Market Direction: BULLISH alert
issued 1/10/2019
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Vote BULLISH (Up) or BEARISH (Down) in the upper right side bar, the current stock market direction weekly closing numbers. Leave a comment. Now for the news…
The economy
The S&P 500 gained 0.5% Friday in a broad-based advance that was supported by a Goldilocks Employment Situation Report for March. The benchmark index advanced for the seventh straight session, increased its weekly gain to 2.1%, and closed within ten points of the 2900 level.
The Dow Jones Industrial Average (+0.2%), the Nasdaq Composite (+0.6%), and the Russell 2000 (+1.0%) extended their weekly gains to 1.9%, 2.7%, and 2.8%, respectively.
The S&P 500 energy sector (+1.7%) led the advance as oil prices ($63.10/bbl, +0.86, +1.4%) rose on labor market strength in the U.S. and heightened geopolitical risk in Venezuela and Libya. Conversely, the materials sector (-0.1%) was the lone group that finished lower.
Stocks began the day modestly higher after the release of the employment report and proceeded to drift sideways throughout the day. The March report featured solid nonfarm payrolls growth of 196,000 (Briefing.com consensus 170,000) and no inflation pressure, as average hourly earnings growth decelerated to 3.2% yr/yr from 3.4% yr/yr in February.
In brief, this report accomplished three important things: (1) the yr/yr moderation in wage growth will keep the Fed sidelined (2) it exposed February's weak payrolls data to be an aberration and (3) it helped quiet recession concerns.
As for trade, nothing concrete came out of this week's high-level talks in Washington, although the tone remained constructive and hopeful about getting an agreement finalized. President Trump said it will be known probably in the next four weeks or so if a deal gets done.
Tesla Q1 2019 Vehicle Production & Deliveries
In the first quarter, Tesla produced approximately 77,100 total vehicles, consisting of 62,950 Model 3 and 14,150 Model S and X.
Deliveries were approximately 63,000 vehicles, which was 110% more than the same quarter last year, but 31% less than last quarter. This included approximately 50,900 Model 3 and 12,100 Model S and X.
Other corporate news was light, although there were some notable analyst recommendations. Dow Inc (DOW 57.24, -2.47) lost 4.1% after JP Morgan initiated the stock with an Underweight rating; Boston Beer (SAM 268.33, -15.67) lost 5.5% after Goldman Sachs downgraded the stock to Sell from Neutral, citing expectations for slowing sales growth; and Intel (INTC 55.60, -0.32) dipped 0.6% after Wells Fargo cut its rating to Market Perform from Outperform.
U.S. Treasuries finished little changed, although they did see an uptick from early lows after the jobs report. The 2-yr yield increased one basis point to 2.34%, and the 10-yr yield decreased one basis point to 2.50%. The U.S. Dollar Index increased 0.1% to 97.39.
$tockMarketDirection proprietary model is currently BULLISH. We strongly encourage you to monitor positions closely, exercise proper money management strategies and follow us at $tockMarketDirection for ALERTS we may issue advising a change in the current market direction. Stay tuned and follow us. If you have a testimonial or comment of how this website has helped you we would like to know, write us. Share with a friend.
The market direction weekly closing numbers for the indexes this week compared to the initial BULLISH recommendation closing numbers:
Stock Market Closing Numbers
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compared to Recommendation Numbers
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1/10/2019
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4/5/2019
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Difference
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24,001.90
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26,424.99
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2,423.09
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6,986.07
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7,938.69
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952.62
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2,596.64
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2,892.74
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296.10
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