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U.S. equities Stocks were mixed this past week but finished mostly up. Economic and corporate news set the tone for the choppy week for stocks. The week started negatively as equities fell more on Monday than any day in the last couple of months. Investors quickly bought the dip again as markets rebounded mid-week to hit all-time highs again for a couple of the major indices. The S&P 500 Index (SPX) fell 0.2% for the week but the Dow Jones Industrial Average ($DJI) rose 0.1% as it was a stock-pickers week. The tech-heavy Nasdaq (NDX) rose 0.5% for the week and led the benchmark indices. Small caps also out-performed as the Russell 2000 small cap index (RUT) finished the week up 0.3%. The hangover from a weak December jobs report along with a mixed bag of economic and earnings reports had the markets looking for direction into Friday.
With the mixed movement in equities, Volatility finished up only 2% for the week. The CBOE Volatility Index (VIX) remains near the low $12 level which has become a support level over the last year. We should expect volatility to remain subdued until we can get a catalyst to make markets nervous. We have seen some recent cracks as corporate results, data and consumer sentiment has wavered a bit.
Treasury yields ended the week modestly lower as bonds saw some strength. The benchmark 10-year yield finished the week down at the 2.82% level and has retreated from the all-important 3% mark. Yields declined as Thursday’s CPI report showed that inflation is pacing at a 1.5% rate. This is well below the Fed’s goal of 2% and may have suggested that their tapering plans may slow. Oil futures (/CL) rose about $2 per barrel this week. We are still well below the $100 a barrel level near $94. Gold futures also rose slightly for the week and now seem firmly above the $1200 an ounce level where many analysts expect it to fall below.
Economic data is extremely light for the upcoming holiday shortened week. The markets are closed on Monday and there is little for the markets to look at for direction as far as economic numbers. With the Big Banks out with results, Investors will turn their attention to tech and consumer stocks. About 70 of the S&P 500 companies will report earnings of which 8 are Dow Industrial Components. Just over 60% of companies that have released quarterly numbers have beat analyst expectations. This is down slightly from last year’s 69% positive results. Although revenue data remains light, corporations continue to cut costs and become more efficient to boost their results. Look for reports from IBM (IBM), Johnson and Johnson (JNJ), Microsoft (MSFT), Starbucks (SBUX) and McDonalds (MCD) to lead stocks this week.
Major Earnings for the Upcoming Week:
Monday: None
Tuesday: AMD, AMTD, BHI, CREE, DAL, HAL, IBM, JNJ, TRV, VZ
Wednesday: ABT, COH, EBAY, FCX, GD, MSI, NFLX, NSC, NTRS, SNDK, STJ, TXT, USB, UTX
Thursday: BAX, DFS, ISRG, KLAC, LMT, MCD, MSFT, SBUX, UAL, UNP
Friday: BMY, COV, HON, PG, XRX
Economic Releases (1/20-1/24):
Monday:
All Markets closed for Martin Luther King Jr Day
Tuesday:
None
Wednesday:
6:00 am CT – MBA Purchase Applications
6:45 am CT – GS Store Sales
Thursday:
Chain Store Sales
7:30 am CT– Weekly Jobless Claims
7:58 am CT– PMI Manufacturing Index Flash
9:00 am CT – Existing Home Sales
9:00 am CT – FHFA House Price Index
9:00 am CT – Leading Indicators
9:30 am CT – Natural Gas Inventories
10:00 am CT – Oil Inventories
Friday:
None |
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发表于 2014-1-20 09:51
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