Updated: 01-17-2019

The Market at 02:00PM ET
Dow: +1.92… | Nasdaq: +14.63… | S&P: +7.44…
NASDAQ Vol: 1.17 bln… Adv: 1748… Dec: 1183…
NYSE Vol: 320.0 mln… Adv: 1789… Dec: 1051…

Moving the Market

Relative-strength from the industrials lifts broader market

Market hangs in amid a mixed slate of corporate earnings results

Morgan Stanley (MS) weighs on financials after missing earnings and revenue estimates

Sector Watch
Strong: Materials, Industrials, Health Care
Weak: Financials, Communication Services

02:00PM ET

[BRIEFING.COM] The major averages have held onto their modest gains since we last touched base with the S&P 500 and the Nasdaq Composite sharing a 0.2% advance.

In recent trade a CNBC report suggested that retail giant Wal-Mart (WMT 96.59, +0.24, +0.25%) had abandoned its plans to launch a video-streaming service; shares of Roku (ROKU 41.49, +1.60, +4.02%) moved higher while Netflix (NFLX 352.67, +1.28, +0.36%) -- which reports after the close tonight -- saw abbreviated gains.

Separately, gold futures settled 0.1% lower at $1,292.30/oz on Thursday as a meager showing in the broader market and a slightly stronger dollar weighed a little on the yellow metal.

The U.S. Dollar Index stands little changed, up less than 0.1% at 96.07.

Dow: +1.92… | Nasdaq: +14.63… | S&P: +7.44…
NASDAQ Adv/Dec 1748/1183. …NYSE Adv/Dec 1789/1051.

01:35PM ET

[BRIEFING.COM] The major U.S. indices have edged higher since our last update and currently at their best levels of the day. 

A look inside the Dow Jones Industrial Average shows that DowDuPont (DWDP 56.30, +0.90), Merck & Co. (MRK 75.55, +0.94), & Boeing (BA 356.47, +4.41) are outperforming. DowDuPont is leading the Dow alongside peers in the materials sector, today's best performing space.

Conversely, Home Depot (HD 174.11, -2.93) is the worst-performing Dow component after a JP Morgan analyst lowered his estimates and price target on shares after meeting with management. 

Currently, the DJIA is up 1% this week. 

Dow: +20.54… | Nasdaq: +19.67… | S&P: +8.63…
NASDAQ Adv/Dec 1759/1183. …NYSE Adv/Dec 1809/1024.

01:00PM ET

[BRIEFING.COM] The S&P 500 is up 0.2%, as it wrestles with a mixed slate of corporate earnings results. The market was down 0.4% at the open but its continued resilience to selling efforts has it re-testing its 50-day moving average (2626.51).

The Dow Jones Industrial Average is down 0.1%, the Nasdaq Composite is up 0.2%, and the Russell 2000 is up 0.5%.

Leading today's gains are the S&P 500 materials (+1.0%), industrials (+0.8%), and health care (+0.7%) sectors. Conversely, the financial (-0.2%) and real estate (-0.1%) sectors have underperformed the broader market.

Morgan Stanley (MS 42.44, -2.05, -4.6%) has tempered some buying interest after it missed top and bottom-line estimates. The stock has not reacted kindly to the disappointing results, and it has been a huge drag on the heavily-weighted financial sector.

On the other hand, the industrials sector has exhibited relative strength during today's session.  Several factors have contributed to its move:  upbeat Q4 and Q1 EPS guidance from trucking company Knight-Swift Transportation (KNX 31.45, +2.26, +7.8%), in-line earnings results from Fastenal (FAST 56.61, +2.49, +4.6%), strength in the defense stocks with President Trump arguing for increased defense spending in a speech at the Pentagon today, and the stronger than expected Philadelphia Fed Index for January.

Specifically, the Philadelphia Fed Index for January jumped to 17.0 (Briefing.com consensus 10.5) from 9.1, paced by an eight-point pop in the new orders index to 21.3 that was the highest reading in six months.

In other earnings news, the lightly-weighted materials sector has benefited from a PPG Industries (PPG 105.98, +3.51, +3.4%) earnings beat. Investors haven't seemed too bothered by PPG issuing downside Q1 earnings guidance.

Likewise, a first quarter revenue warning from Taiwan Semiconductor (TSM 35.81, +0.17, +0.5%), a supplier for Apple (AAPL 154.37, -0.58, -0.4%), hasn't hurt its stock.

