|Bid||272.63 x 400|
|Ask||0.00 x 1100|
|Day's Range||271.40 - 274.61|
|52 Week Range||252.92 - 293.94|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.00|
|Expense Ratio (net)||0.09%|
U.S. Commerce Secretary Wilbur Ross talks with Yahoo Finance editor-in-chief at the latest All Markets Summit in Washington, D.C.
As we discussed in the previous two parts of this series, rising interest rates and the US-China war (FXI) are two of the major reasons for investors’ pessimism. Meanwhile, President Trump seems to be playing the “blame game” regarding the ongoing market turmoil. According to a BBC report, in an interview with Fox & Friends in August, President Trump said, “I tell you what, if I ever got impeached, I think the market would crash, I think everybody would be very poor.” When the market crash started in October during his time in office, President Trump started blaming the Fed for the economic turmoil.
The U.S. benchmarks’ fleeting post-election rally attempt has fizzled, writes Michael Ashbaugh, with the S&P 500 violating its 200-day moving average.
With a return of 35.3% YTD (year-to-date), United Continental (UAL) is currently the best-performing stock among the five largest US airline companies (by market capitalization). United Continental has also outperformed the SPDR S&P 500 ETF’s (SPY) returns. SPY tracks an index of large and mid-cap stocks selected by the S&P committee. SPY has gained 2.1% YTD.
In the previous part of this series, we discussed how investors’ concerns about rising interest rates remain intact despite unchanged rates in the Fed’s recent meeting. The Fed continues to target a range of 2%–2.25% of the federal funds rate. The possibility of the Fed hiking interest rates in December, for the fourth time in 2018, remains open.
In the week ending on November 2, US crude oil inventories were 3% above their five-year average—one percentage point more than the previous week. Oil prices and the inventories spread usually move inversely, as you can see in the following chart. If the inventories spread expands more into the positive territory, it might drag down oil prices in the coming weeks. The inventories spread is the difference between inventories and their five-year average.
The fourth quarter started on a negative note for investors. US equities witnessed a sell-off. In October, the S&P 500 Index (SPY) lost ~6.9%, which marked the worst month for the index in the last seven years. Similarly, the Dow Jones Industrial Average (DIA) and the NASDAQ Composite Index (QQQ) ended October with ~8.1% and 5.1% losses, respectively. While the broader market saw a minor recovery in the last few weeks, it turned negative again this week. In the week ending November 9, the S&P 500 benchmark rose 2.1%, but fell 2.0% on November 12.
On November 12, US crude oil December futures fell 0.4% and settled at $59.93 per barrel—the lowest closing level for active US crude oil futures since February 13. The Energy Select Sector SPDR ETF (XLE) fell 2.1% on November 12. The S&P 500 (SPY) and the Dow Jones Industrial Average (DIA) fell 2% and 2.3%, respectively. The fall in the broader market might have dragged energy stocks.
Bears Gain Steam as Rally Reverses Stocks look like they’re going higher today, but that’s what the bulls thought at the beginning of the week as well. The S&P 500 (NYSEARCA:SPY) crashed through its 200 day moving average yesterday to the chagrin of bulls, and now has to try to regain it again, negating a […] The post Market Morning: Bears Regain Lead, Facebook Disconnected, Brexit End Game, Amazon Bites Big Apple appeared first on Market Exclusive.