Market Direction: BULLISH alert
issued 9/5/2019
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 finished mixed on Friday, as it cooled off from a two-day rally amid a lackluster response to the August employment report. The S&P 500 (+0.1%) and Dow Jones Industrial Average (+0.3%) closed just above their unchanged marks, while the Nasdaq Composite (-0.2%) and Russell 2000 (-0.4%) closed slightly lower.
From a headline perspective, the employment report appeared to disappoint as jobs growth came in below expectations. Nonfarm payrolls increased by 130,000 (Briefing.com consensus 171,000), and nonfarm private payrolls increased by 96,000 (Briefing.com consensus 145,000).
The positive spin, however, was that the labor participation rate, employment-population ratio, and total number of employed workers all increased from July. Aggregate earnings were also up, while the unemployment rate held firm at 3.7% as expected. More people working and earning money is a good indication that discretionary spending could continue to support the economic expansion, one which Fed Chair Powell repeated the Fed is intent on sustaining.
Today's action didn't reflect much enthusiasm, though, but that wasn't out of the ordinary after a sharp two-day rally in stocks. Friday's leaders were an eclectic group: energy (+0.5%), materials (+0.5%), and consumer staples (+0.5%). The utilities (-0.3%), communication services (-0.2%), and information technology (-0.2%) sectors finished in negative territory.
Facebook (FB 187.49, -3.41, -1.8%) dragged on the communication services sector after New York announced a formal antitrust investigation into the company. Lululemon athletica (LULU 203.14, +14.73, +7.8%) impressed investors with positive results and upbeat guidance, which may have helped buying interest trickle over into the S&P 500 consumer discretionary sector (+0.2%).
DocuSign (DOCU 56.27, +10.02, +21.7%) was another standout, rising over 20% after the software company beat revenue estimates and issued upside revenue guidance.
U.S. Treasuries finished slightly higher after a sharp sell-off yesterday. The 2-yr yield and the 10-yr yield declined two basis points each to 1.52% and 1.55% respectively. The U.S. Dollar Index finished flat at 98.42. WTI crude increased 0.3%, or $0.14, to $56.45/bbl.
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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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9/5/2019
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9/6/2019
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Difference
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26,728.20
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26,797.46
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69.31
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8,116.83
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8,103.07
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13.75
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2,976.00
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2,978.71
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2.71
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