Reviewing today's economic data, which included the weekly Initial and Continuing Claims report and the Philadelphia Fed Index for January:

  • Initial claims for the week ending January 12 decreased by 3,000 to 213,000 (Briefing.com consensus 221,000) while continuing claims for the week ending January 5 increased by 18,000 to 1.737 million.
    • The key takeaway from the report is that the low level of initial claims continues to reflect a solid labor market.
  • The Philadelphia Fed Index for January jumped to 17.0 (Briefing.com consensus 10.5) from 9.1, paced by an eight-point pop in the new orders index to 21.3 that was the highest reading in six months.
    • The key takeaway from this report was the indication that 46% of firms expect increased activity over the next six months while only 15% are projecting a decline.
Dow: -27.56… | Nasdaq: +12.25… | S&P: +4.12…
NASDAQ Adv/Dec 1691/1222. …NYSE Adv/Dec 1657/1157.

12:25PM ET

[BRIEFING.COM] The S&P 500 (2621.26) currently trades higher by 0.2% as it continues to flirt with its 50-day moving average (2828.54).

The health care sector has been a notable leader today, as it trades higher by 0.6%. The space has been able to side step weakness from heavyweight UnitedHealth (UNH 257.98, -3.50, -1.3%), which is pulling back from its post-earnings gains from Jan. 15. 

Notable gainers include AbbVie (ABBV 86.92, +1.37, +1.6%), Eli Lilly (LLY 117.99, +1.20, +1.0%), and Becton Dickinson (BDX 236.35, +4.98, +2.2%). The latter has benefited from the company saying it sees its Q1 earnings and revenue to be above consensus. 

Dow: -17.19… | Nasdaq: +11.89… | S&P: +5.20…
NASDAQ Adv/Dec 1704/1162. …NYSE Adv/Dec 1680/1125.

11:55AM ET

[BRIEFING.COM] The S&P 500 trades near session highs with a gain of 0.2%. Roughly half of the S&P 500 sectors trade near their flat lines, while the materials (+0.9%), and industrial (+0.9%) sectors continue to carry the market higher.

Looking at the widely-held FANG group shows mixed results. Apple (AAPL 154.31, -0.63, -0.4%) and Alphabet (GOOG 1080.23, -0.74, -0.2%) trade in the red, while Facebook (FB 148.58, +1.04, +0.7%) outperforms. Amazon (AMZN 1685.40, +1.62, unch), and Netflix (NFLX 351.10, -0.45, unch) trade near their flat lines.

Overseas, the major European indices closed on a lower note with Germany's DAX losing 0.1%, UK's FTSE losing 0.4%, and France's CAC losing 0.3%. The Euro Stoxx 600 finished flat.

Dow: -18.28… | Nasdaq: +9.63… | S&P: +4.17…
NASDAQ Adv/Dec 1665/118. …NYSE Adv/Dec 1686/1117.

11:25AM ET

[BRIEFING.COM] The S&P 500 has clawed its way to a gain of 0.2% after opening with a loss of 0.4%. 

The industrial sector has had a strong say in today's comeback effort, as it trades higher by 0.7%. Heavyweights Boeing (BA 355.90, +4.03, +1.2%) and UPS (UPS 99.04, +2.02, +2.1%) outperform to provide solid support for the group. 

In earnings news, Alcoa (AA 29.87, +0.89) is up 3.4% after the aluminum company topped earnings estimates and provided a positive outlook. The company expects moderate benefits in Q1 2019 from higher alumina pricing and lower alumina costs to aluminum segment.

Dow: -22.24… | Nasdaq: +11.54… | S&P: +3.88…
NASDAQ Adv/Dec 1536/1294. …NYSE Adv/Dec 1595/1182.

10:55AM ET

[BRIEFING.COM] It's been a whipsaw trading session in the early going with the S&P 500 currently trading near its flat line. The Nasdaq is also flat, while the Dow is down 0.2%.

Sectors have been mixed with financials (-0.6%) and energy (-0.5%) weighing on the broader market.

Morgan Stanley (MS 42.01, 02.48, -5.6%) continues to drag on the financials space with its disappointing earnings report. Energy stocks, meanwhile, underperform with WTI crude down 2.0% to $51.26/bbl.

