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Daily Stock Market News & Commentary

Our team of analysts keeps you abreast of the latest stock market data, news, market activity, and economic reports in our daily stock market commentary (updated three times daily).

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August 28, 2015

DJIA: 16,654.77
S&P 500: 1,987.66
Nasdaq Composite: 4,812.71

E-mini futures contracts are pointing lower in premarket. Contracts on the Dow, S&P 500 and NASDAQ are all off 0.8%.

The major averages are poised to consolidate after posting strong two-day rallies. Economic data showed July’s figures on personal income rose 0.4%, but personal spending only climbed 0.3%. Later, investors will watch the U. of M. sentiment revision for August, which is projected to increase to 93 from 92.9.

In corporate activity, Mylan is gaining 0.9% to $51.97 after shareholders overwhelmingly approved the acquisition of Perrigo, which is up 1% to $190.00. Freeport McMoRan is adding another 15.8% to $11.80, after investor Carl Icahn announced a stake in the company, sending it soaring 28.7% yesterday. Activision is jumping 5.8% to $29.54 and United Continental is rallying 6.7% to $59.95 as both are slated to be included in the S&P 500 on September 2nd. In earnings, Smith & Wesson is up 6.4% to $17.25 after topping estimates, but disappointing results have Autodesk losing 5.7% to $47.17 and GameStop down 1% to $45.74.

European markets are falling at mid-session. The Euro Stoxx 600 is retreating 0.8%, London’s FTSE is down 0.6% and Frankfurt’s DAX is declining 0.7%. In Asia, Tokyo’s Nikkei jumped 3%, and China’s Shanghai Composite added 4.8% amid government market purchases.

Treasuries are climbing, snapping a losing streak. The 10-year note is up 8/32 to yield 2.16%.

Commodities are mixed. After a 10% gain yesterday, WTI crude is ebbing 1% to $42.14/barrel. COMEX gold is up 0.2% to $1125.10/ounce. In FOREX, the dollar is losing 0.2% against the euro to $1.1266/EUR and the yen to ¥120.80/USD.

August 28, 2015

DJIA: 16,595.94, down 58.83
S&P 500: 1,983.01, down 4.65
Nasdaq Composite: 4,806.45, down 6.26

Stocks are declining at mid-session. The Dow is off 58 points to 16595. The S&P 500 is down 4 points to 1983. The NASDAQ is falling 6 points to 4806.

The major averages are retreating after two days of strong gains. Economic data showed personal income rose 0.4% in July, while spending only advanced 0.3% over the same period. Meanwhile, in August consumer sentiment deteriorated to a three-month low against projections of a small gain.

Eight of 10 S&P 500 sectors are lower. Health care is a notable decliner as Mylan falls 3% to $49.97 after shareholders approved its bid for Perrigo, which is down 1.7% to $185.06. In tech, Autodesk is 4.3% lower to $47.84 and GameStop is weighing on consumer discretionary by 6% to $43.45, following earnings disappointments from both. However, Smith & Wesson is rallying 10.2% to $17.89 on a positive profit tally. In materials, Freeport McMoRan is up 3% to $10.51, following up yesterday’s 28%+ advance. Facebook is gaining 1% to $90.51 amid announcements of 1 billion daily users.

Breadth is positive on issues by 5-3 on the NYSE and 10-7 on the NASDAQ. NYSE composite volume totals more than 1.6 billion shares.

Treasuries are mixed as regional Fed Presidents Bullard and Mester foreshadowed 2015 rate increases. The 10-year note is up 1/32 to yield 2.18%.

Commodities are mostly higher. Adding to yesterday’s 10%+ climb, WTI crude is advancing 5.3% to $44.81/barrel. COMEX gold is adding 0.6% to $1130.60/ounce despite dollar strength.

August 27, 2015
DJIA: 16,654.77, up 369.26
S&P 500: 1,987.66, up 47.15
Nasdaq Composite: 4,812.71, up 115.17

Stocks finished higher on Thursday. The Dow was up 369 points to 16654. The S&P 500 gained 47 points to 1987. The NASDAQ climbed 115 points to 4812.

The major averages overcame volatility and a late-day selloff to end the session strongly in the black. Economic data has helped propel markets as second-quarter GDP was revised higher to an unexpected 3.7% expansion, while personal consumption rose 3.1%. While pending home sales in July failed to meet expectations, jobless claims last week surprisingly fell 6,000 to 271,000.

All 10 S&P 500 sectors were in positive territory. Energy and materials were the best performers, in sympathy with raw materials prices. Exxon Mobil rose 3.2% to $74.85 and Freeport McMoRan surged 28.9% higher to $10.19. In consumer discretionary, Apple jumped 2.9% to $112.84 on the heels of formally announcing its September 9th product debut. Tesla rallied 8.1% to $242.99 after Consumer Reports said the Model S was the best car they have ever tested. In earnings, JM Smucker advanced 6.5% to $116.29 and PVH gained 6% to $118.17 following positive profit tallies from both. However, Tiffany lost 2.1% to $83.26 and Dollar General fell 3.2% to $74.27 on mixed earnings reports.

Breadth was decidedly positive. NYSE composite volume totaled more than 4.9 billion shares.

Treasuries were marginally lower. The benchmark 10-year note retreated 3/32 to yield 2.19%.

Commodities were mixed. WTI crude posted its best day in six years, as it soared 10.1% higher to $42.50/barrel. COMEX gold lost 0.2% to $1122.40/ounce amid dollar strength.