The Asian markets were mixed, HK -2.61%, Shanghai -0.96% and Japan +0.18%. The CPI in Japan was 2.8% y/y and 3.2% on Core.
European markets were mixed, Euro STOXX -0.42% and DAX +0.15%. The German IFO Business Sentiment survey improved nicely, 87.5 from 84.1.
There were no economic reports in the U S.
S&P 500 -7.35, -0.14% to 5,234.18.
After a 5,241 open, it rolled down to 5,230 by 11 am. A churn into 12:30 turned into a rally to 5,245 by 2 pm. A quick trip to 5,234 reversed to 5,243. Another sharp reversal led to a close at 5,234.
The market had jerky movements up and down. It could not make progress on the downside, but could never sustain a rally. It was a limbo day.
There were some flashy moves. FDX jumped 7% on lower sales, but good profits on cost cuts. A new $45 billion buy back helped. NKE and LULU disappointed on the outlook, each down 7%. TSLA announced cuts in production in China.
The DJIA slid 0.77%. The NASDAQ was up 0.16% and QQQ 0.11%. The IWM skidded 1.27%!!
NVDA was strong again. It made for the gains in the growth indexes. Jensen Huang's presentations were on TV all week in interviews and clips, with his extraordinary perceptions.
WTI slipped $0.44 to 80.63. It was a light news day about oil. The XOP dropped 0.6% and the XLE 0.2%.
The 10 yr T bond rate drifted down 5.1 bps to 4.220%. The KBWB gave back 1.5% after two strong days. The XLU added 0.1%.
The VIX rose 1.1% to 13.06. The declines led today, the NYSE 2.1 to 1 and the NASDAQ 1.8 to 1. The volume was average.
It was a slow day after a dynamic week!!!
Blub
Jerry