In other earnings news, PPG Industries (PPG 103.01, +3.47) is up 3.4% after the company beat earnings estimates, although it did issue downside guidance for its Q1 earnings. The positive reaction to PPG's earnings beat has provided a nice lift for the materials sector (+0.6%).

Dow: -42.12… | Nasdaq: +3.43… | S&P: +0.29…
NASDAQ Adv/Dec 1479/1317. …NYSE Adv/Dec 1472/1267.

10:35AM ET
[BRIEFING.COM]
  • Commodities higher (-0.1% at 80.17 as measured by the Bloomberg Commodity Index)
  • Dollar index higher (+0.1% at 96.1320)
  • Looking at energy:
  • Dec. WTI crude oil futures are now +$0.72 (-1.4%) at $51.59/barrel
  • In other energy, Dec natural gas is +$0.15 (+4.3%) at $3.53/MMBtu
    • Natural gas inventory showed a draw of 81 bcf vs a draw of 91 bcf in the prior week
      • Working gas in storage was 2,533 Bcf as of Friday, January 11, 2019, according to EIA estimates. This represents a net decrease of 81 Bcf from the previous week. Stocks were 77 Bcf less than last year at this time and 327 Bcf below the five-year average of 2,860 Bcf. At 2,533 Bcf, total working gas is within the five-year historical range.
  • Moving on to metals:
  • Dec. gold is currently +$3.55 at $1290.25/oz, while Dec. silver is -$0.12 at $15.52/oz
  • Dec. copper is now unch at $2.67/lb
Dow: -31.49… | Nasdaq: +5.43… | S&P: +1.66…
NASDAQ Adv/Dec 1558/1213. …NYSE Adv/Dec 1495/1217.

09:55AM ET

[BRIEFING.COM] The S&P 500 is now flat, while the Russell 2000 trades lower by 0.2%. The broader market has seen another round of disappointing corporate results, but has been able to weather the bad news as it has done so during this rally.

Morgan Stanley (MS 42.06, -2.36) is down 5.3% after it provided a fourth quarter earnings report that fell short of top and bottom-line expectations. Morgan has been a huge drag on the heavily-weighted financial sector (-0.4%).

Also, Apple (AAPL 153.56, -1.38, -0.9%) suppler Taiwan Semiconductor (TSM 35.28, -0.35, -1.0%) issued downside guidance for its Q1 revenue. The company anticipates a weaker macroeconomic outlook, mobile product seasonality, and decreased demand will dampen its business. 

Dow: -37.70… | Nasdaq: +9.23… | S&P: +0.17…
NASDAQ Adv/Dec 1380/1298. …NYSE Adv/Dec 1412/1200.

09:40AM ET

[BRIEFING.COM] The S&P 500 opened with a loss of 0.4% but now trades lower by 0.1%. The Dow Jones Industrial Average is down 0.1%, and the Nasdaq Composite is down 0.2%.

An early look at the S&P 500 sectors shows energy (-0.6%) and information technology (-0.3%) dragging on the broader market. Conversely, the real estate (+0.3%) and material (+0.3%) sectors outperform.

U.S. Treasuries see some selling pressure on the shorter-end of the curve, pushing the 2-yr yield up two basis points to 2.56%. The 10-yr yield is flat at 2.73%. The U.S. Dollar Index is up 0.1% to 96.11.

Dow: -45.12… | Nasdaq: -14.62… | S&P: -3.25…
NASDAQ Adv/Dec 1027/1601. …NYSE Adv/Dec 1149/1415.

09:14AM ET
[BRIEFING.COM] S&P futures vs fair value: -8.60. Nasdaq futures vs fair value: -17.80.

Wall Street is looking to take a breather at the open with the S&P 500 futures trading nine points, or 0.3%, below fair value. Entering the session, the S&P 500 is up 11.3% from its Dec. 24 low.

Morgan Stanley (MS 42.82, -1.67) has tempered some buying interest after it disappointed investors with a miss on earnings and revenue estimates for the fourth quarter. The stock is down 3.8% in pre-market trading, but it has risen 21.1% from its Dec. 24 low.

Separately, the U.S. is intent on pursuing criminal charges against Huawei for stealing trade secrets from U.S. companies, and lawmakers are working to introduce legislation that would ban the sale of chips to Chinese telecom equipment providers. The news has stirred lingering trade concerns and has dampened investor sentiment this morning.

U.S. Treasuries are roughly unchanged with the benchmark 10-yr yield down one basis point to 2.72%. The U.S. Dollar Index is flat at 96.08. WTI crude is down 1.6% to $51.45/bbl.

