5 Stocks Bringing The Market Down
Michael Kramer | Feb 26, 2019 08:24AM ET
- S&P 500 Futures are pointing to a modest decline of 4 points at 7:30 AM
- US 10-Year Treasury: 2.66%
- Oil: $55.55
- VIX: 14,94
- Dollar Index: 96.31
- Japan Nikkei: -0.37%
- China Shanghai: -0.67%
- Hong Kong HSI: -0.65%
- Singapore STI: -0.33%
- South Korea KOSPI: -0.27%
- Australia ASX: -0.94%
- UK FTSE: -1.2%
- German DAX: -0.12%
- Silver: -0.16%
- Platinum: -0.19%
- Copper: +0.36%
- Global markets are modestly lower across the board today, but with the big advances over the past few weeks, it should be no surprise.
- Jerome Powell will speak in front of Congress today and tomorrow.
The pound looks like is nearing a big break out versus the dollar. Could be on its way to 1.42.
United States 2-Year
United States 10-Year
h2 US 10 Year- German 10-Year/h2US 10 Year vs Germany 10 Year Spread
h3 German Government Bonds 10 Year Yield/h3
Get The News You Want
Germany 10-Year
h3 What are the bond markets trying to tell us?/h3Most likely the U.S. bonds are still very attractive compared to global rates and the spreads for U.S bonds got too wide and are now reverting to the mean.
Lower rates are good for PE multiple expansion.
h2 S&P 500 (SPY)/h2The S&P 500 is pointing to a slightly lower opening today certainly nothing horrible. There is a mild level of support around the 2,785 region. At this point, there is nothing to show a down day is the start of anything more severe. I don’t expect today’s sell-off to last. I would not be surprised to see the markets higher by days end.
Caterpillar Inc (NYSE:CAT) was downgraded to a Sell with a $125 price target at UBS today. The stock is trading lower this morning as a result. The downside in the stock now looks relatively limited, with a support level of around $132.
Home Depot Inc (NYSE:HD) is trading slightly lower after it reported weaker than expected fourth quarter results. Support for the stock is now around $182, and a drop below that level opens the door to a steeper decline. Overall the trends in the stock seem healthy, and the outlook Home Depot gave for 2019 sounds strong. I’d be surprised if the stock breaks support.
EXACT Sciences Corporation (NASDAQ:EXAS) is trading higher after Goldman Sachs (NYSE:GS) upgraded the stock to buy from neutral and placed a $120 price target on it.
Sage Therapeutic (NASDAQ:SAGE) priced 3.3 million shares last night at $150. Resistance on the stock is around $165.
Goldman Sachs Group Inc (NYSE:GS) has struggled at the $200 level on many occasions and may be signaling a reversal on is on the way, and return to $183.
Facebook Inc (NASDAQ:FB) is now facing resistance at $166, and I continue to believe this one eventually fills the gap.
Original post
/h2
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.