9 October 2017 Day Trading Pre Market

Good Morning Fellow Traders,

The Australian share market closed higher, boosted by the mining, energy and banking sectors.
The benchmark S&P/ASX200 closed up 58.9 points, or 1.04 per cent at 5710.7 points on Friday, while the Australian dollar was trading at US77.64¢ at the close.
The broader All Ordinaries index also closed up, by 57.1 points, or 1 per cent, at 5777.4 points.

A flat start to the week is expected  after Wall Street's mixed finish on Friday and investors remain cautious about the release of housing data. CommSec chief economist Craig James says trading is likely to begin cautiously on Monday as local investors were being turned off by affordability constraints in Sydney and Melbourne.

"Expect to see a modest gain in the number of home loans, with investors already starting to look at Brisbane and Adelaide markets," Mr James said.




Wall Street endured a varied close to their markets after a US employment report showed the first drop in the number of jobs in seven years.

Mr James said it was likely an effect of hurricanes Harvey and Irma, and unemployment was actually at a 16-year low and there had also been a rise in wages.

While US stocks closed slightly lower on Friday, the S&P 500 rose 1.2 per cent for the week, the Dow added 1.6 per cent and the Nasdaq gained 1.5 per cent.
European markets were also mixed, with the UK's up and German stocks down.

"In terms of international flashpoints affecting the markets, it's still North Korea and now the Catalonia unrest," Mr James said.
"With reports North Korea may be preparing to test another long-range missile, it's certainly in the back of investors' minds."

The S&P 500 eased on Friday, ending a six-day run of record highs as the first monthly decline in U.S. nonfarm jobs in seven years dampened sentiment and pharmacy shares fell on Amazon competition fears.
The Nasdaq ended up for a ninth straight day, however, and set its sixth straight record high close, its longest such streak since seven records in February.
Walgreens Boots Alliance (WBA.O) and CVS Health (CVS.N) fell and were among the biggest drags on the S&P 500 after a CNBC report that Amazon (AMZN.O) was close to a decision on selling prescription drugs. Walgreens shares dropped 4.9 percent and CVS was down 4.9 percent, while Amazon shares rose 0.9 percent.

The Labor Department’s closely watched jobs report showed nonfarm payrolls fell by 33,000 in September as hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring. A bright spot was a better-than-expected rise in average wages.

“It’s been amazing how resilient our U.S. stock market has been, going up on no news or bad news, so there’s no surprise on a day where most people feel it was a mixed jobs report at best that the market actually is reacting in a way that makes sense,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.
“It’s a logical move for this illogical stock market.”

The Dow Jones Industrial Average .DJI fell 1.72 points, or 0.01 percent, to end at 22,773.67, the S&P 500 .SPX lost 2.74 points, or 0.11 percent, to 2,549.33 and the Nasdaq Composite .IXIC added 4.82 points, or 0.07 percent, to 6,590.18.

The benchmark’s slight decline follow a six-day run of record closing highs, its longest since 1997.
The CBOE Volatility index .VIX, Wall Street’s fear gauge, bounced sharply after setting a record low close in the previous session.

For the week, the S&P 500 rose 1.2 percent, the Dow added 1.6 percent and the Nasdaq gained 1.5 percent.
Adding to the day’s worries was a report that North Korea is preparing to test a long-range missile.
S&P energy index .SPNY declined 0.8 percent as oil prices CLc1 LCOc1 fell amid a bout of profit taking and the return of oversupply worries.

Shares of Costco (COST.O) dropped 6 percent after the warehouse club retailer reported a fall in gross margins. The stock was the biggest drag on the S&P 500 and the Nasdaq.
Declining issues outnumbered advancing ones on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored decliners.
About 5.7 billion shares changed hands on U.S. exchanges. That compares with the 6.2 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Source: Netwealth Morning Business Roundup

Enjoy some Balsamic Heirloom Baby Tomatoes with Smashed Avo on Grain Toast as well as Cranberry Juice for a start to the working week breakfast.



Happy Trading!!