Well it's my one week aniversary and you are still putting up with me
Have you no shame??????
Dow 20975 minus 36
S&P 2396 minus 2.46
FTSE 7342 plus 41
DAX 12749 plus 54
Gold $12230 minus $5.27
Oil $46.31 minus 0.12
AUD 0.734
Sunny boys 5c each
http://www.marketwatch.com/story/us...-to-gain-momentum-as-fears-subside-2017-05-09
Stocks closed near session lows Tuesday as the Dow industrials and S&P 500 finished lower and the tech-heavy Nasdaq carved out a new record while investors sifted through mostly upbeat earnings reports against a backdrop of falling oil prices and remarks from Federal Reserve speakers.
The S&P 500 index
SPX, -0.10% closed down 2.46 points, or 0.1%, at 2,396.92 with seven of the 11 main sectors finishing lower, as utilities, energy and materials stocks led decliners, offsetting gains in the consumer discretionary and industrial sectors. The benchmark index set a fresh intraday record of 2,403.84 shortly after the open.
The Nasdaq Composite Index
COMP, +0.29% rose 17.93 points, or 0.3%, to close at a record 6,120.59, its 30th closing record of the year, off its intraday record of 6,133.00.
The Dow Jones Industrial Average
DJIA, -0.17% finished down 36.50 points, or 0.2%, at 20,975.78, about 140 points below its record close from early March. Shares of
Chevron Corp.CVX, -1.50% and
Cisco Systems Inc.CSCO, -1.14% were the largest decliners on the average.
Analysts said the market needed a catalyst to break out of rangebound trading, albeit at lofty valuation levels.
“The bull market is still intact and in the absence of negative news we may see prices drift higher,” said Randy Frederick, managing director of trading and derivatives at Schwab Center for Financial Research.
Frederick warned that stretched valuations are an impediment for further big gains, however.
“If we don’t see promised tax cuts by the end of the year, investors may lose patience, even though fundamentals remain solid,” Frederick said.
Retail and other consumer-focused earnings are particularly important this week because of gnawing investor concerns that consumers are reluctant to open their wallets, said Quincy Krosby, chief market strategist at Prudential Financial.
“This is a market that needs an unequivocal solid package of economic data to move higher,” Krosby said in an interview, adding that as markets drift higher, investors are more likely to pull back in search for the next big positive catalyst.
This week’s listless trading sessions follow the widely expected victory Sunday by independent centrist Emmanuel Macron in the French presidential election, an outcome that investors appeared to have largely factored in over the previous two weeks.
Read: Here’s why the Macron-inspired rally for global markets is fizzling
“With [the French election] hurdle cleared, investors have already turned their attention to a roster of risk events over the next six weeks, including U.K. and French [parliamentary] elections, major central bank updates and an OPEC meeting,” analysts at Accendo Markets said in a note.
Macron easily defeated far-right nationalist Marine Le Pen, seen as a removal of potential geopolitical turmoil in Europe. That helped send the CBOE Volatility Index
VIX, +1.94% to its lowest level since 1993, “suggesting low anxiety among investors who are merely awaiting the next catalyst to extend the long-term uptrend,” according to the Accendo analysts.
Oil prices
CLM7, -0.28% settled down 1.2% at $45.88 a barrel ahead of a decision to extend output cuts when OPEC meets later in May. The yield on a 10-year Treasury note
TMUBMUSD10Y, +0.38% was up nearly 2 basis points to 2.403%.
Read: How oil is setting up for a supply squeeze — and that’s good news for bulls
Economic news: A reading of job openings in March was cut from February, while a report on wholesale inventories showed a gain of 0.2% in March.
In other economic data,
small-business sentiment fell for the third straight month in April to a reading of 104.5.
The Federal Reserve meeting in June is one of the events traders are waiting for to potentially steer the market higher. According to the
CME’s FedWatch tool, markets are pricing in an 88% chance of a rate increase at the U.S. central bank’s June 14 meeting.
On Tuesday, several Fed speakers will be closely watched for any hints about the coming policy decision.
Minneapolis Fed President Neel Kashkari said at the Minnesota High Tech Spring Conference on Tuesday that the blockchain technology that serves as the basis for cryptocurrencies like
bitcoin BTCUSD, +3.65% has more potential than bitcoin itself.
Kansas City Fed President Esther George said the
central bank should still stick to gradually raising rates although some economic indicators like car sales were flashing “yellow,” while Boston Fed President Eric Rosengren voiced concern over
high commercial real-estate prices.
Dallas Fed President Rob Kaplan will appear in a moderated discussion at the Dallas Regional Chamber in Dallas at 4:15 p.m. Eastern.
what we can expect
futures currently plus 20 points
Well Malcolm sure did his best to shore up support for the minor parties
lets just ignore 14 billion in cuts, cause it's too hard and spend $10 billion on a railway from melbourne to bris that no-one knew we needed
i dont want to make this political, but that aint no conservative running the show,
news flash Malcolm, IT AINT YOUR MONEY
anyway, lets see how the market reacts to it today
have a good day all
