Market Direction: BEARISH alert
issued 5/23/2019
Is the stock market going to climb higher?
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 increased 0.1% on Friday in a lower-volume trading session in front of the holiday weekend. The benchmark index finished the week lower by 1.2%.
The Dow Jones Industrial Average (+0.4%), the Nasdaq Composite (+0.1%), and the Russell 2000 (+0.9%) finished with weekly losses of 0.7%, 2.3%, and 1.4%.
Supporting Friday's positive bias was President Trump saying there is still a good possibility of a trade deal with China and that a solution to the Huawei matter could be included in that deal. The S&P 500, however, still dipped negative during the day despite the comments. Discussions remain at an impasse.
There weren't any "new" catalysts to send stocks even lower from Thursday's steep decline, which also helped foster some buying interest. The S&P 500 financials (+0.8%) and materials (+0.5%) sectors outperformed. The consumer staples (-0.4%) and utilities (-0.2%) sectors were the lone groups in the red.
Shares of Foot Locker (FL 44.40, -8.43) dropped 16.0% after the company provided disappointing earnings results and guidance, while shares of Intuit (INTU 257.48, +16.17) climbed 6.7% after it provided upbeat results and guidance.
In M&A news, Total System (TSS 113.45, +13.83, +13.9%), according to CNBC, said it is nearing a deal to be acquired by Global Payments (GPN 153.44, +5.48, +3.7%) for $20 billion in an all-stock transaction.
U.S. Treasuries finished lower, retreating modestly from a two-day advance. The 2-yr yield increased five basis points to 2.16%, and the 10-yr yield increased three basis points to 2.32%. The U.S. Dollar Index declined 0.3% to 97.58. WTI crude rebounded 1.4% to $58.62/bbl.
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The market direction weekly closing numbers for the indexes this week compared to the initial BEARISH recommendation closing numbers:
Stock Market Closing Numbers
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compared to Recommendation Numbers
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5/23/2019
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5/24/2019
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Difference
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25,490.50
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25,585.69
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95.22
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7,628.28
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7,637.01
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8.73
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2,822.24
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2,826.06
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3.82
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