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Weekly Stocks Market Recap. Feb 26- March 2, 2018

JT001

04-Mar-2018 14:20 PM

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     The New Home Sales number released on Monday were 593k vs 655k estimate. For January, New Home sales -7.8% vs 3.2% . Dow Jones finished+399.28 points, SPY +1.16%, QQQ +1.33%, IBB +0.73%.

     On Tuesday, Fed chair Jerome Powell testifies sees gradual rate hikes amid strong U.S. growth outlook.  Economic data are: Durable Goods Orders (MoM) -3.7% vs -2.4%, Goods Trade Balance -74.40B vs -72.30B, Fed Powell hints of possible 4 rate hikes this year, market pullback after his comment. Dow Jones close -299.24 points, SPY -1.25%, QQQ -1.24%, IBB -1.25%

     Wednesday economic data: Pending Homes Sales (MoM) for January 0.4% vs 0.5% est, GDP for Q4 2.5% vs 2.5% estimate.  GDP Price Index 2.3% vs 2.4% estimate. Pending home sales drop 4.7 % vs 0.4% consensus. Dow Jones closes -381.6 points, SPY -1.10%, IWM -1.53%, IBB -1.83% and QQQ -1.08%, this snap the longest winning streak since 1959. The S&p 500 close the month -3.65%.

     The economy data on Thursday are: Initial Jobless Claims 210k vs 226k est, Personal Income 0.4% vs 0.3%, Continuing Jobless Claims 1.93k vs 1.93k estimate. Powell's testimony no evidence that economy currently overheating.  President Trump added Tariff to all import steels, market react badly with Dow Jones close-424.56 points, SPY --1.45%, IWM -0.31%, QQQ -1.63% and IBB-0.96%. This is the third straight days this week with major indexes closed -1%.

     The market follow through on Friday with Dow Jones -330 points  at the opening bell, SPY -2.02% intraday. Notable during the day small cap biotech leading the rallies, some names are:

  • Puma Biotechnology (PBYI:NASDAQ)
  • Nektar Therapeutics (NKTR:NASDAQ)
  • ChemoCentryx Inc (CCXI:NASDAQ)
  • Intra-Cellular Therapies Inc (ITCI:NASDAQ)
  • Protagonist Therapeutics Inc (PGTX:NASDAQ)
  • Fate Therapeutics Inc (FATE:NASDAQ)

Dow Jones made a recovery from -300+ down day to end -70.92 points, SPY +0.52%, IWM +1.60%, QQQ +0.92% and IBB +2.44%,

These stocks ticker are the notable movers with news this week.

Monday:

  • MDXG investigating MiMedx sales, distribution via Bloomberg
  • OBSV press release of positive data
  • AAPL relative strength due to Warren Buffett added stake in company, they now hold 165.3 million share

Tuesday:

Wednesday:

Thursday:

  • CRM earning report https://www.tradersfish.com/earning/display_table/70
  • DDD preliminary earning release see Q4 NON-gaap eps 3c-5c VS 1c
  • PTLA yesterday's after hours, company stated that FDA indicated it may request a randomized study for AndexXA
  • AGN stock took impact from news that MYL and RVNC collaboration for Botox biosimilar.

Friday:

  • JCP J.C Penney cuts hundreds of jobs and close seven stores in 2018
  • ZSAN issuance of U.S. patent covering M207. (Low float stock)
  • NKTR announced positive update on NKTR-214

Thanks for reading our recap.

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