Wednesday Recap: Sarhan in CNBC: Stocks close mixed after Beige Book; Nasdaq posts 4-day win streak

home page Wednesday, September 07, 2016 

source U.S. stocks traded near the flatline Wednesday afternoon, with consumer staples lagging, as investors digested the release of the Federal Reserve’s Beige Book.

dissertation introduire citation The Dow Jones industrial average fell about 15 points, with Home Depot contributing the most losses.

source “It does feel like a calm before a storm as we head into the next Fed meeting,” said Mike Bailey, director of research at FBB Capital Partners, pointing to recently weak economic data. “People are starting to talk about that, whether it’s noise or is it a sign of something scary coming ahead.” The S&P 500 slipped less than a point after briefly trading higher, with consumer staples falling about 1 percent.

thesis editing services uk click “The logical person at this juncture can look at the data and say the Fed is not going to raise interest rates,” said Adam Sarhan, CEO at Sarhan Capital. “What the market is asking the Fed is where is this hawkish data that supports a rate hike.”

obedience to orders essays The Nasdaq composite hit a new all-time high in early trade, before holding just above the flatline. “I think the reason the Nasdaq is hitting all-time highs is because of this sector rotation we’ve seen recently,” said Art Hogan, chief market strategist at Wunderlich Securities. The Beige Book, an important indicator on the state of the U.S. economy and as such, is a critical tool for the Fed in making key decisions, showed the Fed sees moderate wage growth in the coming months.

follow url Peter Boockvar, chief market analyst at The Lindsey Group, said the comments in the Beige Book were not surprising. “The economic data certainly doesn’t call for a rate hike but the fed funds rate should never have been this low in the 7th year of an economic expansion,” he said in a note to clients.

Tfk Homework Helper Personal Narrative “I think we get a better read of the U.S. economy and [the report] will be watched a bit more closely in the wake of the disappointing ISM and jobs report numbers,” Wunderlich’s Hogan said. Market participants digested a very weak ISM services print for August on Tuesday, but stocks managed to close higher, with the Nasdaq posting new all-time high of 5,275.91 at the close.

order an essay Other economic data due Wednesday included the July read on the Jobs Openings and Labor Turnover Survey (JOLTS), which showed employers posting 5.9 million job openings for that month. “There’s very little in terms of economic data, not just for today, but for the week, said Randy Frederick, vice president of trading and derivatives at Charles Schwab. Investors have closely payed attention to economic data as they gauge when the Fed will raise interest rates. “It’s more logical for the Fed to raise rates in September because there is a seven-week window for the market to correct itself, if needed,” Schwab’s Frederick said. “But if they wait until after the election and the market sells off, there is only a five-week window.”

watch Market expectations for a September rate hike were 15 percent on Wednesday, according to the CME Group’s FedWatch tool.

doctoral dissertation calcium consumption in older adults “If they hike this year, I think it’s going to be one-and-done,” said Minh Trang senior FX trader at Silicon Valley Bank. U.S. stocks have continued to trade in a very tight range, with the S&P 500 posting its last 1 percent move on a closing basis back in July 8.

follow url “I think the market is trying to determine which direction it wants to go, with the ECB and the Bank of Japan possibly adding more liquidity. I think the market generally wants go higher,” said Robert Pavlik, chief market strategist at Boston Private Wealth. “The Federal Reserve seems to be out of the picture, at least in the market’s perspective.”

go here In oil markets, U.S. crude settled 1.49 percent higher at $45.50 per barrel in choppy trade, despite waning hopes that the world’s largest oil producers would rein in output.

U.S. Treasurys traded mixed , with the two-year note yield near 0.74 percent and the benchmark 10-year yield around 1.54 percent. The dollar rose against a basket of currencies, with the euro near $1.124 and the yen near 101.7.

In corporate news, Apple is scheduled to hold an event later on Wednesday, where the company unveiled its latest iPhone.

“One would have to think that’s playing into the Nasdaq,” said Adrian Day, CEO at Adrian Day Asset Management, ” But … I can’t imagine this will be anything revolutionary.”

The source Dow Jones industrial average fell 47 points, or 0.25 percent, to 18,491, with Home Depot leading decliners and Caterpillar the top riser.

The S&P 500 fell 5 points, or 0.24 percent, to trade at 2,181, with consumer staples leading eight sectors lower and energy and utilities the only advancers.

The Nasdaq slipped 8 points, or 0.15 percent, to 5,267.

About four stocks advanced for every three decliners at the New York Stock Exchange, with an exchange volume of 336 million and a composite volume of 1.61 billion midday.

Gold futures for December delivery fell $5.80 to $1,348.20 per ounce.

get On tap this week:

*Planner subject to change. Wednesday

10:00 a.m. JOLTS

2:00 p.m. Beige book

enter Thursday

8:30 a.m. Initial claims

3:00 p.m. Consumer credit

follow site Friday

7:45 a.m. Boston Fed President Eric Rosengren

10:00 a.m. Wholesale

go On tap this week:

*Planner subject to change. Wednesday

10:00 a.m. JOLTS

2:00 p.m. Beige book

next Thursday

8:30 a.m. Initial claims

3:00 p.m. Consumer credit dissertation philo conscience soi Friday

7:45 a.m. Boston Fed President Eric Rosengren

10:00 a.m. Wholesale




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