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Gold Hits New High as Investors Look to Hedge Against Uncertainty

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7:50 a.m. March 5, 2021 - By Michael Ashbaugh
Charting a technical question mark, S&P 500 violates the 50-day average Focus: 10-year Treasury note yield continues to take flight, Sector leaders remain in divergence mode, TNX, XLF, IYT, QQQU.S. stocks are mixed early Friday, vacillating after a stronger-than-expected monthly jobs report. Against this backdrop, the S&P 500 has ventured under its 50-day moving average for the first time since November, though amid a downturn that gets low marks for bearish style. The prevailing bigger-picture technicals are not one-size-fits-all.
9:26 a.m. March 4, 2021 - By Mark DeCambre
Wall Street's 'fear index' surges to highest level in about 5 weeks as Treasury-yield spike sparks stock-market selloffA closely watched gauge of expected stock-market volatility jumped Thursday to around its highest level since the end of January as a tech-led selloff dragged major benchmarks sharply lower. The CBOE Volatility Index is known by its ticker symbol "VIX", rose 5.07 points to 31.44, a gain of nearly 18%. A close at that level would represent the highest level for the so-called fear index since Jan. 29, according to Dow Jones Market Data. The VIX is an options-based measure of expected volatility over the coming 30 days for the S&P 500 . The VIX, which typically jumps during big stock-market selloffs, also tends to fall back during long, gradual rallies, and has remained stubbornly elevated above its long-term average of 19.50 as stocks pushed back into record territory in recent weeks. But a rise in yields and comments from Federal Reserve Chairman Jerome Powell on Thursday breathed new life into the yield rise and prompted a reassessment of stock values compared against rising fixed-income yields. The Dow Jones Industrial Average was under pressure and the technology-laden Nasdaq Composite Index was on the verge of tumbling into correction, defined as a decline of at least 10% from a recent peak.
7:34 a.m. March 4, 2021 - By Michael Ashbaugh
Charting a volatile March start: S&P 500, Nasdaq reach key technical tests Focus: Charting a still bullish-leaning sector backdrop, IYT, XLF, QQQ, XLV, XLU, XLP, XLE, XLI, AMZNU.S. stocks are mixed early Thursday — though well off the session’s worst levels — vacillating amid a volatile March start. Against this backdrop, the S&P 500 is back for its latest crack at the 50-day moving average, currently 3,820, while the Nasdaq Composite has whipsawed Thursday at last-ditch support matching the 2020 peak (12,973).
5:39 a.m. March 4, 2021 - By Myra P. Saefong
EIA reports a smaller-than-expected weekly fall in U.S. natural-gas suppliesThe U.S. on Thursday that domestic supplies of natural gas declined by 98 billion cubic feet for the week ended Feb. 26. On average, the data were expected to show a fall of 137 billion cubic feet for the week, according analysts polled by S&P Global Platts. Total stocks now stand at 1.845 trillion cubic feet, down 277 billion cubic feet from a year ago and 178 billion cubic feet below the five-year average, the government said. Following the data, April natural gas extended its early decline, trading down by 10 cents, or 3.5%, at $2.716 per million British thermal units. It traded at $2.759 .
11:05 a.m. March 3, 2021 - By Mark DeCambre
Resurgence in Treasury yields hammers tech stocks, drives Nasdaq below 13,000 to mark worst 2-day skid in 6 monthsU.S. stock benchmarks on Wednesday closed lower and technology and tech-related shares got whacked as a continued rise in bond yields forced a rotational shift out of highflying tech and into areas of the market that might benefit from a regime of rising interest rates, like banks and energy . A report from the Federal Reserve's Beige Book, a survey of business conditions in the central bank's 12 regional districts, also showed only a modest uptick in economic activity to start the year, despite headway on COVID the vaccination front. The Dow Jones Industrial Average finished down by about 0.4% at 31,270, while the S&P 500 index closed off 1.3% at 3,820. The tech-laden Nasdaq Composite Index, took the brunt of the selling, off 2.7%, at 12,997 to mark the index's worst two-day skid since September, according to Dow Jones Market Data. Meanwhile, the initial public offering of health-care data company Oscar Health Inc. , finished down nearly 11% in its public debut. And the 10-year Treasury note was around 1.47%.
