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 Post subject: March 1st Thursday Price Action Trade Result Profit $9637.50
PostPosted: Fri Mar 02, 2018 7:11 am 
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The Market at 04:30PM ET
Dow: -420.22… | Nasdaq: -92.45… | S&P: -36.16…
NASDAQ Vol: 2.5 bln… Adv: 1212… Dec: 1724…
NYSE Vol: 1.04 bln… Adv: 1186… Dec: 1754…

Moving the Market

Selling momentum following back-to-back losses and yesterday's breaching of the S&P 500's 50-day simple moving average

President Trump announces tariffs on steel and aluminum imports, effective next week

Sector Watch
Strong: Energy, Consumer Staples, Utilities, Telecom Services, Real Estate
Weak: Financials, Industrials, Technology, Health Care

04:30PM ET

[BRIEFING.COM] Stocks tumbled for the third day in a row on Thursday, with the major averages losing between 1.3% and 1.7%.

The market kept close to its flat line for the first half of Thursday's session as investors debated their next move following Wednesday's breaching of the S&P 500's 50-day simple moving average. Stocks started slipping in the early afternoon, but began a decisive retreat not long after President Trump announced new tariffs on steel and aluminum imports. The tariffs, which are 25% for steel imports and 10% for imported aluminum, prompted concerns about higher prices and a potential retaliation from China and other countries.

Steel names U.S. Steel (X 46.01, +2.50), AK Steel (AKS 5.65, +0.49), Nucor (NUE 67.53, +2.13), and Steel Dynamics (STLD 48.10, +1.85) outperformed following the news, adding between 3.3% and 9.5%, while aluminum producer Century Aluminum (CENX 20.48, +1.43) spiked 7.5%.

However, automakers reacted negatively to the tariffs, which will likely weigh on their profit margins. General Motors (GM 37.79, -1.56), Ford Motor (F 10.29, -0.32), and Fiat Chrysler (FCAU 20.59, -0.60) dropped between 2.8% and 4.0%, while Toyota Motor (TM 130.39, -4.21) and Honda Motor (HMC 35.12, -0.97) lost 3.1% and 2.7%, respectively. Automakers also reported U.S. sales for February on Thursday, which, for the most part, declined year over year.

Looking at the broader market, 11 of 11 S&P 500 sectors finished Thursday in negative territory, with six settling with losses of at least 1.0%. The heavily-weighted financials (-1.9%), industrials (-1.9%), technology (-1.7%), and health care (-1.6%) sectors, which represent around 65.0% of the broader market combined, were the weakest performers. Conversely, the energy (-0.2%), utilities (-0.1%), and telecom services (-0.3%) sectors held up relatively well.

Stocks bounced back a bit in the final hour of trading, leaving the major averages a ways above their worst marks of the day; at their session lows, the S&P 500, the Nasdaq, and the Dow held losses between 2.0% and 2.3%. The small-cap Russell 2000 showed relative strength on Thursday, losing just 0.3%.

In Washington, Fed Chairman Jerome Powell wrapped up his first semiannual monetary policy testimony on Thursday with an appearance before the Senate Banking Committee, but he didn't really provide investors with any new information. The market still projects three rate hikes for 2018, but a fourth hike is certainly on the table; according to the CME FedWatch Tool, the chances of a fourth hike currently sit at 28.1%, down slightly from 31.9% on Wednesday.

The U.S. Treasury market recorded its second consecutive day of gains on Thursday, pushing yields lower across the curve. The yield on the benchmark 10-yr note dropped seven basis points to 2.80%, which puts it 15 basis points below the four-year high it touched last week. Meanwhile, the 2-yr yield dropped six basis points to 2.20%.

In currencies, the U.S. Dollar Index retreated from a six-week high, dropping 0.4% to 90.22.

Reviewing Thursday's economic data, which included Personal Income and Spending for January, the PCE Price Index and the core PCE Price Index for January, weekly Initial Claims, the ISM Index for February, and Construction Spending for January:

Personal income climbed 0.4% in January (Briefing.com consensus +0.3%) following an unrevised increase of 0.4% in December. Meanwhile, personal spending rose 0.2% in January (Briefing.com consensus +0.2%) following an unrevised increase of 0.4% in December.
The PCE Price Index increased 0.4% in January (Briefing.com consensus +0.4%), while the core PCE Price Index, which excludes food and energy, increased 0.3% (Briefing.com consensus +0.3%). Year-over-year, the core PCE Price Index is up 1.5%, unchanged from the last two readings.
The key takeaway from the report is that it won't shift the prevailing perspective that the Fed is expected to raise the fed funds rate at least three times this year.
The latest weekly initial jobless claims count totaled 210,000, while the Briefing.com consensus expected a reading of 227,000. Today's tally was below the revised prior week count of 220,000 (from 222,000). As for continuing claims, they rose to 1.931 million from a revised count of 1.874 million (from 1.875 million).
The trend in initial claims, which held below 300,000 for the 156th straight week, will support the Fed's thinking that tight labor markets should ultimately invite a pickup in wage inflation.
The ISM Index for February climbed to 60.8 from an unrevised reading of 59.1 in January, while the Briefing.com consensus expected a reading of 58.4.
The key takeaway is that the Prices Index hit its highest level since May 2011. That will feed into fears about manufacturers passing through higher input costs to their customers, which will buttress inflation expectations.
Construction Spending was flat in January (0.0%), while the Briefing.com consensus expected an increase of 0.3%. The prior month's increase was raised to 0.8% from 0.7%.
The key takeaway from the report is that construction spending growth continues to run at a relatively slow pace, which is an inhibitor of stronger overall growth.

