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Major Indices rallied but fell short for the second time this week, Nasdaq underperformed

Written by Customer Service on . Posted in Public Companies.

A report from Chicago Boards Opinion Exchange show that the market has been extremely bullish, and that complacency is very prevalent on the market. According to sources, cyclical stocks are being sold and shifted to defensives.

Defensives includes real estate, healthcare and staples, while cyclical stocks are like financials, consumer discretionary and industrial. Due to this, market weakness might be observed for a while.

Despite the weak finish, the Dow and S&P are still hovering near their record levels. The two have been edging higher week by week for four consecutive weeks and minute losses such as what happened two consecutive days are still bearable. Record also shows that year to date growth of stock are at 10.8%.

Here are the key movements in today’s session:

• NASDAQ Composite Index lost 0.92% or 128.50 points, closing at 13,678
• The Dow Jones Industrial Average stepped down by 0.75% or 256.33 points, ending at 33,821
• The S&P 500 Index dipped by 0.69% or 28.32 points to close with 4,135
• U.S. 10 Year Treasury yield stepped down by 3.9 basis points and now at 1.5620%
• Crude is at $62.61 per barrel after losing 1.21% or $0.77
• Gold closed at $1,778.40 an ounce with a slight increase of 0.44% or $7.80

NASDAQ Composite took full brunt of tech stocks dropping and with almost 1% losses for 2 consecutive days, it is inching closer to neutralizing year to date gains, albeit it is still a long way before that.

The Dow Jones Industrial Average is not too far off record level despite stepping down for 2 days consecutively. Biggest pull back factors still came from tech, leisure and cyclical stocks.

S&P 500 lost the least out of the 3 major indexes, and are still expecting to turn it around on the following days after the reports from other companies, such as Netflix, are released today after market close. 9% of companies under S&P have released their reports, with 81% of them exceeding expectations.

For more financial and investment related news do visit us at our website Hanson Capital Limited or contact us thru email.
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