|Day's Range||27,068.79 - 27,266.81|
|52 Week Range||21,712.53 - 27,398.68|
Investors will get a pulse of the current state of the transportation industry when Kansas City Southern reports quarterly results ahead of the opening bell on Friday.
Earnings season is underway and corporate buybacks are set to boost earnings per share for S&P 500 companies.
Williams finished by saying that when faced with low rates and slowing growth, the best strategy is to “take swift action” and “keep interest rates lower for longer.”
“Take swift action” and “keep interest rates lower for longer” may mean to some that a 25-basis point rate cut is a done deal, but to others it means “be aggressive”. Therefore, I have to conclude that the chances of a half-a-point rate cut may increase over the near-term, which could be supportive for gold prices.
Based on today’s price action and the current price at 27207, the direction of the September E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to the downtrending Gann angle at 27205.
Investing.com – Stocks ended the day flat Thursday, after paring the bulk of losses as growing expectations for aggressive Federal Reserve easing lifted sentiment following mixed corporate earnings.
Investing.com – Wall Street fell on Thursday as Netflix (NASDAQ:NFLX) struck a bitter note to start the tech sector's earnings season.
U.S. stock indexes edged lower on Thursday as investors awaited more developments around trade, while Netflix posted a surprise drop in U.S. subscribers, kicking off earnings for the FAANG group of stocks on a sour note. Losses in Netflix also dragged the communication services sector, one of the best-performing S&P sectors so far this year, 1.20% lower. "Netflix did nothing to soothe investor concerns around what earnings prospects are likely to unfold over the next couple of weeks," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
U.S. stocks moved higher on Thursday after a slow start as comments from New York Fed President John Williams helped cement expectations for an interest rate cut from the U.S. central bank at the end of the month. Williams said that when rates and inflation are low, policymakers cannot afford to keep their "powder dry" and wait for potential economic problems to materialise. "He's toeing the party line at the Fed, basically implying that an insurance rate cut is the right thing to do for the economy at this point in time," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.
A gauge of global stocks advanced on Thursday, erasing declines on a late rally after comments from a U.S. Federal Reserve policymaker heightened expectations for a rate cut, while oil prices dropped on forecasts of rising output. In a speech read as a strong argument in favour of quick and aggressive action by the Fed to cut rates this month, New York Fed President John Williams said policymakers need to add stimulus early to deal with too-low inflation when rates are near zero. "In all the Fed speak we’ve had... it seems like the ones that are more interested in cutting are more visible," said Thomas Martin, senior portfolio manager at Globalt Investments in Atlanta, Georgia.
U.S. stock indexes retreated for the second day on Wednesday as weak results from CSX Corp pressured railroad stocks and highlighted the wide-ranging impact of the long drawn out trade war between the United States and China. Shares of CSX tumbled 10.3% and were set for their biggest one-day drop in nearly 17 years, after the company posted lower-than-expected quarterly profit and cut its full-year revenue forecast. Rivals Union Pacific Corp slipped 4.7% and Kansas City Southern fell 3.9%.
Based on the early price action and the current price at 27302, the direction of the September E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 27277.
Investing.com – Wall Street was flat on Wednesday as concerns that lower interest rates will hit corporate bank earnings kept investors in check.
On the day the U.S. released better than expected retail sales data, and just days after the release of stronger than expected consumer inflation data, President Trump made comments and China made a move that supported Powell’s case for “uncertainties” driving interest rates lower.
U.S. stocks edged lower on Tuesday as quarterly results from banks added to concerns about lower interest rates dampening their profits, while comments from U.S. President Donald Trump on trade also dragged down Wall Street's major indexes. Johnson & Johnson shares slipped 1.6% after the diversified healthcare company warned that competition from generic and copycat drugs could impact its third-quarter results.
U.S. stocks were mixed Tuesday afternoon as investors digested a wave of signals from officials over U.S.-China trade relations and monetary policy, along with an influx of corporate earnings results and economic data.