US Markets on Friday in Detail...
Sensex:58,130: +277: +0.48%
Nifty: 17,324: +89: +0.52%
Dow: 35,369 (-75) (-0.21%)
S&P: 4,535 (-2) (-0.03)%
Nas: 15,364: +32: +0.21%
Brazil: 116,933: +256: +0.22%
Ftse: 7,138 (-26) (-0.36%)
Dax: 15,781 (-59) (-0.37%)
Cac: 6,690 (-73) (-1.08%)
WTI Oil: $69.29 (-1.00%)
Brnt: $72.61 (-0.58%)
Gold: $1,834: +22: +1.23%
Silver: $24.8: +3.70%
Copper: $433.4: +3: +0.70%
Eur-$: 1.1880: +0.04%
GBP-$: 1.3871: +0.27%
Jpy-$: 109.71 (-0.21%)
Re: 73.0188: +0.07%
US10yr: 1.32%
GIND10YR: 6.156 (-0.24%)
$ Index: 92.0350 (-0.21%)
Vix: 16.41
BalticDry: 4,101 (-12) (-0.30%)
ADR/GDR
Cogni (-0.98%)
Infy: +1.39%
Wit: +1.16%
IciciBk: +0.20%
HdfcBk (-2.06%)
DrRdy: +0.58%
TataMo: +1.46%
Vedanta: +1.73%
TatSt: +1.53%
Axis (-1.08%)
SBI (%)
RIGD: +3.71%
INDA: +1.04% (IShares MSCI INDIA ETF)
INDY: +0.81% (IShares MSCI INDIA 50 ETF)
EPI: +0.97% (Wisdom Tree India Earning)
PIN: +1.27% (Invesco India Etf)
@AlliesFin
*Tech drives Nasdaq to record finish but Wall Street ended mixed Friday, with the Dow posting a weekly loss after monthly employment data from the Labor Department came in far weaker than had been anticipated, casting doubt on timing of Fed taper. Volume was low ahead of the Labor Day holiday*
*The employment report sparked fresh questions about the job market’s recovery from the COVID-19 pandemic amid the spread of the delta variant.*
The Dow rose 131.29 points on Thursday to finish at 35,443.82, while both the S&P 500 and the Nasdaq Composite closed at new records, climbing 0.3% to 4,536.95 and 0.1% to 15,331.18, respectively.
*For the week, the Dow saw a modest 0.2% loss, while the S&P 500 gained 0.6% and the Nasdaq posted a weekly advance of 1.6% according to FactSet data.*
*For the Nasdaq though, registering a fifth win in the last six sessions and a weekly gain of 1.6%, investors’ support of heavyweight technology stocks - which tend to perform better in a low interest-rate environment - continues to drive it higher. Tech has become bullet-proof. It’s the anti-COVID sector, where you want to be if you think COVID or a lack of growth is going to be an issue.*
*Job creation in August weakened significantly and the mood on Wall Street darkened a little for stock-market bulls on Friday.*
*Data from the Labor Department showed that the U.S. economy added 235,000 jobs in August, far fewer than forecast for an increase of 720,000, but the unemployment rate dropped to 5.2% from 5.4% and touched a new pandemic low.*
*The addition of 235,000 jobs in August -- the smallest gain in seven months -- suggests central bankers will need to see improvement before starting to slow bond buying, according to several analysts.*
*The number’s a big disappointment and it’s clear the Delta variant had a negative impact on the labor economy this summer. You can tell because leisure and hospitality didn’t add any jobs and retail actually lost jobs. Investors will conclude that perhaps this will put the (Federal Reserve) further on hold in terms of the timing of tapering. Markets may be okay with that.*
Among the biggest decliners on the S&P 500 were cruise ship operators, whose businesses are highly susceptible to consumer sentiment around travel and COVID-19. Norwegian Cruise Line Holdings, Carnival Corp and Royal Caribbean Cruises all fell between 3.4% and 4.4%.
“We’re going to be whipsawed by COVID,” said an economist. “There are likely some investors who are a little bit unnerved by the weakness and downside miss in the jobs report.”
The “staggering” rise in COVID cases in the U.S. is “hitting the most vulnerable sectors,” including leisure, hospitality and retail, as the delta variant of the coronavirus spreads, he said. But Friday’s employment report also “confirms for us that job growth is continuing in the sectors that are not as exposed to the virus.”
By: via @AlliesFin Serve Stock Market