On Friday, investors will receive the final reading of the University of Michigan Consumer Sentiment Index for February (Briefing.com consensus 99.5) at 10:00 AM ET.

Nasdaq Composite: +4.0% YTD
S&P 500: +0.2% YTD
Dow Jones Industrial Average: -0.5% YTD
Russell 2000: -1.8% YTD

Dow: -420.22… | Nasdaq: -92.45… | S&P: -36.16…
NASDAQ Adv/Dec 1212/1724. …NYSE Adv/Dec 1186/1754.

03:40PM ET
[BRIEFING.COM]

Overall, commodities, as measured by the Bloomberg Commodity Index, are up 0.1% at 88.2028
Dollar index is currently -0.4% at 90.22
Energy:
Mar WTI crude settled the day -$0.61 at $61.00/barrel on the day
In other energy, Mar natural gas settled +$0.02 at $2.69/MMBtu, following the release of the week EIA natural gas storage data
Metals:
Apr gold settled -$12.60 at $1305.10/oz, while Mar silver lost $0.14 to $16.27/oz
Mar copper dropped $0.06 to $3.13/lb
Ag
Mar corn rose $0.04 at $3.86/bu today, while Mar soybeans gained $0.13 at $10.68/bu and Mar wheat rose $0.23 at $5.16/bu.

Dow: -430.40… | Nasdaq: -101.21… | S&P: -37.94…
NASDAQ Adv/Dec 1156/1772. …NYSE Adv/Dec 1110/1814.

03:00PM ET

[BRIEFING.COM] The major averages are trading near their session lows moving into the final stretch, showing losses between 1.6% and 2.0%.

All 11 of the S&P 500 sectors are trading in the red, with seven groups holding losses of at least 1.0%. The financials (-2.1%), industrials (-2.2%), technology (-2.0%), and health care (-2.0%) groups are the weakest sectors, while the energy (-0.3%), utilities (-0.4%), and telecom services (-0.5%) groups show relative strength.

Looking ahead, high-end retailer Nordstrom (JWN 49.92, -1.39) will deliver its Q4 results following today's closing bell. CNBC reported last week that the Nordstrom family is aiming to seal a deal to take the company private ahead of tonight's earnings, but the NY Post reported last night that the family is struggling to line up the financing for said deal.
Dow: -496.16… | Nasdaq: -107.23… | S&P: -43.29…
NASDAQ Adv/Dec 912/988. …NYSE Adv/Dec 1066/1846.

02:35PM ET

[BRIEFING.COM] The S&P 500 broke its 50-day simple moving average yesterday, but still remains about 100 points above its 200-day simple moving average (2560) after losing more than 100 points since Monday.

Technology names have been under heavy pressured today; the tech-heavy Nasdaq Composite (7153.57, -111.44, -1.6%) gave up the 7200 level earlier today. The iShares PHLX Semiconductor ETF (SOXX 180.71, -4.17, -2.3%) shows particular weakness as names like NVIDIA (NVDA 230.17, -11.83), Micron (MU 47.19, -1.62), and Intel (INTC 47.75, -1.54) hold losses worse than 3.0%.

In currencies, the US dollar has weakened against the yen today (106.40, -0.27, -0.25%), approaching mid-February levels near 106.12 in recent action. Economic data earlier today in Japan saw better than expected February Manufacturing PMI and Capital Spending readings.
Dow: -539.75… | Nasdaq: -123.08… | S&P: -49.62…
NASDAQ Adv/Dec 824/1192. …NYSE Adv/Dec 969/1944.

02:05PM ET

[BRIEFING.COM] The major averages have ticked lower since the last update, extending their already sizable declines; all three indices now hold losses of at least 1.5%, with the Dow Jones Industrial Average (-1.7%) showing particular weakness. The blue-chip average has lost more than 1000 points over the last three sessions.

In commodities, gold futures for April delivery settled pit trading at a two-month low, closing lower by $12.70 (or 1.0%) at a price of $1305.20/ozt. The SPDR Gold Shares ETF (GLD 123.77, -1.23) is down for the third session in a row, showing a loss of 0.9%.
Dow: -389.05… | Nasdaq: -123.09… | S&P: -34.58…
NASDAQ Adv/Dec 833/1358. …NYSE Adv/Dec 1020/1896.

01:35PM ET

[BRIEFING.COM] The major U.S. indices have continued to slide lower in afternoon trading with stocks setting fresh session lows since our last update.

