MARKETS TODAY Dec 8 (Vica Partners) – The major stock market indexes were up today following five losing sessions. Investors embraced higher jobless claims data pointing to a slowing labor market.
The best performing sectors today were Information Technology and Consumer Discretionary sectors, up 1.49% and 1.36%. Odds for a 50-basis-point hike at the mid-December Fed meeting now stand at 79.4%.
The Dow Jones Industrial Average gained 183 points. The S&P 500 rose 0.75%, and the Nasdaq up 1.13%.
Key Market Statistics
- Dow flat, S&P 500 and Nasdaq all gained today
- Top performing sectors were Information Technology and Consumer Discretionary sectors, up 1.49% and 1.36%.
- Notable sector laggards were Energy and Industrials, down 0.26% and up 0.06%.
- Greed Index today was 57 (almost neutral)
- 10-year Treasury yield up at 3.489%, the 2 year Treasury yield up at 4.318%
- S. Dollar Index (DXY) to $104.80, declining 0.28%
- Bitcoin at $17,207 gaining 2.19% and Gold at $1788.55, up 0.08%
- Oil prices down with traders continuing to short futures, Brent crude $76.32, declining 1.10%, and US West Texas Intermediate at $71.69, declining 0.44%
Initial unemployment claims for the week ending Dec. 3 rose to 230,000 an increase over 226,000 in the prior week and is the highest level since February
Initial unemployment claims for the week ending Dec. 3 rose to 230,000 versus the consensus estimate of 228,000 and indicate less inflationary pressure.
Vica Momentum Stock Report
Pinnacle West Capital Corp NYSE (PNW) (Grade B+) 50 Day Average +12.92%, 100 Day Average +10.94%, 200 Day Average +14.61%
Pinnacle West Capital Corporation (NYSE: PNW) is an investor-owned electric utility holding company based in Phoenix, Ariz. Pinnacle is the operator and co-owner of the Palo Verde Generating Station – the largest nuclear plant and the single-largest generator of carbon-free electricity in the U.S.
Timely Market Outlook Reports will be posted at vicapartners.com starting Friday 12-9
Keep in mind that solid strategy for these type of market days is important and include…
- Investing in companies that have solid balance sheets and offer dividends.
- Look to Communication services, Consumer staples, Energy, Financials and Health care as these sectors tend to perform well during recessions.
- When buying value and growth DON’T try to time market lows as its best to cost average buy companies that have solid profits.
- Try to resist most all tech and growth stocks where companies have negative margins.
*** Continue to watch for our daily momentum company recommendations as they are built by on our industry leading data base
*** Look to Index ETF’s like SPY to outperform stocks and most managed funds
*** Energy is the Top Performing Sector in the S&P 500 Year to Date and should regain strength through the winter months
