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(Reuters) – The S&P 500 posted its biggest percentage loss since March 25 on Friday as investors shunned risk amid new trading regulations in China, renewed worries about Greece running out of money, and tepid U.S. corporate earnings.
Selling followed sharp overseas stocks declines and was broad, with all 10 major S&P 500sectors losing ground.
Among the biggest drags, the S&P financials index was down 1.3 percent, with shares of Dow component American Express falling 4.4 percent to $77.32 after revenue missed analysts’ estimates, partly due to the currency impact.
The Dow and S&P 500 both snapped two weeks of gains. For the week, the Dow was down 1.3 percent, the S&P 500 down 1 percent and the Nasdaq down 1.3 percent.
Both Honeywell International and General Electric blamed the strong dollar for lower revenue. Shares of Honeywell were down 2.1 percent at $101.70, while GE shares were down 0.1 percent at $27.25.
China’s securities regulator warned investors to be cautious as Chinese shares hit seven-year highs. China allowed fund managers to lend stocks for short-selling and expanded the number of stocks investors can short.
China H-Share index futures fell 3.4 percent. Global equities lost ground as the weakness in China carried through to European and U.S. markets.
“We saw selling overseas, and that spilled over into the U.S. We’ve had a nice rally over the last few weeks to the upper half of the trading range, and it’s moving back over,” said Adam Sarhan, chief executive of Sarhan Capital in New York.
“It’s still too early to tell what earnings are going to be for the quarter, but there haven’t been that many upside surprises. And that’s what we need to see.”
The Dow Jones industrial average fell 279.47 points, or 1.54 percent, to 17,826.3, the S&P 500 lost 23.81 points, or 1.13 percent, to 2,081.18 and the Nasdaq Composite dropped 75.98 points, or 1.52 percent, to 4,931.81.
Market participants were also concerned Greece could leave the euro zone as it tries to reform its economy and deal with heavy debt. Greece dismissed reports it needed to tap remaining cash reserves to meet salary payments.
The U.S. earnings season has been mixed so far with more companies beating lowered expectations. The impact of the stronger dollar will be highlighted next week with quarterly reports from United Technologies Corp, Boeing and other top companies.
Declining issues outnumbered advancing ones on the NYSE by 2,458 to 596, for a 4.12-to-1 ratio; on the Nasdaq, 2,160 issues fell and 597 advanced, for a 3.62-to-1 ratio. The S&P 500 posted two new 52-week highs and one new low; the Nasdaq Composite recorded 37 new highs and 43 new lows.
About 7.1 billion shares changed hands on U.S. exchanges, above the 6.2 billion daily average for the month to date, according to BATS Global Markets.
Source: http://www.reuters.com/article/2015/04/18/us-markets-stocks-usa-idUSKBN0N816320150418
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Reuters
* U.S. non-farm payrolls rise by 163,000 in July
* Dollar falls vs euro; copper jumps over 1.5 pct
* Copper open interest reflects lack of conviction
By Chris Kelly and Susan Thomas
NEW YORK/LONDON, Aug 3 (Reuters) - Copper jumped by the most in three weeks on Friday after data showing U.S. employers hired more workers than expected
last month deflated the dollar and boosted prices of the red metal away from the bottom end of well-worn range.
Copper rose alongside a 3 percent rally in crude oil and a late-week surge in equities after the Labor Department said nonfarm payrolls rose 63,000 in
July, breaking three straight months of job gains below 100,000 and offering some hope for the ailing economy.
But an increase in the jobless rate to 8.3 percent reminded investors of the still-fragile state of the world's largest economy and kept prospects of further
monetary stimulus from the Federal Reserve on the table.
"The noose ... (is) still around the Fed's neck and everybody is very cognizant of the fact that we could fall off the economic cliff any day," said Adam Sarhan, chief executive of Sarhan Capital in New York. London Metal Exchange (LME) three-month copper rose $115, or 1.6 percent, to end at $7,445 a tonne, its biggest one-day gain since July 13, when
prices soared by nearly 2 percent.
In New York, the COMEX September contract rose 7.70 cents, or 2.3 percent, to settle at $3.3675 per lb after dealing between $3.2985 and $3.3740.
Since May, copper prices have been mired in a range between $7,200 and $7,800 in London and $3.25 and $3.60 in New York, pushed and pulled between a
waning global growth outlook and a tighter supply base and second-half Chinese demand prospects.
"Although the numbers are decent, they're not so amazing that the Fed are going to turn around and say the economy is fine. It will take a long and
sustained period of improving data for the Fed to say that," said Guy Wolf, a macro strategist at Marex Spectron.
"If we are moving into an environment where there is no more bad news, copper could get out of this range and move back towards $8,000. If people start
selling U.S. Treasuries, then that money will be seeking a home in places like base metals."
The jobs report reduced demand for safe-haven assets, including the dollar, which slipped against the euro and a basket of currencies. A weak dollar makes
commodities priced in the U.S. unit cheaper for holders of other currencies.
A separate piece of data showed the pace of growth in the vast U.S. services sector edged up in July as new orders gained traction, but employment fell to
its lowest level in nearly a year.
Gains in base metals were capped, however, by lingering concerns about the debt crisis in the euro zone.
On Thursday, commodity prices fell and copper hit six-week lows after ECB President Mario Draghi failed to offer immediate action to fix the euro zone
economy, which the market had expected to come via an announcement of large-scale bond purchases.