A look inside the Dow Jones Industrial Average shows that United Technologies (UTX 131.08, -3.66), Boeing (BA 353.16, -9.05), & Intel (INTC 48.23, -1.06) are underperforming. United Technologies is leading the Dow lower as shares pullback in the wake of yesterday's outperformance on reports that activist investor Bill Ackman has been building a position.

Conversely, Verizon (VZ 48.23, +0.49) is the best-performing Dow component as telecoms display relative strength, becoming a safe haven in today's broader market sell-off.

For the week, the DJIA is now down 2.3%.
Dow: -342.98… | Nasdaq: -70.49… | S&P: -26.49…
NASDAQ Adv/Dec 1142/1173. …NYSE Adv/Dec 1307/1595.

01:05PM ET

[BRIEFING.COM] Stocks have been struggling for direction today following sizable back-to-back losses. The major averages are currently trading near their session lows, showing losses of around 0.6% apiece, but have spent much of the day trading near their unchanged marks. The small-cap Russell 2000 has outperformed and is currently up 0.4%.

Trading has been fairly volatile today, helping to fuel a 10.2% jump in the CBOE Volatility Index (VIX 21.87, +2.02).

Fed Chairman Jerome Powell wrapped up his semiannual monetary policy testimony with an appearance before the Senate Banking Committee today, but his comments didn't have much impact on the markets. Mr. Powell stayed on script, providing little to no new information for investors. The Fed plans to stay on a path of gradual rate hikes, and the market is calling for three rate hikes this year, although a fourth rate hike is certainly on the table; the chances of a fourth hike are currently at 34.9%, according to the CME FedWatch Tool.

Meanwhile, at the White House, President Trump recently announced that he will be imposing tariffs of 10% and 25%, respectively, on aluminum and steel imports. Steel names like U.S. Steel (X 46.87, +3.33) and AK Steel (AKS 5.79, +0.64) are up 7.9% and 12.4%, respectively, while aluminum names like Century Aluminum (CENX 21.20, +2.14) and Alcoa (AA 46.11, +1.11) sport respective gains of 10.9% and 2.5%. The VanEck Vectors Steel ETF (SLX 50.26, +1.06) is up 2.2%.

Nine of eleven S&P 500 sectors are trading in the red this afternoon, but losses have been limited; no group holds a loss of more than 0.8% and most sectors are down 0.5% or less. The health care (-0.7%) and technology (-0.6%) sectors are the worst performers, while the energy (+0.4%) and telecom services (+0.4%) sectors are the strongest.

In the bond market, U.S. Treasuries are rallying today, leaving yields below yesterday's closing levels; the benchmark 10-yr yield is down two basis points at 2.85%.

Reviewing Thursday's economic data, which included Personal Income and Spending for January, the PCE Price Index and the core PCE Price Index for January, weekly Initial Claims, the ISM Index for February, and Construction Spending for January:

Personal income climbed 0.4% in January (Briefing.com consensus +0.3%) following an unrevised increase of 0.4% in December. Meanwhile, personal spending rose 0.2% in January (Briefing.com consensus +0.2%) following an unrevised increase of 0.4% in December.
The PCE Price Index increased 0.4% in January (Briefing.com consensus +0.4%), while the core PCE Price Index, which excludes food and energy, increased 0.3% (Briefing.com consensus +0.3%). Year-over-year, the core PCE Price Index is up 1.5%, unchanged from the last reading.
The key takeaway from the report is that it won't shift the prevailing perspective that the Fed is expected to raise the fed funds rate at least three times this year.
The latest weekly initial jobless claims count totaled 210,000, while the Briefing.com consensus expected a reading of 227,000. Today's tally was below the revised prior week count of 220,000 (from 222,000). As for continuing claims, they rose to 1.931 million from a revised count of 1.874 million (from 1.875 million).
The trend in initial claims, which held below 300,000 for the 156th straight week, will support the Fed's thinking that tight labor markets should ultimately invite a pickup in wage inflation.
The ISM Index for February climbed to 60.8 from an unrevised reading of 59.1 in January, while the Briefing.com consensus expected a reading of 58.4.
The key takeaway is that the Prices Index hit its highest level since May 2011. That will feed into fears about manufacturers passing through higher input costs to their customers, which will buttress inflation expectations.
Construction Spending was flat in January (0.0%), while the Briefing.com consensus expected an increase of 0.3%. The prior month's increase was raised to 0.8% from 0.7%.
The key takeaway from the report is that construction spending growth continues to run at a relatively slow pace, which is an inhibitor of stronger overall growth.

Dow: -263.54… | Nasdaq: -63.22… | S&P: -23.71…
NASDAQ Adv/Dec 1122/1293. …NYSE Adv/Dec 1307/1567.

12:30PM ET

[BRIEFING.COM] Stocks have been ticking lower as of late, with the S&P 500 extending its loss to 0.4%.

Fed Chairman Jerome Powell wrapped up his semiannual testimony on an uneventful note earlier today, following up his Tuesday appearance before the House Financial Services Committee with an appearance before the Senate Banking Committee. Mr. Powell's appearance didn't have much impact on the markets, but it's worth noting that the Fed Chairman said there is nothing to suggest wage inflation is at the point of acceleration.

