It was a bearish week for US equity indexes, with net weekly declines ranging from -3.4% (R2K), -2.3% (Nasdaq comp'), -1.9% (SPX, Dow), -1.5% (NYSE comp'), to -0.5% (Transports).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
All six US equity indexes were net lower for the week.
The R2K lead the way down, whilst the Transports was resilient.
All six indexes had bearish engulfing weekly candles, which are suggestive of a lower low next week.
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Looking ahead
It will be the formal start of Q4 earnings season, with JPM to lead.
Earnings:
M - $CMTL $KBH $AEHR
T - $APLD $CVGW $KARO
W - $JPM $C $WFC $BLK $BNY $SNV $CNXC $FUL
T - $TSM $UNH $GS $BAC $MS $USB $FHN $PNC $INFY $MTB $JBHT $OZK $RFIL
F - $SLB $RF $TFC $FAST $STT $WBS $INDB $CFG $SIFY $WIT
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Econ-data/events
M - US T-budget (2pm)
T - PPI, NFIB optimism, Fed beige book (2pm)
W - CPI, Empire state manu', Phil' Fed manu', home builder conf', business invent'
T - Weekly jobs, retail sales, import prices
F - housing starts, building permits, indust' prod' *OPEX*
With Monday, Jan'20th CLOSED for MLK day, Friday could be expected to be subdued, as many walk away early. It will also be OPEX, which will inherently be choppy... on higher vol'.
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| Bullish sun (via window reflection) and the almost full moon |
Final note
Regardless of this coming week, we have the issue of how the market will react to Trump part II. It should be clear, we're going to experience some wild swings on sporadic comments and hundreds of policy statements.
Despite talk of DOGE, would anyone not expect defense spending to increase? RFK Jr is going to spook the pharma' stocks, not least PFE and MRNA, right?
We know Trump will be bullish US based steel production, along with oil/natgas. Perhaps Trump will soon visit Intel's new (under construction) plant in Arizona?
If anything, stock up on some popcorn and your favourite drinks, as we're due a very entertaining time into the spring... and far beyond!
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Have
a good weekend
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*the next post on this page will likely appear 4.20pm EST on Monday.