"There were unwarranted expectations starting from last week of a decisive response by the monetary authorities, until yesterday when it became clear no
fireworks were coming. At least not yet," RBS strategist Nikos Kavalis said.
ECB INACTION
The ECB's inaction added to gloom over dismal manufacturing sector reports from China, Europe and the United States this week, with only a small gleam of
improvement seen in China's small- and medium-sized private sector companies.
China is the world's top copper consumer, accounting for around 40 percent of global demand for the metal used in power and construction.
"The Chinese growth outlook appears riddled with risk, with soft investment growth likely to weigh on commodities demand over coming quarters. Taken
together, metals demand is likely to remain restrained, which could keep prices at low levels in the near term, National Australia Bank said in a research note.
Reflecting a lack of conviction about copper's short-term price direction, the open interest in the LME copper contract hovered around near-five-year lows
hit last week.
LME three-month aluminium ended up $16 at $1,860 a tonne.
ANZ sees potential for further losses to below $1,600 per tonne, which would add pressure on smelters suffering with thin or negative margins.
Bosnia's only alumina plant had to halt production on Wednesday after the country's main gas distributor cut supplies because it could not pay its bills.
It resumed production on Thursday after agreeing to pay part of its debt.
Metal Prices at 1848 GMT
Metal Last Change Pct Move End 2011 Ytd Pct
move
COMEX Cu 336.60 7.55 +2.29 343.60 -2.04
LME Alum 1859.00 15.00 +0.81 2020.00 -7.97
LME Cu 7442.00 112.00 +1.53 7600.00 -2.08
LME Lead 1894.50 40.50 +2.18 2035.00 -6.90
LME Nickel 15600.00 350.00 +2.30 18710.00 -16.62
LME Tin 17895.00 465.00 +2.67 19200.00 -6.80
LME Zinc 1839.00 27.00 +1.49 1845.00 -0.33
SHFE Alu 15350.00 -5.00 -0.03 15845.00 -3.12
SHFE Cu* 54300.00 -460.00 -0.84 55360.00 -1.91
SHFE Zin 14550.00 -15.00 -0.10 14795.00 -1.66
** Benchmark month for COMEX copper
* 3rd contract month for SHFE AL, CU and ZN
SHFE ZN began trading on 26/3/07URL: http://www.reuters.com/article/2012/08/03/markets-metals-idUSL6E8J34EG20120803
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My very first blog post. I have to tell you I’ve been looking forward to this for awhile now. I think the best way to begin my blogging career is to start with a brief introduction of who I am, what I do, and why I have decided to join the blogging and social media worlds. I’ve made a conscious decision to fully embrace the social media ethos and I look forward to blogging frequently as well as sharing all sorts of great content with you, my readers.
My name is Adam Sarhan and I am the founder and CEO of Sarhan Capital, a boutique investment firm created in 2004. I’ve spent the last few years developing a suite of market-based services for both individual and institutional investors. All our work is based on our objective market research: The Sarhan Analysis, TrendScreener and AS Analysis- our custom research product. I am very proud of all our work and look forward to sharing much of it with you. If you want more information on any of our services, please visit our Store.
I’ve spent the better part of the last decade honing my financial acumen, developing a method of trading the markets that has consistently outperformed the major benchmark averages, both for myself and my clients. At the urging of my clients and colleagues, I set out to codify my trading strategies, the result of which was a weekly global macro note, The Sarhan Analysis.
As a person who knows how it feels to start from nothing, it is my sincere desire to see The Sarhan Analysis widely distributed and employed to help other people succeed. I have faith in the product and work hard everyday to ensure that we always provide objective market analysis.
Since early on in my career, I have always had a clear understanding and strong respect for market psychology and risk. It is my belief that it is a failure to properly comprehend both concepts that hinders most people’s ability to succeed. That said, my goal is to teach people how to accurately apportion both factors into their portfolios. But I also know that people are inherently stubborn when it comes to trading, and that discipline is often the first thing that goes out the window when people have money on the line. Emotions trump reason and that is why in early 2009, I developed Sarhan Live – a proprietary online psychological and risk assessment tool, and made it available to the public. It is my hope that with this tool, coupled with my unique market analysis, one can succeed where others fail by developing a well thought out trading system and specific investment goals.
It would hypocritical of me to urge you to illustrate your goals without doing the same. So in the interest of transparency, a golden rule of social media success, I will elucidate my goals with this blog.
My goals are to tell you about me, to tell you my story, my successes, my failures and teach you what I know about capital markets. My goals are to share with you my knowledge and experiences in the market, and to do so in a colloquial and easy to follow fashion. I want my posts here to be instructive and educational to the beginning trader as well as sophisticated enough to appeal to experienced investors. The truth is that good market analysis and a clear articulation of that analysis is always in demand.
I have created several services that may or may not be conducive for you at this point in time, but even if you don’t become a customer, you’ll still find a wealth of education available on this blog and a good place to come visit for the latest in both technical and fundamental market analysis. In my opinion, one needs to look at both technical and fundamental indicators in order to be a successful trader, leaving one out is like trying to play tennis with one hand tied behind your back! So I hope you’ll come visit often, add me to your RSS, connect with me on twitter and facebook, tell your friends and family about this site and if you have any questions or comments, please leave them for me. I hope to create a warm and healthy dialogue with you going forward.