In Europe, equity indices finished Thursday on a solidly lower note, losing between 0.8% and 2.0%. For the week, the Euro Stoxx 50 is down 1.4%.
Dow: -106.66… | Nasdaq: -23.78… | S&P: -10.11…
NASDAQ Adv/Dec 1447/1094. …NYSE Adv/Dec 1581/1270.

11:55AM ET

[BRIEFING.COM] Equity indices haven't shifted much since the last update. The S&P 500 is up 0.1%.

The energy sector (+1.0%) is among the top-performing groups today, even though the price of crude oil has declined; WTI crude futures are down 0.6% at $61.26 per barrel, hovering at a two-week low. Dow components Exxon Mobil (XOM 76.31, +0.57) and Chevron (CVX 113.25, +1.31) sport respective gains of 0.8% and 1.1%.

However, for the year, the energy sector is among the weakest spaces, showing a loss of 7.2%; for comparison, the S&P 500 is up 1.6% year to date.

10 of 11 S&P 500 sectors are higher this morning, but outside of energy and telecom services (+1.0%), none are up more than 0.4%.
Dow: +26.71… | Nasdaq: +12.51… | S&P: +4.57…
NASDAQ Adv/Dec 1596/1036. …NYSE Adv/Dec 1724/1109.

11:30AM ET

[BRIEFING.COM] The major averages are trading near their recent levels, hovering a tick below their unchanged marks.

In Washington, CNBC is reporting that President Trump will probably not announce new tariffs on steel and aluminum imports today, contradicting earlier reports that the president would be announcing said tariffs at a meeting this morning. The VanEck Vectors Steel ETF (SLX 49.49, +0.28) is still up, but has trimmed its gain to 0.6% from 2.1%.

Meanwhile, in the bond market, U.S. Treasuries are trading higher today, leaving yields below yesterday's closing levels. The benchmark 10-yr yield has slipped to 2.85% after closing at 2.87% on Wednesday, and the 2-yr yield has dropped one basis point to 2.25%.
Dow: -6.22… | Nasdaq: -8.71… | S&P: -2.11…
NASDAQ Adv/Dec 1386/1256. …NYSE Adv/Dec 1555/1251.

10:55AM ET

[BRIEFING.COM] Stocks have bounced back into positive territory after spending almost all of the first hour of trading in the red. The S&P 500 is up 0.1%, which places it near the center of its trading range; the benchmark index was down 0.5% at its worst mark of the day and up 0.6% at its best.

Fed Chairman Jerome Powell is answering questions from the Senate Banking Committee this morning in part two of his semiannual testimony; Mr. Powell testified before the House Financial Services Committee on Monday. The recent climb in the equity market followed Mr. Powell's acknowledgment that there is no strong evidence of an acceleration in wages.

Eight of eleven S&P 500 sectors are trading in the green, but no group is up more than 0.9%. The technology (-0.1%), health care (-0.2%), and materials (-0.1%) sectors are the three decliners.
Dow: +2.27… | Nasdaq: -6.25… | S&P: +0.23…
NASDAQ Adv/Dec 1332/1321. …NYSE Adv/Dec 1518/1271.

10:40AM ET

[BRIEFING.COM] Commodities begin the day lower:

Overall, commodities, as measured by the Bloomberg Commodity Index, is -0.3% at 87.8855
Dollar index is currently up 0.1% at 90.66
Apr WTI crude is in the red this morning with futures are down $1.23 at $60.41/barrel
In other energy: Apr natural gas is +$0.01 at $2.675/MMBtu, following a temporary spike post-EIA data
The EIA reported a draw of 78 bcf vs a draw of 124 bcf in the prior week
Metals:
Apr gold -$7.30 at $1310.60/oz, while Mar silver is -$0.07 at $16.25/oz
Mar copper is now $+0.01 to $3.14/lb
Finally, agriculture: Mar corn is -$0.03 at $3.82/bu.

Dow: +111.50… | Nasdaq: +23.49… | S&P: +12.55…
NASDAQ Adv/Dec 1532/1166. …NYSE Adv/Dec 1783/1004.

10:05AM ET

[BRIEFING.COM] The major averages are a step below their flat lines, with the S&P 500 showing a loss of 0.2%.

Just in, the ISM Index for February climbed to 60.8 from an unrevised reading of 59.1 in January, while the Briefing.com consensus expected a reading of 58.4.

Separately, Construction Spending was flat in January (0.0%), while the Briefing.com consensus expected an increase of 0.3%. The prior month's increase was raised to 0.8% from 0.7%.
Dow: -67.92… | Nasdaq: -38.61… | S&P: -6.51…
NASDAQ Adv/Dec 1035/1664. …NYSE Adv/Dec 1190/1529.

09:40AM ET

[BRIEFING.COM] The major averages are a tick below yesterday's closing levels.

Sector movement has been limited in the opening minutes. The technology (+0.1%), energy (+0.1%), and utilities (+0.5%) sectors show relative strength, while the industrials (-0.4%), health care (-0.4%), and real estate (-0.5%) groups show relative weakness.

