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Market Snapshot
briefing.com
| Dow | 33752.24 | +3.52 | (0.01%) | | Nasdaq | 10976.39 | -109.52 | (-0.99%) | | SP 500 | 3952.18 | -13.23 | (-0.33%) | | 10-yr Note | 0/32 | 3.83 |
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| | NYSE | Adv 1447 | Dec 1651 | Vol 812 mln | | Nasdaq | Adv 1799 | Dec 2854 | Vol 3.9 bln |
Industry Watch
| Strong: Utilities, Consumer Staples, Health Care, Industrials |
| | Weak: Energy, Consumer Discretionary, Information Technology, Materials |
Moving the Market
-- Disney (DIS) up big after appointing Bob Iger as CEO
-- Growth concerns tied to China in relation to its zero-COVID policy after reports that the county had its first COVID-related deaths in six months
-- Treasury yields rising from earlier lows
-- Lagging mega cap stocks weighing on index performance
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Closing Summary
21-Nov-22 16:30 ET
Dow -44.82 at 33703.90, Nasdaq -121.55 at 10964.36, S&P -15.35 at 3950.06
[BRIEFING.COM] The stock market kicked off this holiday-shortened week on a softer note. The major indices were able to recover from heavier losses, but still closed in negative territory. Growth concerns tied to China's zero-COVID policy were a focal point for investors today.
China confirmed its first COVID-related deaths in six months and reports indicate that people in Beijing's largest district are being urged to stay home.
Mega cap stocks and semiconductor names were among today's biggest laggards. The PHLX Semiconductor closed down 1.8% and the Vanguard Mega Cap Growth ETF (MGK) closed down 1.1% while the S&P 500 sported a more modest 0.4% loss.
Tesla (TSLA 167.87, -12.32, -6.8%), which fell to a new 52-week low, and Apple (AAPL 148.01, -3.28, -2.2%) were some of the biggest losers among the mega cap stocks. The latter traded down after the South China Morning Post reported the company is extending the wait time in China for the iPhone 14 Pro and Pro Max models due to production issues at the Foxconn manufacturing facility in Zhengzhou. Tesla, meanwhile, continued to feel the brunt of Elon Musk's focus on Twitter.
Four of the 11 S&P 500 sectors closed in the red. Consumer discretionary (-1.4%) and energy (-1.4%) showed the steepest losses while consumer staples (+1.0%) and real estate (+0.7%) led the outperformers.
The Dow Jones Industrial Average (-0.1%) suffered a more modest loss than its peers thanks to the gain in Disney (DIS 97.58, +5.78, +6.3%). The company rallied on the news that Bob Chapek stepped down as CEO and that former CEO Bob Iger is coming back to run things for a two-year stint.
WTI crude oil futures started the session sharply lower, reacting to a Wall Street Journal report that Saudi Arabia/OPEC+ was considering a 500,000 barrel per day production increase at the December 4 meeting. Prices bounced back smartly after Saudi officials denied the report. WTI crude oil futures settled flat at $80.12/bbl. On a related note, Goldman Sachs cut its 4Q22 price forecast by $10 to $100/bbl.
Baidu (BIDU), Best Buy (BBY), Medtronic (MDT), Dollar Tree (DLTR), Dick's Sporting Goods (DKS), Analog Devices (ADI), and Warner Music Group (WMG) are among the earnings reporters ahead of Tuesday's open.
There was no U.S. economic data of note today and there will be no data tomorrow.
- Dow Jones Industrial Average: -7.3% YTD
- S&P Midcap 400: -11.9% YTD
- Russell 2000: -18.1% YTD
- S&P 500: -17.1% YTD
- Nasdaq Composite: -29.5% YTD
Looking ahead to Tuesday
21-Nov-22 15:35 ET
Dow -47.02 at 33701.70, Nasdaq -115.25 at 10970.66, S&P -16.52 at 3948.89
[BRIEFING.COM] The stock market is moving sideways heading into the close.
Cleveland Fed President Mester (FOMC voter) said in a CNBC interview that the Fed is "nowhere near" the point where it can stop rate hikes.
After the close, Dell (DELL), Urban Outfitters (URBN), Zoom Video (ZM), and Agilent (A) are among the companies reporting quarterly results.
Baidu (BIDU), Best Buy (BBY), Medtronic (MDT), Dollar Tree (DLTR), Dick's Sporting Goods (DKS), Analog Devices (ADI), and Warner Music Group (WMG) are among the earnings reporters ahead of Tuesday's open.
There is no U.S. economic data of note tomorrow.
Oil prices recover from heavy losses
21-Nov-22 15:05 ET
Dow +3.52 at 33752.24, Nasdaq -109.52 at 10976.39, S&P -13.23 at 3952.18
[BRIEFING.COM] The major indices oscillated around in a narrow trading range recently. The Dow is flirting with positive territory still.
WTI crude oil futures recovered nicely from heavy losses earlier and settled the session flat at $80.12/bbl. Natural gas futures rose 6.7% to $7.22/mmbtu.
Despite oil prices lifting well off session lows, the S&P 500 energy sector (-1.8%) remains buried in last place among the 11 sectors.
Steris gains despite going ex-div; Estee Lauder peels off last week's rebound
21-Nov-22 14:30 ET
Dow +13.64 at 33762.36, Nasdaq -116.83 at 10969.08, S&P -12.46 at 3952.95
[BRIEFING.COM] The S&P 500 (-0.31%) is firmly in second place to this point on Monday afternoon, having moved mostly sideways in the last half hour.
