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The Worst Week in Two Years - Market Recap. January 29 - February 2, 2018

JT001

04-Feb-2018 12:35 PM

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     The U.S. market on Monday with Dow Jones drops -180.37 points , S&P 500 -0.68%, IWM -0.56%, and IBB +0.39%. The weakness due to rising rates fears and it's the biggest decline of the year.  The VIX, which measured volatility market rising +23.19% and closing at 13.64.

     Dow Jones in pre-market on Tuesday drops -252 points, S&P 500 -0.48%. Intra-day the Dow Jones plunges -400 points, the worst day for 2018.. As day closed S&P 500 dropped -1.03%, Dow -362.59 points, IWM -0.96% and IYT -1.35%

     Private payrolls grow by 234k vs 185k expected in January and Boeings Co (BA) earnings beat. The State of the Union Speech #SOTUS, The POTUS promised to lower drugs cost and increased infrastructure spending. Dow soars 200 points at the open on Wednesday. The Fed leaves rate unchanged.

     The economy reported: U.S. preliminary Q4 productivity down 0.1% vs 1.0% increase expected.  Initial Jobless Claims 230k vs 238k consensus. Prev 231k. While the Unit Labor Costs (QoQ) 2.0% vs 0.9% expected. The S&P 500 notched its best January performance since 1997. U.S equities rose on Thursday with Dow +37.32 points, it was -200 points pre-market.

     Friday economic data: Nonfarm Payrolls 200k vs 184k estimated,  Private Nonfarm Payrolls 196k vs 180k and Unemployment rate at 4.1%. With the strong job report, market fear of possible high 10-Year yield, the Dow Jones plunges -665.75 points and S&P 500 -2.18%; the level not seen since June 2016 or during Nov 2016 U.S. election night. This was the worst week in two years.

In case you missed Kristin's blog Benchmark Performance before this market correction. The IYT clearly shown the pullback was due https://www.tradersfish.com/blog/blog_detail/154

Monday:

  • WYNN stock took a hit from Steve Wynn resigned as RNC finance chair. Stock drops -9.32% to $163.48
  • AAPL Nikkei reported Apple to cut iPhone X production volume to 20m units in Q1. Stock -2.07% to $167.96
  • NFLX with 5th days running. Up +3.64% closing at $284.59
  • GILD runner ahead of earnings, which is schedule on Feb 06.
  • MXIM with news Japanese chipmaker Renesas is in talks to acquire Maxim, in a deal could approach $20 billion. -CNBC

Tuesday:

  • AMZN, BRK.A JPM, Team up to start new health care.
  • AAPL US probing Apple over updates that slow older phones- Bloomberg
  • AKAO analyst bullish on McPherson facility to be approve by the FDA

Wednesday:

  • BA Q4 EPS $4.80 vs $2.89, revenue $25.4B vs $24.69B
  • SGEN to acquired CASC for $10.00 per share
  • AMD reported Q4 EPS 8c vs 5c. Stock dropped -2% after hours yesterday, but recovery to +6% today

Thursday:

  • EBAY earning report beat
  • BABA reports Q3 adjusted EPS $1.63 vs $1.67, revenue $12.7B vs $12.6B
  • FB strong earning report beat, stock went down -4% after hours and made reversal to +4.46% intra-day trading.
  • ICPT puts boxed warning on Intercept's Ocaliva

Friday:

To all see earning report recap, see our site link https://www.tradersfish.com/Earning

Contact us:

Twitter: @BiotechMoney18 and @TradersFish

Email: JT@TradersFish.com

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