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U.S. stocks closed higher as financials gained after the yield on 10-year US Treasury Notes inched upward. Oil stocks also gained after supply constraints emerged in global oil productions. However, these gains are partially offset by weak U.S. economic data. All three major stock indexes finished in the green.
The Dow Jones Industrial Average (DJI) closed at 25,657.73, gaining 0.6% or 140.90 points. The S&P 500 Index (INX) increased 0.7% to close at 2,818.46. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 7,691.52, also climbing 0.7%. A total of 6.55 billion shares were traded on Tuesday, lower than the last 20-session average of 7.66 billion shares. Advancers outnumbered decliners on the NYSE by 2.78-to-1 ratio. On the Nasdaq, advancers had an edge over decliners by 2.05-to-1 ratio. The CBOE VIX decreased 101% to close at 14.68.
How Did the Benchmarks Perform?
The Dow ended in positive territory for the second successive day with 25 stocks of the 30-stocks blue-chip index finished in the green while five ended in the red. The tech-heavy Nasdaq Composite finished in the green due to strong performance by large-cap tech stocks.
The S&P 500 also closed in the green, finishing above the technically crucial 2,800 mark. The Energy Select Sector SPDR (XLE) and Financials Select Sector SPDR (XLF) gained 1.4% and 1.2%%, respectively. Notably, all eleven sectors of the benchmark index closed in the green.
10-year Treasury Yield Gaines
On Mar 22, the yield on the 10-year Treasury note fell below the yield on the 3-month Treasury bill for the first time since 2007. On Mar 25, the yield curve inversion extended further as the yield on 10-year bonds declined to 2.388%, its lowest level since December 2017.On Mar 26, the yield on benchmark 10-year US Treasury Note closed at 2.42%, although it is still below the 3-month US Treasury Note yield of 2.47%.
On Mar 26, the U.S. benchmark West Texas Intermediate (WTI) crude gained $1.12 or 1.9% to close at $59.94 a barrel on the New York Mercantile Exchange. The global benchmark Brent crude rose 76 cents or 1.1% to $67.97 a barrel on ICE Futures Europe. The decision taken by OPEC and Russia-led oil exporters to cut production levels and supply-related problems in Iran and Venezuela are primary drivers for the oil price recovery.
Trade Negotiations Continue
Cabinet-level trade negotiations between Beijing and Washington will resume this week, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for another round of discussions with Chinese authorities later this week. On Mar 14, President Donald Trump said that the United States will probably get final information on a possible trade deal with China within the next three or four weeks.
Weak U.S. Economic Data
The Conference Board reported that U.S. consumer confidence in March declined to 124.1 from 131.4 in February. Consensus estimate was 132.5. Consumers’ optimism about the short-term future moderated in March. The percentage of consumers expecting business conditions will improve over the next six months declined from 19.6% to 17.7%.
The Department of Commerce reported that housing starts declined 8.7% in February, highest percentage decline in eight months. Housing starts came in at a seasonally adjusted annual rate of 1.162 million units last month, below the consensus estimate of 1.220 million units. Building permits dropped 1.6% in February to more than a year and half low of 1.296 million units, marginally below the consensus estimate of 1.298 million units.
The S&P CoreLogic Case-Shiller National price index rose 4.3% annually in January compared with 4.6% in December. The 10-city composite rose 3.2%, compared with 3.7% in December. The 20-city composite gained 3.6% year over year compared with 4.1% in December.
Varian Medical Systems Inc.’s recent tie-up with Korea University Medical Center Anam Hospital led to the first treatment by the company’s flagship Halcyon system in the country. (Read More)
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This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
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Stock Market News For Mar 27, 2019
U.S. stocks closed higher as financials gained after the yield on 10-year US Treasury Notes inched upward. Oil stocks also gained after supply constraints emerged in global oil productions. However, these gains are partially offset by weak U.S. economic data. All three major stock indexes finished in the green.
The Dow Jones Industrial Average (DJI) closed at 25,657.73, gaining 0.6% or 140.90 points. The S&P 500 Index (INX) increased 0.7% to close at 2,818.46. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 7,691.52, also climbing 0.7%. A total of 6.55 billion shares were traded on Tuesday, lower than the last 20-session average of 7.66 billion shares. Advancers outnumbered decliners on the NYSE by 2.78-to-1 ratio. On the Nasdaq, advancers had an edge over decliners by 2.05-to-1 ratio. The CBOE VIX decreased 101% to close at 14.68.
How Did the Benchmarks Perform?
The Dow ended in positive territory for the second successive day with 25 stocks of the 30-stocks blue-chip index finished in the green while five ended in the red. The tech-heavy Nasdaq Composite finished in the green due to strong performance by large-cap tech stocks.
The S&P 500 also closed in the green, finishing above the technically crucial 2,800 mark. The Energy Select Sector SPDR (XLE) and Financials Select Sector SPDR (XLF) gained 1.4% and 1.2%%, respectively. Notably, all eleven sectors of the benchmark index closed in the green.
10-year Treasury Yield Gaines
On Mar 22, the yield on the 10-year Treasury note fell below the yield on the 3-month Treasury bill for the first time since 2007. On Mar 25, the yield curve inversion extended further as the yield on 10-year bonds declined to 2.388%, its lowest level since December 2017.On Mar 26, the yield on benchmark 10-year US Treasury Note closed at 2.42%, although it is still below the 3-month US Treasury Note yield of 2.47%.
Consequently, shares of major banks like JPMorgan Chase & Co. (JPM - Free Report) and Bank of America Corp. (BAC - Free Report) rose 1% and 1.4%, respectively. Bank of America carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Crude Oil Gains on Supply Cuts
On Mar 26, the U.S. benchmark West Texas Intermediate (WTI) crude gained $1.12 or 1.9% to close at $59.94 a barrel on the New York Mercantile Exchange. The global benchmark Brent crude rose 76 cents or 1.1% to $67.97 a barrel on ICE Futures Europe. The decision taken by OPEC and Russia-led oil exporters to cut production levels and supply-related problems in Iran and Venezuela are primary drivers for the oil price recovery.
Trade Negotiations Continue
Cabinet-level trade negotiations between Beijing and Washington will resume this week, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for another round of discussions with Chinese authorities later this week. On Mar 14, President Donald Trump said that the United States will probably get final information on a possible trade deal with China within the next three or four weeks.
Weak U.S. Economic Data
The Conference Board reported that U.S. consumer confidence in March declined to 124.1 from 131.4 in February. Consensus estimate was 132.5. Consumers’ optimism about the short-term future moderated in March. The percentage of consumers expecting business conditions will improve over the next six months declined from 19.6% to 17.7%.
The Department of Commerce reported that housing starts declined 8.7% in February, highest percentage decline in eight months. Housing starts came in at a seasonally adjusted annual rate of 1.162 million units last month, below the consensus estimate of 1.220 million units. Building permits dropped 1.6% in February to more than a year and half low of 1.296 million units, marginally below the consensus estimate of 1.298 million units.
The S&P CoreLogic Case-Shiller National price index rose 4.3% annually in January compared with 4.6% in December. The 10-city composite rose 3.2%, compared with 3.7% in December. The 20-city composite gained 3.6% year over year compared with 4.1% in December.
Stocks That Made Headline
Varian Medical Collaborates With Korea-Based Hospital
Varian Medical Systems Inc.’s recent tie-up with Korea University Medical Center Anam Hospital led to the first treatment by the company’s flagship Halcyon system in the country. (Read More)
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>