Markets were mixed today with the SPX slightly down, the DJIA dropping by a larger amount while Nasdaq climbed, especially the technology heavy Nasdaq 100which was up 1.29%. The major gains were in technology stocks.
Prices were down in the materials and financial sectors. Mining companies in particular, were adversely affected by the drop in the price of gold. Traditionally, gold loses value when interest rates are expected to rise. The probable interest rate rise also likely counted for the increase in the dollar for the 2nd day in a row, the biggest in over one year.
Stock prices may also have been affected by the fact that tomorrow is a triple witching day with expiration of options and futures on stocks and indices, including an estimated 2,000,000,000,000 on the SPX.
The 10 year Treasury note dropped by 6 basis points and the yield curve narrowed the most in more than one year.
This evening, US stock futures are up while the Asian markets are mixed.
Initial unemployment claims rose this week for the 1st time in almost 2 months. They were up by 37,002 will level of 412,000, above the expectations of 360,000. However, the 4 week average of 395,000 is the lowest since the pandemic began. Historically, the average dating back to 1967, including both expansions and recessions, is 372,000. The average value in 2019 was 218,000. In April 2020, claims were as high as 6,000,000.
Continuing claims were 3,518,000, slightly up from the previous 3,517,000, but above the expectations of 3,430,000.
Ongoing benefit claims fell by 500,000 to 14,800,000. This is 50% lower than one year ago but still well above the pre-pandemic levels.
There are no major economic releases scheduled for June 18.
The SP 500 dropped by 1.31% to close at 4166.45. The index has been down 1.91% over five days, up 0.25% over one month, up 6.47% over three months and up 34.50% over one year.
The trailing P/E is 37.39 compared with 26.28 one year ago and estimated future P/E 22.47. Dividend yield is currently 1.36 compared with 2.00 one year ago.
Leading stocks were LEN up 3.72%, ADBE up 2.58%, ENPH up 2.38%, GNRC up 1.97% and ABMD up 1.91%.
Trailing stocks were GL down 5.97%, BKR down 5.46%, FMC down 5.05%, LNC down 4.77% and STT down 4.75%.
The Dow Jones industrial Average was down 1.58% to close at 33290.08. The DOW is down 3.45% over five days, down 2.68% over one month, up 2.03% over three months and up 28.76% over one year.
The trailing P/E is 29.02 compared with 22.06 year ago and an estimated future P/E of 20.27.
The current dividend yield is 1.84% compared with 2.48 one year ago.
Leading stocks were HD down 0.17%, CAT DOWN 0.28%, NKE down 0.51%, MSFT down 0.56% and CRM down 0.68%.
Trailing stocks were CVX down 3.77%, WBA down 3.73%, GS down 3.50%, TRV down 2.76% and INTC down 2.64%.
The NASDAQ composite is down 0.87% and closed at 14161.35. NASDAQ has been up 1.01% over five days, up 4.62% over one month, up 7.97% over 3 months and up 42.42% over one year.
Leading stocks were MTP up 44.61%, JFU up 27.35%, APOP up 26.91%, SNPX up 25.06% and ENTX up 24.76%
Trailing stocks were UTME down 72.59%, CVAC down 38.99%, VINO down 24.56%, UONE down 22.82% and NOVN down 21.66%.
The MidCap SP400 dropped 1.60% to close at 2663.04. The SP400 has been down 2.48% for the past 5 days, down 0.76% for the past month, up 1.91% for the past 3 months and up 48.54% over the past year.
Leading stocks were RUN up 9.28%, HAE up 6.51% and SEDG up 6.31%.
Trailing stocks were X down 7.67%, TRN down 7.56% and ADS down 7.24%.
The SmallCap SP600 was down 1.84% to close at 1364.06. The SP600 has dropped 1.35% for the past 5 days, up 1.96% for the past month, up 0.99% for the past 3 months and up 64.48% over the past year.
Leading stocks were PNTG up 6.29%, OSPN up 4.25% and TRHC up 4.20%.
Trailing stocks were RES down 10.29%, PARR down 9.75% and PUMP down 9.26%.
The CBOE VIX was down 2.20% and closed at 17.75. The VIX is up 10.25% over five days, down 14.13% over one month, down 17.75% over three months and down 46.11% over one year.
On the New York stock exchange 1158 stocks advanced and 2152 declined, while on Nasdaq 1881 advanced and 2397 declined.
There were 141 new 52 week highs and 25 new 52 week lows on NYSE with 120 new highs and 36 new lows on NASDAQ.
The 2 year Treasury note yield is 0.22% and 10 year is 1.51%. The 10 year yield was up 7.00% over five days, down 11.3% over one month, down 20.1% three months ago, and up 80.2% one year ago.
SP500 Sector Performance % change
Information Technology + 1.17
Health Care + 0.79
Consumer Discretionary + 0.60
Communication Services + 0.57
Utilities + 0.49
Consumer Staples + 0.37
Real Estate + 0.34
Industrials - 1.55
Materials - 2.20
Financials - 2.94
Energy - 3.49
Information Technology has been up 1.60% over five days, up 4.73% over one month, up 10.38% over three months and up 39.16% over one year.
Energy has been down 2.73% over five days, up 3.74% over one month, up 9.09% over three months and up 33.92% over one year.