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MZ Market Update Friday, February 19, 2016

  • U.S. equities closed mixed and with small losses Friday, but with strong weekly gains, as a rally in the technology and consumer sectors eased a sharp selloff in the energy sector as oil prices tumbled again. Treasuries fell as a reading on U.S. consumer inflation came in slightly above economists‘ expectations.
  • The S&P 500 traded in a tight range Friday and trimmed early losses to close just under a point lower. Materials and Telecom led laggards, while Consumer Discretionary and Consumer Staples saw the strongest gains.
  • The S&P posted a 2.8% weekly gain, the largest weekly gain since Nov. 20.
  • Bucking the down trend, the Nasdaq Composite trimmed earlier gains but closed 0.4% higher, posting a 3.9% weekly gain, the largest since mid-July. The small-cap Russell 2000 led all benchmarks, rising 0.5% Friday, and 3.9% higher for the week.
  • But a fresh slide in crude-oil prices after data showed Thursday that U.S. oil inventories have risen again and Saudi Arabia ruled out a production cut, continued to weigh on energy stocks. WTI futures for March delivery, which expires Monday, settled down $1.13 at $29.64 a barrel but ended the week slightly higher. Oil pared losses after the U.S. oil rig count showed a decline of 26 in the last week. Futures for April delivery settled down $1.18 at $31.75 a barrel.
  • In economic data, the consumer-price index was flat last month. However, excluding volatile food and energy prices, so-called core consumer prices jumped 0.3%, the biggest gain since August 2011, while year-over-year, core prices rose 2.2%.
  • The 10-year yield rose one basis point to 1.749%.
  • In earnings, Nordstrom (-6.7%) tumbled after the company reported tepid holiday-quarter results. Standard & Poor‘s on Friday downgraded the company‘s rating by one notch to BBB-plus from A-minus.
  • Deere & Company (-4.2%) reported a drop in quarterly profit and revenue before the market opened on Friday.
  • TrueCar Inc. (-12.7%) slumped after the car-shopping website late Thursday posted results and revenue outlook that came in below analyst expectations.
  • Applied Materials (+7.1%) gained after reporting earnings late Thursday that beat Wall Street‘s expectations.
  • Weight Watchers (+18.3%) surged after a study by the Indiana University School of Medicine showed that Weight Watchers could help prevent diabetes.
  • European markets ended lower, but booked the strongest weekly gains in more than a year. The Stoxx Europe 600 slipped 0.8% Friday, but finished the week up 4.5%. The U.K.‘s FTSE 100 index fell 0.4% as Prime Minister David Cameron kicked off a second day of negotiations in Brussels over how to reset the country‘s relationship with the European Union. Stocks in Asia ended mostly lower. However, the main indexes logged solid gains for the week. Japan‘s Nikkei ended the week nearly 7% higher, while shares in Australia gained nearly 4% and stocks in Shanghai added 3.5%.
  • In currencies, the U.S. dollar index reversed to trade about 0.4% lower, with the euro near $1.113 and the yen at 112.54 yen against the greenback.
  • Gold futures for April delivery settled $4.50 higher, at $1,230.80 an ounce.

U.S. Indexes

Name

Current

Change

% Change

Dow Jones Industrial Average

16,391.58

(21.85)

-0.13%

S&P 500 Index

1,917.77

(0.06)

0.00%

Nasdaq Composite Index

4,504.43

16.89

0.38%

Russell 2000 Index

1,010.01

5.30

0.53%

CBOE Volatility Index (VIX)

20.57

(1.07)

-4.94%

Global Indices

Japan: Nikkei

15,967.17

(229.63)

-1.42%

China: Shanghai

2,992.80

(3.00)

-0.10%

Hong Kong: Hang Seng

19,285.50

(77.58)

-0.40%

Germany: DAX

9,388.05

(75.59)

-0.80%

France: CAC 40

4,223.04

(16.72)

-0.39%

London: FTSE

5,950.23

(21.72)

-0.36%

Currencies

Current

% Change

$

U.S. Dollar per Euro

$1.111

0.06%

Weakened

Japanese Yen per U.S. Dollar

¥112.775

-0.74%

Weakened

Commodities

Current

% Change

Crude Oil WTI (NYM $/bbl)

$32.07

-2.55%

Gold ($/oz)

$1,228.70

0.20%

Treasury & Credit Market

Current

% Change

T-Note - 2year

0.742%

0.044

T-Bond - 10year

1.749%

0.007

Last Update on February 19, 2016
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