|Day's Range||2,593.84 - 2,635.07|
|52 Week Range||2,532.69 - 2,940.91|
Next week is gearing up to be a busy week with events that have potential to move the market as the FOMC meets, government shutdown looms and Nike reports earnings.
Treasury yields steadied just below 2.90 percent. U.S. futures posted modest gains alongside equities in Japan and Australia, while shares fluctuated in Shanghai and Hong Kong. Treasuries held last week’s gains and the yen was steady after a bout of risk aversion that hammered global equities in recent sessions.
SINGAPORE (AP) — Asian markets were mostly higher Monday on hopes that the Federal Reserve would re-evaluate its hawkish stance at a meeting later this week, following signs of slower global growth.
Investors hoping to avoid the first annual decline for major U.S. stock indexes since 2015 are dreaming of a Santa Claus rally. Since 1969, the S&P 500 has averaged a gain of 1.3% over the seven-day period that encompasses the last five sessions of the year and the first two trading days of the new year, according to Dow Jones Market Data. Such a year-end boost will likely be necessary if the S&P 500 is to avoid finishing in the red. It is down 2.8% this year through Friday.
Dow futures rose 61.00 points, implying a gain of 59.49 points at the open on Monday stateside, as of 10:48 p.m. ET Sunday. S&P 500 and Nasdaq futures also pointed to a higher open for the two indexes. Recent economic data have reignited worries of economic slowdown around the globe and kept a lid on stock returns.
The financial markets are in doldrums, with the final quarter of the year being particularly unkind for Wall Street participants. The Santa Claus rally is an upward momentum seen in the market during the last week of December that gives a nice lift to the market. "Santa Claus tends to come to Wall Street nearly every year, bringing a short, sweet, respectable rally within the last five days of the year and the first two in January," according to the Stock Trader's Almanac.
A judge sided with Texas late Friday in a lawsuit alleging that Congress’s decision in 2017 to kill a related tax penalty essentially voided the entire Affordable Care Act. U.S. hospital stocks are most at risk from the latest ruling, and could be down materially, according to Jefferies health-care strategist Jared Holz. Health-care investors already were licking their wounds from Johnson & Johnson’s $45 billion plunge on Friday related to a Reuters report about asbestos in baby powder.
DEEP DIVE Brutal price action continued for U.S. stock investors Friday, with all three major indices ending with big declines. Johnson & Johnson (JNJ) led the largest companies lower, with the shares dropping 10%, after Reuters reported that the company knew for decades that its baby powder was contaminated with asbestos.
Investors are eager for a touch of Christmas cheer from the U.S. Federal Reserve next week, hoping for signs the central bank may ease up on interest rate hikes next year and spark a Santa Claus rally. U.S. stocks are having their worst December performance in 16 years with the S&P 500 (.SPX) notching a 5 percent drop so far this month. The Fed's ongoing reversal of easy-money policy is a major overhang, and it is expected to raise rates more at the end of its two-day meeting on Wednesday.
They're all internet-based businesses, but they generate revenue in different ways. And Facebook, Wayfair, and Netflix are producing a lot more of it these days.
Federated Investors' Steve Chiavarone believes there's nothing on the horizon that suggests a recession will hit U.S. stocks.
It's natural to feel depressed watching your account values plummet over short periods of time. That is when it's most important to review why you own the stocks that are there, and what you think they are really worth.