Asia Morning: U.S. Stocks Take a Breather
Ming Lam November 18, 2020 1:17 AM
Meanwhile, the Russell 2000 Index marks another record close...
On Tuesday, U.S. stocks took a breather after a recent strong run. The Dow Jones Industrial Average dropped 167 points (-0.56%) to 29783, the S&P 500 fell 17 points (-0.48%) to 3609, and the Nasdaq 100 was down 35 points (-0.30%) to 11977.
Meanwhile, the Russell 2000 Index gained 6 points (+0.37%) to an all-time high of 1791.
Nasdaq 100 Index (Daily Chart) : Waiting to Break Record
Sources: GAIN Capital, TradingView
U.S. official data showed that retail sales grew 0.3% on month in October, lower than +0.5% expected and +1.6% in September.
Utilities (-2.01%), Food & Staples Retailing (-1.49%) and Health Care Equipment & Services (-1.42%) sectors led the market lower. Retailers Home Depot (HD -2.54%) and Walmart (WMT -2.17%) were lower, while Tesla (TSLA +8.21%) and Boeing Co (BA +3.78%) posted gains.
Pharmacy stocks such as Walgreens Boots Alliance (WBA -9.63%) and CVS Health (CVS -8.62%) fell after Amazon.com (AMZN +0.15%) announced plans to sell prescription drugs in the U.S.
Approximately 90% (87% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 88% (86% in the prior session) were trading above their 20-day moving average.
European stocks were mixed at close. The Stoxx Europe 600 declined 0.24%, Germany's DAX was little changed, France's CAC 40 gained 0.21%, while the U.K.'s FTSE 100 dropped 0.87%.
U.S. Treasury prices increased as stocks slipped from recent record highs. The benchmark U.S. 10-year Treasury yield slid to 0.872% from 0.906% Monday.
Spot gold declined $7 (-0.38%) to $1,881 an ounce.
U.S. WTI crude futures (December) gained $0.11 (+0.27%) to $41.45 a barrel.
The ICE Dollar Index was down for a fourth session falling 0.21% to 92.44.
The Japanese yen and the Swiss franc, widely regarded as safe-haven currencies, received bids as stocks eased from record highs. USD/JPY lost 0.36% to 104.19, and USD/CHF declined 0.15% to 0.9113.
The British pound also gained, boosted by news of progress in the Brexit trade talks. GBP/USD climbed 0.36% to 1.3245.
EUR/USD climbed 0.09% to 1.1862 extending its winning streak to a fourth day.
The Australian dollar gave the worst performance among major currencies. AUD/USD dropped 0.27% to 0.7300 ending a two-day rally.
USD/CAD rebounded 0.24% to 1.3105.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.