The U.S. markets are stuck in a “range bound” trade as of late with very little movement either to the buy side or sell side and today seems to be no exception. After the Dow closed down yesterday 0.2% and the S&P500 up 1.59 points on the day, both indices have opened trading today slightly to the upside.
US stocks are being pressured early Wednesday with energy shares leading the decline on the heels of disappointing supply data. The American Petroleum Institute released data late Tuesday that showed a weekly increase of 14.2 million barrels of US crude supplies, much higher than the consensus estimate of 2.5 million barrels.
U.S. stocks are reaching new highs today in early trading. Currently the Dow is up 0.4% to 20,136 and the S&P500 is pushing 2,300 points. It’s hard to find a theme today to support the positive direction that the equity markets are heading.
It was a super weekend especially if you are a New England Patriots, but the Super Bowl euphoria hasn’t translated to the markets as we kick off the week of trading. After closing out last week above 20,000 points for the first time since January 27, the Dow has been relatively flat and at times on the negative side here in early trading.
After an up and down week, a strong jobs report have markets moving upward with the Dow once again pushing over the 20,000 point level. New jobs in January exceeded expectations with the biggest gain in four months. January nonfarm payrolls increased by 227,000 where most experts predicted a number closer to 190,000.
After a day where tech giant, Apple pulled the markets higher, today we are seeing investors return to a cautious posture. The Dow finished Wednesday with a modest gain with Apple being the major contributor to the blue-chip index. Today is a different story with both the Dow and S&P500 dipping into negative territory here in the early going.
Markets are ticking higher today on the heels of strong earnings results from tech giant Apple Inc. that were release yesterday. Apple reported better than expected revenues, earnings, and iPhone sales in their fiscal first quarter, surprising most analysts and sparking a rally in technology shares in yesterday’s after market.
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