As a reminder, the ISM Manufacturing Index for February (Briefing.com consensus 58.4) and Construction Spending for January (Briefing.com consensus +0.3%) will be released at 10:00 AM ET.
Dow: -80.63… | Nasdaq: -8.62… | S&P: -3.98…
NASDAQ Adv/Dec 1124/1496. …NYSE Adv/Dec 1134/1457.

09:16AM ET
[BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +21.50.

Equity futures have strengthened since the release of the core PCE Price Index for January, which showed a month-over-month increase of 0.3%, as expected. The S&P 500 futures are currently trading four points, or 0.1%, above fair value, but were down eight points, or 0.3%, ahead of the PCE release.

The core PCE Price Index is the Fed's preferred measure of inflation. The U.S. central bank has set a 2.0% year-over-year target for the index, but the January reading shows that the index is up just 1.5% year-over-year for the third consecutive month. That's helped to ease rate-hike concerns this morning.

Investors also received several other pieces of economic data this morning:

Personal income climbed 0.4% in January (Briefing.com consensus +0.3%) following an unrevised increase of 0.4% in December. Meanwhile, personal spending rose 0.2% in January (Briefing.com consensus +0.2%) following an unrevised increase of 0.4% in December.
The latest weekly initial jobless claims count totaled 210,000 (the lowest reading since December 6, 1969), while the Briefing.com consensus expected a reading of 227,000. Today's tally was below the revised prior week count of 220,000 (from 222,000). As for continuing claims, they rose to 1.931 million from a revised count of 1.874 million (from 1.875 million).

Today's last economic reports, the ISM Manufacturing Index for February (Briefing.com consensus 58.4) and Construction Spending for January (Briefing.com consensus +0.3%), will be released at 10:00 AM ET. In addition, auto and truck sales for the month of February will be released throughout the day.

In Washington, Fed Chairman Jerome Powell will resume his semiannual testimony on monetary policy at 10:00 AM ET this morning, this time in front of the Senate Banking Committee. Mr. Powell spoke before the House Financial Services Committee on Tuesday, noting that his economic projections have increased since the December FOMC meeting.

Meanwhile, at the White House, President Trump is expected to announce tariffs on aluminum and steel imports today.

U.S. Treasuries are rallying this morning, pushing yields lower across the curve. The yield on the 10-yr note is down three basis points at 2.84%, while the yield on the 2-yr note is down one basis point at 2.26%. Treasuries had a largely muted reaction to this morning economic data.

In earnings news, Monster Beverage (MNST 58.15, -5.22, -8.2%) and L Brands (LB 45.65, -3.76, -7.6%) are down in pre-market trading after disappointing results/guidance, while Salesforce (CRM 120.80, +4.52, +3.9%), Best Buy (BBY 74.13, +1.71, +2.4%), and Kohl's (KSS 66.39, +0.25, +0.4%) are up after beating profit estimates.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +10.00.

The S&P 500 futures are trading one point below fair value.

Equity indices in the Asia-Pacific region ended Thursday on a mixed note. China's Caixin Manufacturing PMI (51.6; expected 51.3) climbed to a six-month high even though the official Manufacturing PMI reading declined. Aluminum and steel producers underperformed in China amid growing speculation that President Trump may announce tariffs on aluminum and steel imports today. Elsewhere, Bank of Japan member Goushi Kataoka called on the central bank to maintain its aggressive easing stance. The CEO of SK Telecom talked about Nokia's development of a new wearable technology, called "The Sleeve."

In economic data:
China's February Caixin Manufacturing PMI 51.6 (expected 51.3; last 51.5)
Japan's February Manufacturing PMI 54.1 (expected 54.0; last 54.0), Q4 Capital Spending +4.3% year-over-year (expected 3.1%; last 4.2%), and February Household Confidence 44.3 (expected 44.9; last 44.7)
Australia's Q4 Private New Capital Expenditure -0.2% quarter-over-quarter (expected 0.9%; last 1.9%). February AIG Manufacturing Index 57.5 (last 58.7)
New Zealand's Q4 Terms of Trade Index +0.8% quarter-over-quarter (expected 0.5%; last 0.7%)

---Equity Markets---

Japan's Nikkei lost 1.6% amid broad weakness. Pacific Metals, Hitachi Construction, Sumitomo Metal Mining, Okuma, Komatsu, Isuzu Motors, Toho Zinc, Dentsu, Kobe Steel, Yokohama Rubber, and Mitsubishi Heavy Industries posted losses between 2.7% and 5.3%.
Hong Kong's Hang Seng climbed 0.7%. Property names had a solid showing with Sino Land, Link Reit, New World Development, Wharf Holdings, Hang Lung Properties, SHK Properties, Henderson Land, and Wharf Real Estate posted gains between 1.0% and 4.1%.
China's Shanghai Composite rose 0.4%. Kunwu Jiuding Investment Holdings, Insigma Technology, Shanghai Baosight Software, Shanghai East-China Computer, China National Software & Service, and Inspur Software rose between 8.2% and 10.0%.
India's Sensex shed 0.4%. Financials were among the laggards with ICICI Bank, SBI, AXIS Bank, HDFC Bank, and Yes Bank falling between 0.5% and 2.6%. Tech consultants Infosys and Wipro lost 1.2% and 0.3%, respectively, while Tata Consultancy ended flat.

