STTG Market Recap Apr 17, 2015

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Friday was a bit of a curveball as overseas events impacted U.S. markets. The S&P 500 fell 1.13% and the NASDAQ 1.52%. Chinese futures sunk over news of coming government regulation to expand short-selling and limit over-the-counter margin trading. Regulators in China banned the margin trading businesses of brokerages from taking part in umbrella trusts. Investors in China have ramped up wagers on stocks by borrowing through umbrella trusts, which allow for more leverage than brokerage financing. Greece is also back in the news as it seems to be every 3 months – we know the story here… raise a lot of fuss, everyone kicks the can down the road – rinse, wash, repeat!

Greek Finance Minister Yanis Varoufakis met with IMF officials on Friday, as investors became increasingly nervous about the funding crisis in Greece.

In economic news, the consumer price index showed an increase of 0.2 percent in March, below expectations of 0.3 percent. However, the figure marked the second-straight month of gains and matched February’s 0.2 percent gain. Core CPI, excluding food and energy, came in slightly above expectations at 0.2 percent, the same level as in February.

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STTG Market Recap Apr 16, 2015

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Thursday saw choppy action in the indexes as it looked like it was going to be a typical bull market type day with morning selling met by buying – but then a late round of selling pushed things back to near break even. The S&P 500 fell 0.08% and NASDAQ 0.06% – not much too read into that. Economic news is on the back burner this week but U.S. March housing starts showed a 0.926 million unit rate, below expectations but above February’s 0.908 million unit rate.

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STTG Market Recap Apr 15, 2015

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A solid day in U.S. markets as indexes gapped up and stayed solid all day. The S&P 500 gained 0.51% and the NASDAQ 0.68%. Stocks extended gains slightly following the Federal Reserve’s Beige Book noted improvements in residential real estate but reported overall moderate growth.

Some key earnings for Thursday – Citigroup, Goldman Sachs, American Express, Schlumberger, UnitedHealth, Philip Morris, Sherwin-Williams, PPG Industries.

Fun fact – Japan has passed China as the largest holder of U.S. government debt.

Japan overtook China as the top foreign holder of U.S. government debt for the first time since the global financial crisis amid signs of economic and policy shifts in Asia’s two largest economies. Japan owned $1.2244 trillion of U.S. debt, compared with $1.2237 trillion for China as of February. Japan’s holdings of Treasuries increased $13.6 billion from a year earlier, while China’s declined $49.2 billion. Since December 2012, when Shinzo Abe was elected Japan’s Prime Minister on a platform of spurring inflation by weakening the yen, its U.S. government debt holdings have risen $113.2 billion compared with a $3.3 billion increase by China.

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STTG Market Recap Apr 14, 2015

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A quick pop at the open was immediately sold but then some mild buying came in Tuesday afternoon. All in all, a quiet day as the S&P 500 gained 0.16% and the NASDAQ fell 0.22%. The NASDAQ has been really outperforming of late so this was to a degree some reversion to mean between the two indexes. In economic news retail sales showed an increase of 0.9 percent , slightly below expectations of a 1.1 percent month-on-month increase in overall spending. However, the figure was the first gain since late last year.

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STTG Market Recap Apr 13, 2015

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U.S. indexes tried to make it four straight up days but afternoon selling put a stop to that. Nothing serious though; the S&P 500 fell 0.46% and the NASDAQ 0.15%. While most look at Alcoa’s earnings as the start of earnings season it really begins this week with 36 S&P 500 companies set to report. JPMorgan Chase (JPM) and Wells Fargo (WFC) report before the bell Tuesday and Intel (INTC) after the close. We’ve already heard some issues with the dollar so the next month it will be interesting to hear how much blame for any misses goes to the currency.

Under pressure from the strong dollar and low oil prices, corporate profit expectations are significantly negative for the first time in six years, with Thomson Reuters reporting a likely 2.9% drop in S&P 500 net income.

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