Reviewing this morning's economic data, which included the weekly Initial and Continuing Claims report and the Philadelphia Fed Index for January:

  • Initial claims for the week ending January 12 decreased by 3,000 to 213,000 (Briefing.com consensus 221,000) while continuing claims for the week ending January 5 increased by 18,000 to 1.737 million.
    • The key takeaway from the report is that the low level of initial claims continues to reflect a solid labor market.
  • The Philadelphia Fed Index for January jumped to 17.0 (Briefing.com consensus 10.5) from 9.1, paced by an eight-point pop in the new orders index to 21.3 that was the highest reading in six months.
    • The key takeaway from this report was the indication that 46% of firms expect increased activity over the next six months while only 15% are projecting a decline.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -9.60. Nasdaq futures vs fair value: -24.10.

The S&P 500 futures trade 10 points, or 0.4%, below fair value.

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note, though the losses were minor. The Wall Street Journal reported yesterday afternoon that U.S. prosecutors are seeking criminal charges against Huawei for stealing trade secrets from U.S. companies. The People's Bank of China conducted another large liquidity injection which added a net CNY380 billion through reverse repurchases. China will report its fourth quarter growth figures on Sunday evening.

  • In economic data:
    • Australia's November Invest Housing Finance -4.5% month-over-month (last 0.6%) and November Home Loans -0.9% month-over-month (expected -1.5%; last 2.1%)
    • Hong Kong's December Unemployment Rate 2.8% (last 2.8%)
    • Singapore's December trade surplus SGD1.94 billion (last surplus of SGD3.80 billion). December Non-oil exports -8.5% year-over-year (expected 1.5%; last -2.8%)

---Equity Markets---

  • Japan's Nikkei: -0.2%
  • Hong Kong's Hang Seng: -0.5%
  • China's Shanghai Composite: -0.4%
  • India's Sensex: +0.2%
  • South Korea's Kospi: +0.1%
  • Australia's ASX All Ordinaries: +0.3%

Major European indices trade on a lower note. Opposition leaders in the UK refused to meet with British Prime Minster Theresa May to discuss how to proceed with Brexit unless the prime minister rules out the possibility of withdrawing from the EU without a deal. European officials are reportedly willing to extend the withdrawal date past March 29, but the UK has yet to request such an extension.

  • In economic data:
    • Eurozone December CPI 0.0% month-over-month (expected -0.2%; last -0.2%); +1.6% year-over-year, as expected (last 1.9%). December core CPI +0.5% month-over-month, as expected (last 0.5%); +1.0% year-over-year, as expected (last 1.0%)
    • Italy's November trade surplus EUR3.84 billion (expected surplus of EUR2.89 billion; last surplus of EUR3.78 billion)

---Equity Markets---

  • STOXX Europe 600: -0.2%
  • Germany's DAX: -0.3%
  • UK's FTSE 100: -0.7%
  • France's CAC 40: -0.5%
  • Italy's FTSE MIB: -0.1%
  • Spain's IBEX 35: unch

08:30AM ET
[BRIEFING.COM] S&P futures vs fair value: -12.90. Nasdaq futures vs fair value: -31.10.

The S&P 500 futures trade 13 points, or 0.5%, below fair value.

Just in, the latest weekly initial jobless claims count totaled 213,000, while the Briefing.com consensus expected a reading of 221,000. Today's tally was below the unrevised prior week count of 216,000. As for continuing claims, they increased to 1.737 million from a revised count of 1.719 million (from 1.722 million).

Separately, the Philadelphia Fed Survey for January increased to 17.0 (Briefing.com consensus 10.5) from a revised 9.1 reading in December (from 9.4).


07:56AM ET
[BRIEFING.COM] S&P futures vs fair value: -13.40. Nasdaq futures vs fair value: -35.80.

U.S. futures give back Wednesday's gains, as disappointing corporate results and lingering concerns over U.S.-China trade relations dampen investor sentiment. The S&P 500 futures trade 13 points, or 0.5%, below fair value.

Morgan Stanley (MS 41.85, -2.64, -5.9%) followed up yesterday's better than expected results reported by Goldman Sachs (GS) and Bank of America (BAC) with a disappointing miss on revenue and earnings for the fourth quarter. Morgan Stanley's results were adversely impacted by the volatile global market environment last quarter.