7:08 a.m. March 3, 2021 - By Michael Ashbaugh
Market divergence persists, Nasdaq whipsaws at 50-day average Focus: Materials sector approaches record highs, XLB, AA, HES, SATS, BZHU.S. stocks are mixed early Wednesday, vacillating after a mixed batch of economic data. Against this backdrop, the major U.S. benchmarks remain in divergence mode, as the Nasdaq Composite continues to underperform amid relative strength elsewhere.
5:41 a.m. March 3, 2021 - By Myra P. Saefong
EIA reports a more than 21 million-barrel weekly rise in U.S. crude suppliesThe that U.S. crude inventories jumped up by 21.6 million barrels for the week ended Feb. 26. On average, analysts forecast a climb of 1.3 million barrels, according to a survey by S&P Global Platts. The reported a nearly 7.4 million-barrel climb, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub rose by 500,000 barrels for the week. However, petroleum-product stocks dropped as frigid temperatures in mid-February led to a slowdown in Texas refinery activity. The EIA reported that gasoline supply was down 13.6 million barrels, while distillate stockpiles were down 9.7 million barrels for the week. The S&P Global Platts survey had forecast supply declines of 2.9 million barrels for gasoline and 3.9 million barrels for distillate inventories. April West Texas Intermediate crude held onto the bulk of their gains, trading up $1.08, or 1.8%, at $60.83 a barrel on the New York Mercantile Exchange. Prices were at $60.70 .
11:38 a.m. March 2, 2021 - By Myra P. Saefong
API reports a weekly climb of more than 7 million barrels in U.S. crude supplies, sources sayThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by nearly 7.4 million barrels for the week ended Feb. 26, according to sources. The data also reportedly showed gasoline stockpiles fell by 9.9 million barrels, while distillate inventories also declined by about 9.1 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 732,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories up by 1.3 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory declines of 2.9 million barrels for gasoline and 3.9 million barrels for distillates. April West Texas Intermediate crude was at $59.57 barrel in electronic trading, compared with on the New York Mercantile Exchange.
7:50 a.m. March 2, 2021 - By Michael Ashbaugh
Charting a bullish March start: S&P 500, Nasdaq maintain major support Focus: Industrials hold the breakout point, Intel’s stealth recovery attempt, Boeing builds on trendline breakout, XLI, INTC, BA, ETSY, MABroadly speaking, the major U.S. benchmarks are acting well technically despite persistently uneven price action in spots, writes Michael Ashbaugh.
7:29 a.m. March 2, 2021 - By Michael Ashbaugh
Charting a bullish March start: S&P 500, Nasdaq maintain major support Focus: Industrials hold the breakout point, Intel’s stealth recovery attempt, Boeing builds on trendline breakout, XLI, INTC, BA, ETSY, MABroadly speaking, the major U.S. benchmarks are acting well technically despite persistently uneven price action in spots. Against this backdrop, the S&P 500 has knifed from its 50-day moving average — registering its biggest daily gain since June — to punctuate a second consecutive late-month retest.
7:09 a.m. March 1, 2021 - By Michael Ashbaugh
Charting successful technical tests: S&P 500, Nasdaq knife from major support Focus: Gold’s technical breakdown, Starbucks tags record highs, GLD, SBUX, MXL, OII, GRPNU.S. stocks are firmly higher early Monday, rising after a strong batch of economic data and amid stabilizing Treasury yields. Against this backdrop, the S&P 500 and Nasdaq Composite have knifed from major support amid an unusually strong March start.
7:15 a.m. Feb. 26, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 holds 50-day average (again) Focus: 10-year yield takes flight, Charting a largely bullish sub-sector backdrop, Apple, Facebook and Amazon test key thresholds, TNX, IYT, XLF, QQQ, XLE, XLI, AAPL, FB, AMZNU.S. stocks are mixed early Friday, vacillating as a late-month market whipsaw persists. Against this backdrop, the major U.S. benchmarks remain in divergence mode — amid uneven price action — though the bigger-picture technical backdrop remains bullish, on balance.