Major European indices trade lower across the board with Germany's DAX (-1.4%) showing relative weakness. CDU leader Horst Seehofer said that a new election should be held in Germany if SPD votes against forming a coalition with CDU/CSU. SPD is expected to make a decision this weekend, and a degree of uncertainty remains, considering a recent poll showed SPD falling behind AfD, with SPD's support dropping to 15.5% while AfD is now polling at 16.0%. Brexit-related reports have supported the theory that the European Union is making the process as difficult as possible to prevent the UK from making a hard break with the single market.

In economic data:
Eurozone February Manufacturing PMI 58.6 (expected 58.5; last 58.5)
Germany's February Manufacturing PMI 60.6 (expected 60.3; last 60.3)
UK's February Manufacturing PMI 55.2 (expected 55.1; last 55.3). January BoE Consumer Credit GBP1.36 billion (expected GBP1.40 billion; last GBP1.58 billion). January Mortgage Approvals 67,480 (expected 62,000; last 61,690). February Nationwide HPI +2.2% year-over-year (expected 2.6%; last 3.2%)
France's February Manufacturing PMI 55.9 (expected 56.1; last 56.1)
Italy's February Manufacturing PMI 56.8 (expected 57.9; last 59.0) and January Unemployment Rate 11.1% (expected 10.8%; last 10.9%)
Spain's Q4 GDP +0.7% quarter-over-quarter, as expected (last 0.7%); +3.1% year-over-year, as expected (last 3.1%). February Manufacturing PMI 56.0 (expected 54.8; last 55.2)
Swiss January Retail Sales -1.4% year-over-year (expected 1.1%; last 0.7%). February SVME PMI 65.5 (expected 64.0; last 65.3)

---Equity Markets---

UK's FTSE has given up 0.7%. WPP has slid 13.2% after reporting its worst results since the financial crisis while miners like Fresnillo, Rio Tinto, Glencore, and BHP Billiton show losses between 1.5% and 3.2%. Consumer stocks like ITV, Kingfisher, InterContinental Hotels, and Sainsbury are down between 1.7% and 2.8%.
France's CAC is down 0.9% with Carrefour diving 5.8% in response to disappointing results. Publicis Groupe, L'Oreal, Accor, Pernod Ricard, and Louis Vuitton hold losses between 1.1% and 4.7%.
Germany's DAX trades lower by 1.4%. Prosiebensat, Beiersdorf, Merck, Adidas, SAP, Deutsche Bank, Volkswagen, Daimler, and BASF have given up between 1.6% and 3.8%.


08:35AM ET
[BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -0.80.

The S&P 500 futures are trading six points, or 0.2%, below fair value.

Just in, personal income climbed 0.4% in January (Briefing.com consensus +0.3%) following an unrevised increase of 0.4% in December. Meanwhile, personal spending rose 0.2% in January (Briefing.com consensus +0.2%) following an unrevised increase of 0.4% in December.

The PCE Price Index increased 0.4% in January (Briefing.com consensus +0.4%), while the core PCE Price Index, which excludes food and energy, increased 0.3% (Briefing.com consensus +0.3%). Year-over-year, the core PCE Price Index is up 1.5%, unchanged from the last reading.

Separately, the latest weekly initial jobless claims count totaled 210,000, while the Briefing.com consensus expected a reading of 227,000. Today's tally was below the revised prior week count of 220,000 (from 222,000). As for continuing claims, they rose to 1.931 million from a revised count of 1.874 million (from 1.875 million).

08:05AM ET
[BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -12.80.

The stock market looks poised to extend its two-session skid this morning as the S&P 500 futures are trading nine points, or 0.3%, below fair value. The S&P 500 is down 1.2% for the week and finished Wednesday's session about 20 points, or 0.7%, below its 50-day simple moving average (2736) following a sharp sell off in the final hour of trading.

Fed Chairman Jerome Powell will resume his semiannual testimony on monetary policy this morning, this time in front of the Senate Banking Committee, after noting before the House Financial Services Committee on Tuesday that his economic projections have increased since the December FOMC meeting. That comment was credited for Tuesday's sell off as it prompted speculation that the Fed might hike rates four times this year, one more than the Fed forecasted at its December meeting. Mr. Powell will begin speaking at 10:00 AM ET.

The January reading of the core PCE Price Index (Briefing.com consensus +0.3%), which is the Fed's preferred measure of inflation, will be released at 8:30 AM ET alongside the Personal Income (Briefing.com consensus +0.3%) and Personal Spending (Briefing.com consensus +0.2%) reports for January and weekly Initial Claims (Briefing.com consensus 227K).

In addition, both the ISM Manufacturing Index for February (Briefing.com consensus 58.4) and Construction Spending for January (Briefing.com consensus +0.3%) will be released at 10:00 AM ET, and auto and truck sales for February will be released throughout the day.