Separately, The Wall Street Journal reported yesterday afternoon that U.S. prosecutors are seeking criminal charges against Huawei for stealing trade secrets from U.S. companies. Follow-up reports indicate U.S. lawmakers are introducing legislation to ban the sale of U.S. parts to Chinese telecom equipment companies that violate U.S. sanctions or export control laws.

On the data front, investors will receive the weekly Initial Claims (Briefing.com consensus 221,000) and Continuing Claims report at 8:30 a.m. ET. The Philadelphia Fed Index for January (Briefing.com consensus 10.5) will also be released at 8:30 a.m. ET.

U.S. Treasuries edge higher, pushing the 2-yr yield and 10-yr yield lower by one basis point each to 2.53% and 2.72%, respectively. The U.S. Dollar Index is flat at 96.04. WTI crude is down 1.5% to $51.54/bbl.

In U.S. Corporate news:

  • Morgan Stanley (MS 41.85, -2.64): -5.9% after the bank reported below-consensus top and bottom lines for the fourth quarter.
  • CSX Corporation (CSX 64.00, -1.38): -2.1% despite the railroad operator beating earnings estimates and announcing a new $5 billion buyback program. 
  • PPG Industries (PPG 100.54, -2.00): -2.0% after the company issued downside guidance for its Q1 earnings. PPG also beat earnings earnings estimates and reported in-line revenue. 
  • Taiwan Semi (TSM 34.96, -0.68): -1.9% after the Apple (AAPL 154.00, -0.94, -0.6%) supplier guided Q1 revenue below consensus. The company did beat earnings estimates, though.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note, though the losses were minor. Japan's Nikkei -0.2%, Hong Kong's Hang Seng -0.5%, China's Shanghai Composite -0.4%, India's Sensex +0.2%, South Korea's Kospi +0.1%, Australia's ASX All Ordinaries +0.3%.
    • In economic data:
      • Australia's November Invest Housing Finance -4.5% month-over-month (last 0.6%) and November Home Loans -0.9% month-over-month (expected -1.5%; last 2.1%)
      • Hong Kong's December Unemployment Rate 2.8% (last 2.8%)
      • Singapore's December trade surplus SGD1.94 billion (last surplus of SGD3.80 billion). December Non-oil exports -8.5% year-over-year (expected 1.5%; last -2.8%)
    • In news:
      • The Wall Street Journal reported yesterday afternoon that U.S. prosecutors are seeking criminal charges against Huawei for stealing trade secrets from U.S. companies.
      • The People's Bank of China conducted another large liquidity injection which added a net CNY380 billion through reverse repurchases.
      • China will report its fourth quarter growth figures on Sunday evening.
  • Major European indices trade on a lower note. STOXX Europe 600 -0.3%, Germany's DAX -0.5%, UK's FTSE 100 -0.7%, France's CAC 40 -0.5%, Italy's FTSE MIB -0.4%, Spain's IBEX 35 -0.1%.
    • In economic data:
      • Eurozone December CPI 0.0% month-over-month (expected -0.2%; last -0.2%); +1.6% year-over-year, as expected (last 1.9%). December core CPI +0.5% month-over-month, as expected (last 0.5%); +1.0% year-over-year, as expected (last 1.0%)
      • Italy's November trade surplus EUR3.84 billion (expected surplus of EUR2.89 billion; last surplus of EUR3.78 billion)
    • In news:
      • Opposition leaders in the UK refused to meet with British Prime Minster Theresa May to discuss how to proceed with Brexit unless the prime minister rules out the possibility of withdrawing from the EU without a deal.
      • European officials are reportedly willing to extend the withdrawal date past March 29, but the UK has yet to request such an extension.

07:26AM ET
[BRIEFING.COM] S&P futures vs fair value: -14.90. Nasdaq futures vs fair value: -41.80.

06:58AM ET
[BRIEFING.COM] S&P futures vs fair value: -11.60. Nasdaq futures vs fair value: -38.60.

06:58AM ET
[BRIEFING.COM] Nikkei...20402...-40.50...-0.20%.  Hang Seng...26756...-146.50...-0.50%.

06:58AM ET
[BRIEFING.COM] FTSE...6826.90...-35.80...-0.50%.  DAX...10892.18...-39.10...-0.40%.