3:46 p.m. Feb. 25, 2021 - By Mark DeCambre
Stock-market futures and oil hold steady as U.S. launches attack against Iran-backed militia in SyriaU.S. stock-market index and oil futures Thursday night were seeing muted moves amid news that the Biden administration had launched airstrikes in Syria, targeting facilities near the Iraqi border used by Iranian-backed militia groups. Futures for the Dow Jones Industrial Average were down less than 0.1% at 31,364, those for the S&P 500 index were also off less than 0.1% at 3,827.75, while Nasdaq-100 futures were down 0.4% at 12,787.50. The strikes were retaliation for a rocket attack in Iraq earlier in February that killed one civilian contractor and wounded a U.S. service member and other coalition troops, according to the Pentagon, the . U.S. crude-oil futures were off 0.7% at $63.04 a barrel and global benchmark Brent crude was trading 0.9% lower at $65.59 a barrel on Globex. Equity markets on Thursday ended sharply lower amid a rapid rise in bond yields, with the 10-year Treasury note touching around 1.6%, undercutting appetite for assets percieved as risky like stocks against risk-free government debt. On Thursday, the Dow booked its steepest one-day slide since Jan. 29, the S&P 500 index closed down 2.5% to mark the biggest daily slump in three weeks and the Nasdaq Composite Index ended the session off 3.5% to mark its worst day since October.
7:10 a.m. Feb. 25, 2021 - By Michael Ashbaugh
Charting market cross currents: Late-month divergence persists Focus: 10-year yield matches S&P 500’s dividend yield, Financials take flight, TNX, XLF, F, ETN, ZG, HDU.S. stocks are lower early Thursday, pressured as persistently surging U.S. Treasury yields present a market headwind. Against this backdrop, the major U.S. benchmarks have largely weathered the recent market whipsaw, though amid increasingly uneven price action.
5:36 a.m. Feb. 25, 2021 - By Myra P. Saefong
EIA data reveal a 338 billion cubic foot weekly decline in U.S. natural-gas suppliesThe U.S. on Thursday that domestic supplies of natural gas declined by 338 billion cubic feet for the week ended Feb. 19. On average, the data were expected to show a drop of 333 billion cubic feet for the week, according analysts polled by S&P Global Platts. Total stocks now stand at 1.943 trillion cubic feet, down 298 billion cubic feet from a year ago and 161 billion cubic feet below the five-year average, the government said. Following the data, April natural gas was little changed, down by less than a penny, or 0.2%, at $2.79 per million British thermal units. It traded at $2.807 .
7:14 a.m. Feb. 24, 2021 - By Michael Ashbaugh
Charting market rotation: S&P 500 maintains the breakout point Focus: Nasdaq 100 holds 50-day average, Industrials tag record highs, Airlines take flight, QQQ, XLI, JETS, UAL, ORCL, WIXU.S. stocks are higher early Wednesday, rising in the wake of a pronounced market whipsaw. Against this backdrop, the S&P 500 and Dow industrials have maintained major support, rising amid rotational, and still largely bullish, late-month price action.
5:40 a.m. Feb. 24, 2021 - By Myra P. Saefong
Oil prices near session highs; EIA reports a weekly rise for U.S. crude supplies, but distillate stocks dropThe that U.S. crude inventories climbed by 1.3 million barrels for the week ended Feb. 19. That defied expectations for an average fall of 4.8 million barrels, according to a survey of analysts polled by S&P Global Platts. The reported a roughly 1 million-barrel increase, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub rose by 2.8 million barrels for the week. Meanwhile, the EIA said gasoline supply was "virtually unchanged," while distillate stockpiles were down 5 million barrels for the week. The S&P Global Platts survey had forecast supply declines of 2.8 million barrels for gasoline and 3.5 million barrels for distillate inventories. April West Texas Intermediate crude climbed to fresh intraday highs after the data, trading up $1.57, or 2.6%, at $63.24 a barrel on the New York Mercantile Exchange. Prices were at $62.73 .
11:47 a.m. Feb. 23, 2021 - By Myra P. Saefong
API reports a weekly increase in U.S. crude supplies, sources sayThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by about 1 million barrels for the week ended Feb. 19, according to sources. The data also reportedly showed gasoline stockpiles edged up by 66,000 barrels, while distillate inventories fell by 4.5 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, climbed by 2.8 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 4.8 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory declines of 2.8 million barrels for gasoline and 3.5 million barrels for distillates. April West Texas Intermediate crude was at $61.26 barrel in electronic trading, compared with on the New York Mercantile Exchange.
7:40 a.m. Feb. 23, 2021 - By Michael Ashbaugh
Charting a market divergence, Nasdaq violates the breakout point Focus: Energy and Metals & Mining sectors take flight, Apple ventures under major support, XLE, XME, AAPL, NUE, SIGTechnically speaking, the major U.S. benchmarks have extended a downturn from recent record highs, pressured amid increasingly uneven price action, writes Michael Ashbaugh.