S&P 500 constituents Steris (STE 178.17, +12.63, +7.63%), Becton Dickinson (BDX 237.01, +11.42, +5.06%), and Verisk Analytics (VRSK 180.59, +7.05, +4.06%) pepper the top of the standings. STE trades ex-div today, while BDX gains after positive commentary from Evercore ISI.
Meanwhile, Estee Lauder (EL 220.44, -13.02, -5.58%) slips to the bottom of the constituents, peeling off Thursday/Friday's move off lows.
Gold lower amid gains in the dollar
21-Nov-22 14:00 ET
Dow +9.32 at 33758.04, Nasdaq -102.66 at 10983.25, S&P -10.83 at 3954.58
[BRIEFING.COM] With about two hours to go on Monday the tech-heavy Nasdaq Composite (-0.92%) is today's worst-performing major average.
Gold futures settled $14.80 lower (-0.8%) to $1,739.60/oz, aided in part by gains in the dollar which move higher after reports of increased COVID restrictions in Beijing.
Meanwhile, the U.S. Dollar Index is up about +0.9% to $107.86.
Page One
Last Updated: 21-Nov-22 08:58 ET | Archive
Disney surges on CEO change, but conviction elsewhere is lacking
There isn't a lot of conviction in the equity futures market this morning but there is a modest downside bias on some festering growth concerns.
Currently, the S&P 500 futures are down 14 points and are trading 0.3% below fair value, the Nasdaq 100 futures are down 58 points and are trading 0.5% below fair value, and the Dow Jones Industrial Average futures are down 17 points and are fractionally below fair value.
The growth concerns this morning are being connected to reports that China reported its first COVID deaths in six months, with cases there remaining elevated and some cities, including Beijing, urging residents to stay at home.
The COVID dealings in China, along with the uncertainty about the price cap on Russian oil, prompted Goldman Sachs to lower its fourth quarter oil price forecast by $10 to $100, according to CNBC.
Conversely, Dow component Walt Disney (DIS) is seeing a big jump in its price cap, so to speak, following reports that Bob Chapek has stepped down as CEO and that former CEO Bob Iger is returning to the post in a two-year stint.
Shares of DIS are up 10.4%, which is a boon for the price-weighted Dow Jones Industrial Average.
Disney's strength, however, hasn't been enough to tip the scales of the futures market in favor of the bulls at this point. That's partly because mega-cap stocks like Tesla (TSLA), Apple (AAPL), Alphabet (GOOG), Amazon.com (AMZN), and Microsoft (MSFT) are tipped lower in pre-market trading.
Their combined weight is enough to stamp out the influence of Disney, which has a market cap of "only" $163 billion.
Atlanta Fed President Bostic (2024 FOMC voter) did what he could to make the equity market feel a little better about the potential policy path. According to Bloomberg, Mr. Bostic said he is in favor of smaller rate hikes now and sees a terminal rate of 4.75-5.00% as a possibility.
That view has mitigated some of the negativity this morning but it hasn't been enough to be the swing factor for the market, which could very well have its share of swings in a holiday-shortened week that also includes the start of the World Cup. That combination is apt to drive some thinner trading conditions here and elsewhere.
As a reminder, the stock market will be closed Thursday for Thanksgiving Day and will end trading Friday at 1:00 p.m. ET.
-- Patrick J. O'Hare, Briefing.com
Page One
Last Updated: 21-Nov-22 08:58 ET | Archive
Disney surges on CEO change, but conviction elsewhere is lacking
There isn't a lot of conviction in the equity futures market this morning but there is a modest downside bias on some festering growth concerns.
Currently, the S&P 500 futures are down 14 points and are trading 0.3% below fair value, the Nasdaq 100 futures are down 58 points and are trading 0.5% below fair value, and the Dow Jones Industrial Average futures are down 17 points and are fractionally below fair value.
The growth concerns this morning are being connected to reports that China reported its first COVID deaths in six months, with cases there remaining elevated and some cities, including Beijing, urging residents to stay at home.
The COVID dealings in China, along with the uncertainty about the price cap on Russian oil, prompted Goldman Sachs to lower its fourth quarter oil price forecast by $10 to $100, according to CNBC.
Conversely, Dow component Walt Disney (DIS) is seeing a big jump in its price cap, so to speak, following reports that Bob Chapek has stepped down as CEO and that former CEO Bob Iger is returning to the post in a two-year stint.
Shares of DIS are up 10.4%, which is a boon for the price-weighted Dow Jones Industrial Average.
Disney's strength, however, hasn't been enough to tip the scales of the futures market in favor of the bulls at this point. That's partly because mega-cap stocks like Tesla (TSLA), Apple (AAPL), Alphabet (GOOG), Amazon.com (AMZN), and Microsoft (MSFT) are tipped lower in pre-market trading.
Their combined weight is enough to stamp out the influence of Disney, which has a market cap of "only" $163 billion.
Atlanta Fed President Bostic (2024 FOMC voter) did what he could to make the equity market feel a little better about the potential policy path. According to Bloomberg, Mr. Bostic said he is in favor of smaller rate hikes now and sees a terminal rate of 4.75-5.00% as a possibility.
That view has mitigated some of the negativity this morning but it hasn't been enough to be the swing factor for the market, which could very well have its share of swings in a holiday-shortened week that also includes the start of the World Cup. That combination is apt to drive some thinner trading conditions here and elsewhere.
As a reminder, the stock market will be closed Thursday for Thanksgiving Day and will end trading Friday at 1:00 p.m. ET.
-- Patrick J. O'Hare, Briefing.com
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