US equity indexes closed broadly lower, SPX -107pts (1.4%) at 7365. Nasdaq comp' -2.2%. Dow -0.1%. The Transports settled -0.7%. R2K -0.8%
SPX – daily
VIX – daily
Summary
US equities opened significantly lower, with the market dragged down due to the South Korean KOSPI -10.0%. The SPX printed an early low of 7347, with a choppy bounce to settle sig' lower at 7365.
Volatility was mixed, the VIX printing an opening high of 20.52, but cooling back to settle +12.8% to 19.49 -
US equity indexes closed mixed, SPX -27pts (0.4%) at 7472. Nasdaq comp' -1.3%. Dow +0.3%. The Transports settled +0.7%. R2K +0.9%
SPX – daily
VIX – daily
Summary
US equities opened choppy, if leaning upward, SPX printing 7530.There was a moderate swing lower to 7460, and settling at 7472. Indexes were rather mixed though.
Volatility was little higher (if mostly due to the new week), the VIX settling +5.4% to 17.28.
It was a mixed week for US equity indexes, with net weekly changes ranging from +2.4% (Nasdaq comp'), +1.1% (R2K), +0.9% (SPX), +0.7% (Dow), -0.4% (NYSE comp'), -4.2% (Trans).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
–
Summary
Four US equity indexes were net higher for the week, with two net lower.
The Nasdaq was significantly higher, with the Transports powerfully lower.
The Dow, NYSE comp', and R2K broke a new hist' high.
W - New home sales, Federal Reserve annual bank stress tests (4pm)
T - Weekly jobs, Q1 GDP (print'3), durable goods orders, Pers' income/spending, PCE,
F - Leading indicators, wholesale & retail invent', consumer survey
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Final note
A mixed week, if clearly still m/t bullish from the key Trump-tariff floor of April 2025. Sure, we are cyclically on the high side, but that could easily remain the case, all the way into Labor day.
OpenAI appears set to IPO, the only issue is whether Anthropic are willing and able. I'm unsure on the latter, which is more problematic.
I'm guessing we see at least one rate hike this year, whether September or December. No doubt that would spook some, but historically... higher rates are a net positive to equities, especially the fins. Did you notice Bank of America just broke a new hist' high?
As ever, just be sure to have enough popcorn for the big show.
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Enjoy the long weekend --
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Monday. -