7:10 a.m. Feb. 23, 2021 - By Michael Ashbaugh
Charting a market divergence, Nasdaq violates the breakout point Focus: Energy and Metals & Mining sectors take flight, Apple ventures under major support, XLE, XME, AAPL, NUE, SIGTechnically speaking, the major U.S. benchmarks have extended a downturn from recent record highs, pressured amid increasingly uneven late-month price action.
7:17 a.m. Feb. 22, 2021 - By Michael Ashbaugh
Bull trend pauses: S&P 500 traverses the range Focus: Japan sustains February break to record territory, EWJ, NTAP, SCCO, ODFL, KSSU.S. stocks are mixed early Monday, vacillating as tech stocks turn lower, pressured at least partly amid recently surging Treasury yields. Against this backdrop, the S&P 500 and Dow industrials have maintained bullish holding patterns, asserting trading ranges underpinned by familiar support.
7:03 a.m. Feb. 19, 2021 - By Michael Ashbaugh
Charting successful technical tests, U.S. benchmarks nail first support Focus: Biotech sector pulls in toward key support, Charting Apple’s bull-bear debate, XBI, AAPL, STX, GOOS, WMTU.S. stocks are higher early Friday, rising amid optimism over stimulus-package prospects. Against this backdrop, each big three U.S. benchmark has registered a bullish reversal from well-defined support. The S&P 500 has nailed its range bottom (3,885) while the Nasdaq Composite and Dow industrials have rallied from their breakout points.
7:00 a.m. Feb. 18, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 tags first support Focus: Airlines tag 11-month highs, JETS, SPOT, TXN, CVX, ZNGAU.S. stocks are lower early Thursday, pressured after disappointing weekly jobs data and a soft batch of quarterly earnings reports. Against this backdrop, the S&P 500 has extended a downturn from recent record highs, pulling in to tag first support (3,885).
6:07 a.m. Feb. 18, 2021 - By Myra P. Saefong
Oil prices pare losses as EIA reports a more than 7 million-barrel weekly fall in U.S. crude suppliesThe Thursday that U.S. crude inventories declined by 7.3 million barrels for the week ended Feb. 12. The data, which were delayed by a day this week because of the Presidents Day holiday, compared with the average fall of 3.4 million barrels forecast by analysts polled by S&P Global Platts. The reported a 5.8 million-barrel decrease, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub fell by 3 million barrels for the week. Gasoline supply, meanwhile, rose by 700,000 barrels, while distillate stockpiles were down 3.4 million barrels for the week. The S&P Global Platts survey had forecast a supply increase of 2.2 million barrels for gasoline and a decline of 2.2 million barrels for distillate inventories. March West Texas Intermediate crude pared losses, trading down 5 cents, or nearly 0.1%, at $61.09 a barrel on the New York Mercantile Exchange. Prices were at $60.63 .
5:40 a.m. Feb. 18, 2021 - By Myra P. Saefong
EIA data reveal a larger-than-expected weekly decline in U.S. natural-gas suppliesThe U.S. on Thursday that domestic supplies of natural gas declined by 237 billion cubic feet for the week ended Feb. 12. On average, the data were expected to show a drop of 205 billion cubic feet for the week, according to a forecast from IHS Markit. Total stocks now stand at 2.281 trillion cubic feet, down 105 billion cubic feet from a year ago, but 57 billion cubic feet above the five-year average, the government said. Following the data, March natural gas was down 15.6 cents, or 4.9%, to $3.063 per million British thermal units. It traded at $3.092 .
11:49 a.m. Feb. 17, 2021 - By Myra P. Saefong
API reports a nearly 6 million-barrel weekly fall in U.S. crude supplies, sources sayThe American Petroleum Institute reported late Wednesday that U.S. crude supplies fell by 5.8 million barrels for the week ended Feb. 12, according to sources. The data, which were delayed by a day because of the Presidents Day holiday, also reportedly showed gasoline stockpiles climbed by 3.9 million barrels, while distillate inventories declined by 3.5 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 3 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA is expected to show crude inventories down by 3.4 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for an inventory increase of 2.2 million barrels for gasoline and a decline of 2.2 million barrels for distillates. March West Texas Intermediate crude was at $61.63 barrel in electronic trading, compared with on the New York Mercantile Exchange.