04:20PM ET

[BRIEFING.COM] The S&P 500 gained 0.2% on Wednesday, as strong earnings from Bank of America (BAC 28.45, +1.90, +7.2%) and Goldman Sachs (GS 197.08, +17.17, +9.5%) helped keep the rally going. The benchmark index was up as much as 0.6%, but succumbed to selling pressure into the close.

The Dow Jones Industrial Average gained 0.6%, the Nasdaq Composite gained 0.2%, and the Russell 2000 gained 0.7%.

The S&P 500 financial sector carried the load on Wednesday with a sizable gain of 2.2%. Conversely, the consumer staples (-0.5%) and communication services (-0.4%) sectors underperformed the broader market.

Bank of America and Goldman Sachs climbed 7.2% and 9.5%, respectively, after both exceeded Wall Street's expectations for revenue and earnings in the fourth quarter.

Their outperformance helped underpin the strength in the financial sector, which is now up 6.6% in January. The overwhelmingly positive response to their earnings news was rooted in the idea that the results demonstrated the December negativity surrounding the stocks -- and the sector -- was overdone.

United Continental (UAL 86.36, +5.16, +6.4%) also reported better-than-expected top and bottom lines. Its strong report, and a reassuring outlook, helped lift the Dow Jones Transportation Average (+0.5%) and airline stocks as a whole.

The market has had its fair share of earnings warnings during this rally and Wednesday was no exception. Still, the stock market seemed unaffected by a fourth quarter earnings warning from Ford Motor (F 8.29, -0.55, -6.2%) and retailer Nordstrom (JWN 45.01, -2.25, -4.8%) saying its full-year earnings are expected to be at the low end of its previous outlook due to weaker-than-expected holiday sales.

The warnings may have tempered some buying interest, but it was the upbeat earnings reports that swayed investors, keeping the broader market afloat all session.

The positive reaction to earnings had the S&P 500 flirting with its 50-day moving average (2628.59) for the first time since early December -- that is, until a Wall Street Journal report indicated that the U.S. Department of Justice is pursuing criminal charges against Huawei for IP theft. The news preceded the late selling action into the close.

Separately, there was some merger news of note on Wednesday. Fiserv (FISV 72.57, -2.47, -3.3%) announced a $22 billion, or $22.74 per share, all-stock offer to acquire First Data (FDC 21.24, +3.70, +21.1%).

U.S. Treasuries ended on Wednesday on a lower note, pushing the 2-yr yield and 10-yr yield up two basis points each to 2.54% and 2.73%, respectively. The U.S. Dollar Index was flat at 96.08. WTI crude reversed course to finish higher by 0.8% at $52.33/bbl.

Overseas, UK Prime Minister Theresa May survived a no-confidence vote a day after her Brexit plan was soundly defeated. Her ability to survive the no-confidence vote was widely expected and, like Tuesday, the outcome was a non-factor for U.S. markets.

Reviewing this Wednesday's economic data, which included the NAHB Housing Market Index, Import and Export Prices for December, the Fed's Beige Book for January, and the weekly MBA Mortgage Applications Index:

  • The NAHB Housing Market Index for January came in at 58 (Briefing.com consensus 56), up from 56 in December.
  • Import prices declined 1.0% month-over-month and were down 0.6% year-over-year. Excluding fuel, they were unchanged in December and up just 0.5% year-over-year. Export prices declined 0.6% and were up 1.1% year-over-year. Excluding agricultural products, they were down 1.1% in December and up 1.0% year-over-year.
    • The key takeaway from the report is that it didn't ring any inflation alarm bells that would compel the Fed to be less patient with its monetary policy approach.
  • The Federal Reserve's January Beige Book noted that eight out of twelve districts reported modest to moderate growth, but contacts had become less optimistic about their expectations due to increased volatility in financial markets, rising short-term rates, falling energy prices, and trade/political uncertainty.
  • The weekly MBA Mortgage Applications Index rose 13.5% versus last week's increase of 23.5%.

Looking ahead, investors will receive the weekly Initial and Continuing Claims report and the Philadelphia Fed Index for January on Thursday.

  • Russell 2000 +7.9% YTD
  • Nasdaq Composite +6.0% YTD
  • S&P 500 +4.4% YTD
  • Dow Jones Industrial Average +3.8% YTD
Dow: +141.57… | Nasdaq: +10.86… | S&P: +5.80…
NASDAQ Adv/Dec 1871/1140. …NYSE Adv/Dec 1787/1092.

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