Meanwhile, U.S. Treasury yields are lower this morning, with the benchmark 10-yr yield dropping four basis points to 2.83%, and the U.S. Dollar Index is up 0.2% at 90.81, which marks its highest level in seven weeks. Also of note, WTI crude futures are down 0.8% at $61.11 per barrel, their lowest level in more than two weeks.

In U.S. corporate news:

Monster Beverage (MNST 58.00, -5.37): -8.5% after missing Q4 earnings and revenue estimates.
AK Steel (AKS 5.51, +0.36): +6.9% amid speculation that President Trump will announce tariffs on aluminum and steel imports today.
L Brands (LB 46.25, -3.16): -6.4% after lowering its profit guidance.
Best Buy (BBY 76.27, +3.85): +5.3% after beating Q4 earnings and revenue estimates and issuing upbeat guidance for FY19.
Newell Brands (NWL 27.30, +1.62): +6.3% after a NY Post report that activist investor Carl Icahn has recently built a stake in the company.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a mixed note. Japan's Nikkei -1.6%, Hong Kong's Hang Seng +0.7%, China's Shanghai Composite +0.4%, India's Sensex -0.4%.
In economic data:
China's February Caixin Manufacturing PMI 51.6 (expected 51.3; last 51.5)
Japan's February Manufacturing PMI 54.1 (expected 54.0; last 54.0), Q4 Capital Spending +4.3% year-over-year (expected 3.1%; last 4.2%), and February Household Confidence 44.3 (expected 44.9; last 44.7)
Australia's Q4 Private New Capital Expenditure -0.2% quarter-over-quarter (expected 0.9%; last 1.9%). February AIG Manufacturing Index 57.5 (last 58.7)
New Zealand's Q4 Terms of Trade Index +0.8% quarter-over-quarter (expected 0.5%; last 0.7%)
In news:
China's Caixin Manufacturing PMI (51.6; expected 51.3) climbed to a six-month high even though the official Manufacturing PMI reading declined.
Aluminum and steel producers underperformed in China amid growing speculation that President Trump may announce tariffs on aluminum and steel imports today.
Bank of Japan member Goushi Kataoka called on the central bank to maintain its aggressive easing stance.
The CEO of SK Telecom talked about Nokia's development of a new wearable technology, called "The Sleeve."

Major European indices trade lower across the board. UK's FTSE -0.8%, France's CAC -1.0%, Germany's DAX -1.5%.
In economic data:
Eurozone February Manufacturing PMI 58.6 (expected 58.5; last 58.5)
Germany's February Manufacturing PMI 60.6 (expected 60.3; last 60.3)
UK's February Manufacturing PMI 55.2 (expected 55.1; last 55.3). January BoE Consumer Credit GBP1.36 billion (expected GBP1.40 billion; last GBP1.58 billion). January Mortgage Approvals 67,480 (expected 62,000; last 61,690). February Nationwide HPI +2.2% year-over-year (expected 2.6%; last 3.2%)
France's February Manufacturing PMI 55.9 (expected 56.1; last 56.1)
Italy's February Manufacturing PMI 56.8 (expected 57.9; last 59.0) and January Unemployment Rate 11.1% (expected 10.8%; last 10.9%)
Spain's Q4 GDP +0.7% quarter-over-quarter, as expected (last 0.7%); +3.1% year-over-year, as expected (last 3.1%). February Manufacturing PMI 56.0 (expected 54.8; last 55.2)
Swiss January Retail Sales -1.4% year-over-year (expected 1.1%; last 0.7%). February SVME PMI 65.5 (expected 64.0; last 65.3)
In news:
CDU leader Horst Seehofer said that a new election should be held in Germany if SPD votes against forming a coalition with CDU/CSU. SPD is expected to make a decision this weekend, and a degree of uncertainty remains, considering a recent poll showed SPD falling behind AfD, with SPD's support dropping to 15.5% while AfD is now polling at 16.0%.
Brexit-related reports have supported the theory that the European Union is making the process as difficult as possible to prevent the UK from making a hard break with the single market.


05:56AM ET
[BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: +3.50.

05:56AM ET
[BRIEFING.COM] Nikkei...21724.5...-343.80...-1.60%. Hang Seng...31044...+199.50...+0.70%.

05:56AM ET
[BRIEFING.COM] FTSE...7191.03...-40.90...-0.60%. DAX...12253...-183.10...-1.50%.

04:30PM ET

[BRIEFING.COM] Stocks tumbled on Wednesday, with the bulk of the losses coming in the final hour of trading. The S&P 500 dropped 1.1%, moving below its 50-day simple moving average (2736) for the first time this week. The Nasdaq Composite (-0.8%) held up slightly better, while the Dow Jones Industrial Average (-1.5%) did slightly worse.

The major averages opened with modest gains, but retreated to their flat lines about an hour into the session. The S&P 500 then dipped into the red, but bounced back after hitting its 50-day simple moving average. However, the benchmark index broke through the key technical level on its second attempt, which further accelerated the selling.

Losses were broad on Wednesday, with 11 of 11 S&P 500 sectors finishing in negative territory.