7:26 a.m. Feb. 17, 2021 - By Michael Ashbaugh
Charting market cross currents, S&P 500 pulls in to the range Cross currents across asset classes surface amid surging Treasury yields, TNX, USO, GLD, FXY, UUP, XLF, KREU.S. stocks are lower early Wednesday, pressured as the latest economic data fuel the debate regarding potential pending inflation. Against this backdrop, each big three U.S. benchmark has reversed from Tuesday’s record high, pulling in to its former range amid largely garden-variety selling pressure.
7:36 a.m. Feb. 16, 2021 - By Michael Ashbaugh
Charting bull-flag breakout attempts: S&P 500, Nasdaq tag record territory Focus: Financials and transports stage tandem breakout attempt, XLF, IYT, ADI, IPHI, BLDR, LYFTTechnically speaking, the major U.S. benchmarks continue to trend higher, rising amid a still broadly constructive 2021 start, writes Michael Ashbaugh.
7:10 a.m. Feb. 16, 2021 - By Michael Ashbaugh
Charting bull-flag breakout attempts: S&P 500, Nasdaq tag record territory Focus: Financials and transports stage tandem breakout attempt, XLF, IYT, ADI, IPHI, BLDR, LYFTTechnically speaking, the major U.S. benchmarks continue to trend higher, rising amid a still broadly constructive 2021 start.
7:00 a.m. Feb. 12, 2021 - By Michael Ashbaugh
Charting a bull flag, S&P 500 asserts the range near record highs Focus: Semiconductor sector takes flight amid Intel’s improving technical backdrop, SMH, INTC, KLAC, PINS, CALXU.S. stocks are mixed early Friday, largely treading water ahead of a three-day weekend. Against this backdrop, each big three U.S. benchmark has asserted a flag pattern, an orderly four-session range near record highs.
7:03 a.m. Feb. 11, 2021 - By Michael Ashbaugh
Charting a bullish holding pattern: U.S. benchmarks sustain February breakout Focus: Oil & Gas Exploration ETF sustains breakout, Nvidia reaches uncharted territory, XOP, NVDA, VEEV, SAIL, HPU.S. stocks are mixed early Thursday, vacillating after the latest batch of generally solid quarterly earnings reports. Against this backdrop, each big three U.S. benchmark has asserted a week-to-date holding pattern, of sorts, consolidating an early-week break to record territory.
5:37 a.m. Feb. 11, 2021 - By Myra P. Saefong
Natural-gas futures extend losses as weekly U.S. supplies drop by 171 billion cubic feetThe U.S. on Thursday that domestic supplies of natural gas declined by 171 billion cubic feet for the week ended Feb. 5. On average, the data were expected to show a drop of 175 billion cubic feet for the week, according to analysts polled by S&P Global Platts. Total stocks now stand at 2.518 trillion cubic feet, down 9 billion cubic feet from a year ago, but 152 billion cubic feet above the five-year average, the government said. Following the data, March natural gas was down 1.4 cents, or 0.5%, to $2.897 per million British thermal units. It traded at $2.947 .
7:18 a.m. Feb. 10, 2021 - By Michael Ashbaugh
Bull trend pauses: S&P 500, Nasdaq digest breaks to uncharted territory Focus: Industrial sector’s breakout attempt, Zoom Video and McDonald’s signal trend shifts, XLI, XM, MCD, SWKS, HOLXU.S. stocks are mixed early Wednesday, treading water after a generally strong batch of quarterly earnings reports and ahead of scheduled remarks by the Federal Reserve Chairman. Against this backdrop, each big three U.S. benchmark is digesting its latest break to record territory amid thus far muted mid-week selling pressure.
5:36 a.m. Feb. 10, 2021 - By Myra P. Saefong
Oil prices turn higher as EIA reports a nearly 7 million-barrel weekly drop in U.S. crude suppliesThe Wednesday that U.S. crude inventories fell by 6.6 million barrels for the week ended Feb. 5. The data compared with the average decline of 2.7 million barrels forecast by analysts polled by S&P Global Platts. The reported a 3.5 million-barrel decrease, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 700,000 barrels for the week. Gasoline supply, meanwhile, climbed by 4.3 million barrels, while distillate stockpiles were down 1.7 million barrels for the week. The S&P Global Platts survey had forecast a supply increase of 2.7 million barrels for gasoline and a decline of 1.7 million barrels for distillate inventories. March West Texas Intermediate crude moved up, trading 11 cents, or 0.2%, higher at $58.47 a barrel on the New York Mercantile Exchange. Prices were at $58.18 .
