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Markets closed Tuesday at session highs, with only the Dow wallowing in negative territory by the closing bell. But even that was something of a win today: after trading down more than -700 points at one stage this morning, the Dow closed -129, -0.42% on the day. The S&P 500 crept into the green minutes before the bell, +0.16%, which is notable considering 8 of the 11 sectors in the S&P traded down today.
The Nasdaq, on the other hand, grew nearly 200 points, +1.75%, on strong rebounds in companies that have been getting battered over this bear market environment: Etsy (ETSY - Free Report) was +10.5% today, Norwegian Cruise Lines (NCLH - Free Report) +10%, Zoom Video (ZM - Free Report) +8.5%. And the small-cap Russell 2000, having sheared of nearly -8% over the past month, gained +0.54% on the day.
Natural gas prices in Europe helped keep sentiment down and recession fears up across the Atlantic, and we see the euro plunge to a two-decade low versus the U.S. dollar. Meanwhile, here at home WTI crude prices slipped beneath $100 per barrel for the first time in a while (though still up nearly +48% in the past year), sending stocks like Halliburton (HAL - Free Report) -8%.
Factory Orders data for May came out this morning, demonstrating stronger-than-expected demand with a headline figure +1.6%, 100 basis points ahead of expectations and more than double the upwardly revised +0.7% from the previous month. Machinery and transportation equipment were up +1.2% and +1%, respectively, while appliances and components dropped -1% for the month. Tighter chart moves more consistently above breakeven has been a hallmark of Factory Goods Orders, going back two years to the rebound off pandemic conditions.
So there we have it. Not a dramatic correction to right what’s wrong with the market completely, but certainly better than getting a sharp stick in the eye. We hope to continue to dodge such sticks as our shortened trading week moves along.
Image: Shutterstock
Markets Mixed, Close at Session Highs
Markets closed Tuesday at session highs, with only the Dow wallowing in negative territory by the closing bell. But even that was something of a win today: after trading down more than -700 points at one stage this morning, the Dow closed -129, -0.42% on the day. The S&P 500 crept into the green minutes before the bell, +0.16%, which is notable considering 8 of the 11 sectors in the S&P traded down today.
The Nasdaq, on the other hand, grew nearly 200 points, +1.75%, on strong rebounds in companies that have been getting battered over this bear market environment: Etsy (ETSY - Free Report) was +10.5% today, Norwegian Cruise Lines (NCLH - Free Report) +10%, Zoom Video (ZM - Free Report) +8.5%. And the small-cap Russell 2000, having sheared of nearly -8% over the past month, gained +0.54% on the day.
Natural gas prices in Europe helped keep sentiment down and recession fears up across the Atlantic, and we see the euro plunge to a two-decade low versus the U.S. dollar. Meanwhile, here at home WTI crude prices slipped beneath $100 per barrel for the first time in a while (though still up nearly +48% in the past year), sending stocks like Halliburton (HAL - Free Report) -8%.
Factory Orders data for May came out this morning, demonstrating stronger-than-expected demand with a headline figure +1.6%, 100 basis points ahead of expectations and more than double the upwardly revised +0.7% from the previous month. Machinery and transportation equipment were up +1.2% and +1%, respectively, while appliances and components dropped -1% for the month. Tighter chart moves more consistently above breakeven has been a hallmark of Factory Goods Orders, going back two years to the rebound off pandemic conditions.
So there we have it. Not a dramatic correction to right what’s wrong with the market completely, but certainly better than getting a sharp stick in the eye. We hope to continue to dodge such sticks as our shortened trading week moves along.
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