The energy sector was the weakest group (-2.3%), moving in tandem with the price of crude oil after the Department of Energy's weekly crude oil inventory report showed that U.S. inventories rose by 3.0 million barrels last week; West Texas Intermediate crude futures dropped 2.1% to $61.66 per barrel. Shale leader EOG Resources (EOG 101.42, -5.52) was among the worst-performing energy names, dropping 5.2%, despite beating earnings and revenue estimates for the fourth quarter.

Meanwhile, the heavily-weighted health care sector (-1.6%) also finished behind the broader market, with Celgene (CELG 87.12, -8.66) leading the retreat. The biotechnology giant dropped 9.0%, settling at its lowest level in more than three years, after receiving a Refusal to File letter from the FDA regarding its multiple sclerosis drug ozanimod.

At the opposite end of the sector standings, the consumer discretionary group (-0.5%) outperformed, thanks in part to TJX (TJX 82.68, +5.37), which jumped 7.0% after reporting better-than-expected earnings and revenues for the fourth quarter and raising its profit guidance. Conversely, home improvement retailer Lowe's (LOW 89.59, -6.20) dropped 6.5% after missing fourth quarter earnings estimates and lowering its profit guidance.

The lightly-weighted real estate sector was the top-performing group with a slim loss of 0.1%.

In the bond market, U.S. Treasuries rallied on Wednesday, sending yields lower; the benchmark 10-yr yield dropped four basis points to 2.87%. Meanwhile, the 2-yr yield finished flat at 2.26%, but touched its highest level since September 2008 (2.28%) in intraday trading.

In currencies, the U.S. Dollar Index advanced 0.3% to 90.58, hitting its highest level in six weeks.

Reviewing Wednesday's batch of economic data, which included the second estimate of fourth quarter GDP, the Chicago PMI for February, Pending Home Sales for January, and the weekly MBA Mortgage Applications Index:

The second estimate of fourth quarter GDP pointed to an expansion of 2.5% (Briefing.com consensus +2.5%). The first estimate came in at +2.6% last month.
Real final sales, which exclude the change in private inventories, were revised up to 3.3% from 3.2%. The fourth quarter growth rate was the best since the second quarter of 2015.
The Chicago PMI for February hit 61.9 (Briefing.com consensus 64.5), down from 65.7 in January.
Pending Home Sales decreased 4.7% in January (Briefing.com consensus +0.4%). Today's reading follows an unrevised 0.5% increase in December.
The weekly MBA Mortgage Applications Index increased 2.7% to follow last week's 6.6% decline.

On Thursday, investors will receive a slew of economic reports, including Personal Income (Briefing.com consensus +0.3%) and Spending (Briefing.com consensus +0.2%) for January at 8:30 AM ET, the PCE Price Index (Briefing.com consensus +0.4%) and the core PCE Price Index (Briefing.com consensus +0.3%) for January at 8:30 AM ET, weekly Initial Claims (Briefing.com consensus 227K) at 8:30 AM ET, the ISM Index for February (Briefing.com consensus 58.4) at 10:00 AM ET, and Construction Spending for January (Briefing.com consensus +0.3%) at 10:00 AM ET.

In addition, Fed Chairman Jerome Powell will appear before the Senate Banking Committee, wrapping up his semiannual monetary policy testimony, and February auto and truck sales will be released throughout the day.

Nasdaq Composite: +5.4% YTD
S&P 500: +1.5% YTD
Dow Jones Industrial Average: +1.3% YTD
Russell 2000: -1.5% YTD

Dow: -380.83… | Nasdaq: -57.35… | S&P: -30.45…
NASDAQ Adv/Dec 811/2153. …NYSE Adv/Dec 846/2117.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. Also, thank you for the review of TheStrategyLab performance record...hopefully the links and data will be useful for you. gm

Image Price Action Trading @ http://www.thestrategylab.com/price-action-trading.htm

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Image Rebuttal to Emmett Moore via TheStrategyLab.com Review @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167

Image The Strategy Lab: Valforex - The Manipulative Review Scam @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3676

Image TheStrategyLab Review @ http://www.thestrategylab.com/thestrategylab-reviews.htm

Image Advance WRB Analysis Tutorial Chapters 4 - 12 @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm

Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis. The risk of loss can be substantial. Therefore, you must carefully consider if trading is suitable for you within the context of your financial condition. TheStrategyLab.com is an education and research site. The resources on this site are provided for informational purposes only and should not be used to replace professional educational and professional research because we are retail traders only. TheStrategyLab.com does not accept liability for your use of the website and its resources.

We make no guarantees of success and your level of success is dependent upon other factors including your skill as a trader, knowledge, financial condition, market conditions and other factors. Trading is stressful and you should always consult a doctor in all matters relating to physical and mental health of you & your family because trading can impact beyond your financial condition regardless if you're a profitable or losing trader. Also, you can read our full disclaimer statement @ http://www.thestrategylab.com/Disclaimer.htm


Best Regards,
M.A. Perry
Online user name wrbtrader (more info about me) @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850 & http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading (no indicators)
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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