The Asian markets were were up, HK +0.82%, Shanghai +0.09% and Japan +0.31%. Xi asked the U S to stop putting on new tariffs!!!
European markets were up modestly, Euro STOXX +0.46% and DAX +0.38%. The Bundesbank said Germany's its first quarter will be up, but it was not sure it would follow through in the 2nd Q ?
In the U S, Initial Claims were flat at 212,000, remaining at a positive level.
The Philly Fed Index jumped to 15.5 from 3.7. The Prices aid rose to 23 .0 from 3.7, a high for the year.
The (Mis)Leading Indicators fell 0.3. It has been negative 19 of 20 months, not useful.
S&P 500 -11.09, -0.22% at 5,011.12.
A 5,035 opening was followed by a quick dip before a steady rally to 5.055 by 11:30. It rolled over to 5,010 by 1:30. A churn went into the close at 5.011.
There was early enthusiasm with the strong Philly Fed report. Late morning selling set in.
It showed up in the QQQ futures selling. It hit a CTA sell signal level and several large sell program came into force. See below.
The Semi's caused trouble again. The important bellwether ,TSM,reported good earnings, but the orders were soft and there were extra expenses.. Last time it reported it said the orders were strong. It looks like AI orders are strong, but the broad semi spectrum is still correcting inventories.
The DJIA slipped 0.08%. The NASDAQ fell 0.62% and the QQQ 0.57%. The IWM was -0.27%.
WTI was stable at the lower level, $0.05 to 82.10. It seems in limbo until Israel decides what to do. The XOP lost 0.9% and the XLE 0.3%.
The 10 yr T bond rate was up on the Philly Fed report, but softened after Fed Williams said a rate hike was possible if the data indicates so. It ended 5.0 bps higher at 4.635%. The KBWB keeps going up, +0.7%. The XLU was +0.6%.
The VIX was down 1.2% to 18.00. The declines led again, the NYSE 1.05 to 1 and the NASDAQ 1.25 to 1.
The market settled down a bit. There is no data tomorrow. The weekend risk may influence trader buying? Unfortunately, the algorithm funds are selling now in full force!!!
Blub
Jerry