth Forecasts – Wall Street Journal
- ‘Not Gonna Be Pretty:’ Covid-Era Homebuyers Face Huge Rate Jump – Bloomberg
Business:
- ConocoPhillips to Acquire Marathon Oil in $17.1 Billion All-Stock Deal – Wall Street Journal
- Abercrombie Soars as Return of ‘90s Fashion Boosts Outlook – Bloomberg
China:
- China’s EV sector could offset looming EU tariffs with detours via ‘friendly’ tracks, but be prepared for countermeasures – South China Morning Post
