Market Direction: BULLISH alert
issued 6/20/2019
What is the current stock market direction?
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 stock market wrapped up a volatile week on lower note, leaving the S&P 500 down 0.7% on Friday. Familiar trade concerns appeared to hinder buying conviction after a three-day advance in the benchmark index.
The Dow Jones Industrial Average lost 0.3%, the Nasdaq Composite lost 1.0%, and the Russell 2000 lost 1.3%.
President Trump seemingly fed into the nagging trade angst when he told reporters that the U.S. will not be doing business with Huawei and that September trade talks could get canceled. None of these statements really surprised the market, but the prospect of U.S.-China relations further deteriorating kept some buyers sidelined on Friday.
Eight of the 11 S&P 500 sectors finished lower, led by the energy (-1.3%) and information technology (-1.3%) sectors. Energy stocks fell despite the sharp increase in oil prices ($54.61/bbl, +$2.09, +4.0%), while the tech sector was pressured by shares of semiconductor companies, many of which derive substantial revenue from China. The Philadelphia Semiconductor Index fell 1.8%.
Conversely, the defensive-oriented health care (+0.2%), real estate (+0.1%), and utilities (+0.04%) sectors were the lone sectors that finished higher.
Uber (UBER 40.05, -2.92) shares fell 6.8% after the company reported a wider-than-expected $5.2 billion quarterly loss. Revenue also came up short of estimates, but today's decline simply retraced much of yesterday's 8% rally.
In other corporate news, Amgen (AMGN 196.25, +11.02) shares spiked 6.0% following a positive ruling regarding its Enbrel business. DXC Technology (DXC 35.91, -15.74, -30.5%) plunged over 30% after it cut its FY20 outlook, while Dropbox (DBX 18.71, -2.75) fell 12.8% despite providing decent results and guidance.
U.S. Treasuries finished slightly lower, pushing yields higher across the curve. The 2-yr yield and the 10-yr yield increased two basis points each to 1.63% and 1.73%, respectively. The U.S. Dollar Index declined 0.1% to 97.54.
$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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6/20/2019
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8/9/2019
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Difference
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26,753.20
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26,287.44
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465.76
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8,051.34
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7,959.14
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92.20
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2,954.18
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2,918.65
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35.53
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