|Day's range||24,953.45 - 25,064.99|
|52-week range||20,896.22 - 26,616.71|
This week’s economic calendar can best be defined as manufacturing-centric. Away from the FOMC minutes, scheduled for release on Wednesday afternoon, and Chair Jerome Powell’s scheduled talk on Friday morning, investors will be keeping a close eye on a sector of the economy that many had given up on — at least until November 2016. Today we got the Chicago Fed National Manufacturing Index, which surprised to the upside with a big revision to the prior month.
The Dow Jones Industrial Average is heading higher this morning as the U.S. and China continue to make progress on avoiding a trade war. Nasdaq Composite futures have gained 0.3%. From the looks of it, progress us being made on to avoid a full-blow trade war.
In this article, we’ll look at the weekly US steel production data released by the AISI (American Iron and Steel Institute). According to AISI data, US steel production rose 1.7% YoY (year-over-year) in the week that ended on May 12.
Correlations, or the degree to which two different securities move in tandem, could be prone to spikes, which would create a trading environment where stocks broadly move in the same direction, regardless of their individual or underlying fundamentals. While broad-market correlations have been receding since February, major indexes have at the same time been taking their cue from technology stocks, which have led the market higher for years and could just as easily lead it lower. “Increasing stock correlations within equities are additionally making it harder for investors to look for diversification by simply investing in equities.
The Dow is working on getting comfortable back above the 25,000 mark, as lots of people scratch their heads over North Korea, Iran and the Cavs-Celtics series. In these topsy-turvy times, at least there are still some constants, such as millennials’ love for avocados. It’s a StockTwits duo that is serving up the chart — the social network’s co-founder, Howard Lindzon, and user Matthew Timpane.
Is the U.S. stock market, after a few months of hobbling, about to resume its run upward? If 2017 was a year of no volatility or pullbacks, then 2018 so far has been a year of standing still. While Wall Street has seen volatility return this year, with more than three times as many 1% moves as were seen over all of last year, the result of all that sturm und drang has basically been a wash.
The S&P 500 pulled back from two-month high price levels last week and consolidated with mixed sentiment. The S&P 500 regained strength and opened higher on May 21 amid the improved US market sentiment and reclaimed two-month high price levels. On Monday, all 11 major S&P 500 (SPY) sectors closed the day higher.
European stocks and S&P 500 futures inched up Tuesday after waning concerns about trade tensions between the U.S. and China helped send major global indexes to their highest close in months. The Stoxx Europe 600 edged up 0.1% in afternoon trading, while futures markets suggested U.S. stocks would extend gains, with the S&P 500 and Dow Jones Industrial Average each poised to add 0.2% after closing at their highest levels since March. said the U.S. would suspend its efforts to apply tariffs to $150 billion in Chinese imports.
Want to know why the Dow Jones Industrial Average is doing what it's doing? Check back here for a semi-live look at the volatile markets from Barron's reporters. 6:44 a.m. With little in the way of news ...
Dow futures pointed to a fresh move above 25,000 for the blue-chip index as investors continued to cheer signs of easing tensions between the U.S. and China.
The dollar was under fresh pressure on Tuesday, notably from the British pound, which climbed on a forecast for interest-rate increases by a member of the Bank of England’s monetary policy committee. The ICE U.S. Dollar Index (IFUS:DX-Y.NYB), which measures the dollar against six rivals, was weaker at 93.368, from 93.630 late Monday. The British pound (GBPUSD) jumped to $1.3472 from $1.3426 on Monday, when it tapped its lowest dollar level since late December.
It’s undeniably good news that the Russell 2000 is at a new all-time high. It may very well be that the broad U.S. market, as represented by indices including the S&P 500 (^GSPC), will soon join the Russell 2000(^RUT) in new all-time high territory. Currently the broad market is still about 5% below highs set in late January — even after a strong rally to start this week.