11:43 a.m. Feb. 9, 2021 - By Myra P. Saefong
API reports a more than 3 million-barrel weekly fall in U.S. crude supplies, sources sayThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 3.5 million barrels for the week ended Feb. 5, according to sources. The data also reportedly showed gasoline stockpiles up by 4.8 million barrels, while distillate inventories declined by 487,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 1.4 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA are expected to show crude inventories down by 2.7 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for an inventory increase of 2.7 million barrels for gasoline and a decline of 1.7 million barrels for distillates. March West Texas Intermediate crude was at $58.33 a barrel in electronic trading, compared with on the New York Mercantile Exchange.
7:46 a.m. Feb. 9, 2021 - By Myra P. Saefong
USDA lifts forecast for U.S. soybean exportsThe U.S. Department of Agriculture raised its forecast for U.S. 2020/2021 soybean exports by 20 million bushels from last month's estimate to 2.25 billion bushels, according to the monthly . That reflects "record marketing-year exports through January and a slow start to Brazil's export season resulting from harvest delays," the USDA said. "Soybean exports were slightly higher than expectations," said Sal Gilbertie, president and chief investment officer at Teucrium Trading. Meanwhile, the corn balance sheet is not as tight as expected, with U.S. and global ending stocks slightly higher than expected, in part due to higher Chinese corn inventories, said Gilbertie. March soybeans traded as high as $14.09 1/2 a bushel, before easing back to $13.82 3/4 a bushel, down 5 3/4 cents, or 0.4%. March corn fell by 12 cents, or 2.1%, to $5.51 3/4 a bushel.
7:32 a.m. Feb. 9, 2021 - By Michael Ashbaugh
Charting a grinding-higher breakout, S&P 500 tags latest record peak Focus: Energy sector and airlines stage tandem breakout attempt, XLE, JETS, LOW, NET, MSITechnically speaking, the major U.S. benchmarks continue to trend higher amid a bullish February start, writes Michael Ashbaugh.
7:10 a.m. Feb. 9, 2021 - By Michael Ashbaugh
Charting a grinding-higher breakout, S&P 500 tags latest record peak Focus: Energy sector and airlines stage tandem breakout attempt, XLE, JETS, LOW, NET, MSITechnically speaking, the major U.S. benchmarks continue to trend higher amid a constructive February start. Against this backdrop, each big three benchmark has concurrently registered record highs, knifing from major support to previously uncharted territory.
9:03 a.m. Feb. 8, 2021 - By Tomi Kilgore
Marathon Oil, Occidental Petroleum stocks soar to lead energy sector to broad gainsEnergy stocks traded broadly higher Monday, as the rally in crude oil prices toward a 13-month high helped fuel investor interest in the sector. The SPDR Energy Select Sector ETF ran up 4.1%, and was the biggest gainer among the SPDR ETFs tracking the S&P 500's 11 key sectors, with 23 of 24 equity components gaining ground. The energy ETF was headed for a sixth straight gain, which would be the longest such streak since the six-day stretch ended June 8, 2020. Among the components, shares of Marathon Oil Corp. shot up 12.9% toward a near one-year high to pace the gainers, while Occidental Petroleum Corp.'s stock was second with an 11.8% run up toward an 11-month high. Among the ETF's other more active components, shares of Exxon Mobil Corp. rose 4.1%, Kinder Morgan Inc. climbed 3.8% and Apache Corp. advanced 9.9%. "Numerous drivers appear to continue to support investors' appetite for increased risk, which favors cyclical plays such as the energy sector," Truist analyst Neal Dingmann wrote in a note to clients. Meanwhile, surged 1.8% to $57.84, putting them on track for the highest close since January 2020, amid pandemic-recovery optimism and expectations for the passage of a U.S. economic stimulus bill. The gains come as the S&P 500 rose 0.3% toward a record close.
7:03 a.m. Feb. 8, 2021 - By Michael Ashbaugh
Bullish momentum persists, S&P 500 extends February breakout Focus: Home construction ETF’s breakout attempt, Nike approaches record territory, ITB, NKE, CHEY, BYND, LENU.S. stocks are higher early Monday, rising as February bullish momentum persists. In the process, the S&P 500 and Nasdaq Composite have extended respectable breaks to record territory, while the Dow Jones Industrial Average has belatedly broken out, tagging its latest record high Monday.
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