Stocks to invest in
1. U.S. Stock Market:
“U.S. equities traded higher on Friday as traders hoped that concerns around Donald Trump’s presidency may have been exaggerated. The Dow Jones industrial average rose 100 points, with Caterpillar contributing the most gains. The S&P 500 gained 0.57 percent, with industrials leading advancers. The Nasdaq also rose 0.57 percent.”
“U.S. stocks on Friday bounded into the green for a second straight session, aided by an abeyance in White House drama, but the main equity benchmarks were still facing losses in a week marked by the reemergence of volatility. The S&P 500 index SPX, +0.69% added 17 points, or 0.7%, to 2,383, with 10 of its 11 main sectors trading higher. The Dow Jones Industrial Average DJIA, +0.55% gained 122 points, or 0.6%, to 20,784. The Nasdaq Composite Index COMP, +0.61% surged 42 points, or 0.7%, at 6,097.”
“U.S. stocks were higher late Friday morning as a set of strong corporate earnings lifted investor spirits in a week dominated by uncertainty surrounding Donald Trump’s presidency. At 11:09 a.m. ET, the Dow Jones Industrial Average .DJI was up 122.39 points, or 0.59 percent, at 20,785.41, the S&P 500 .SPX was up 17.5 points, or 0.74 percent, at 2,383.22 and the Nasdaq Composite .IXIC was up 43.57 points, or 0.72 percent, at 6,098.70.”
2. U.S. Bond Market:
“U.S. Treasury yields rose slightly on Friday but stayed near one-month lows as investors considered whether allegations against U.S. President Donald Trump would disrupt efforts to cut taxes and increase spending. Bonds gained this week on news that the U.S. Department of Justice will investigate whether Russian interfered with the U.S. election and whether there was collusion between the Trump campaign and Moscow.”
“The U.S. Treasuries plunged ahead of the Federal Open Market Committee (FOMC) member Bullard’s scheduled speech later in the day. The yield on the benchmark 10-year Treasury, jumped 1-1/2 basis points to 2.24 percent, the super-long 30-year bond yields traded flat at 2.90 percent and the yield on short-term 2-year note plunged 2-1/2 basis points to 1.29 percent.”
“As of 9:30 a.m. ET, the 30-year and the two year Treasuries were both up 0.9% from the prior close. The two-year was at 1.28% and the 30 year at 2.90%. The 10-year was at 2.24%, 1 basis point higher than Thursday’s close, and less than 1 percentage point higher than the two-year note — a pretty flat curve.”
3. FX Markets:
“The British pound and the euro moved higher against the dollar on Friday, as greenback extended its recent weakness amid turbulence in the White House. The pound GBPUSD, +0.5872% jumped 0.6% to $1.3013, reclaiming the $1.30 level it lost late Thursday during a mini “flash crash.” Sterling fell to as low as $1.2888 in the crash, after pushing through the key $1.30 handle for the first in eight months earlier in the day, thanks to a strong U.K. retail sales report. The euro EURUSD, +0.8286% meanwhile, was higher against the dollar on Friday, rising 0.7% to $1.1148 from $1.1104. The dollar was down slightly against the yen, adding to recent losses against the Japan currency, which is widely viewed as a haven currency. The dollar USDJPY, +0.00% was buying ¥111.30 on Friday, down from ¥111.49 late Thursday in New York, a move of 0.2%. For the week, the yen has advanced 1.8%.”
“The dollar was on track to record its worst week against a basket of currencies since July on Friday, having given up almost all the gains made since Donald Trump, now surrounded by political worries, was elected U.S. president last year. The U.S. currency has also suffered from a resurgent euro, which has gained more than 2 percent this week – on track for its best performance since June – and rose 0.7 percent on Friday to hit a six-month high of $1.11745. Against the safe-haven yen, the dollar edged down 0.1 percent to 111.35 JPY=and was on track for its first week of falls in five, with risk appetite having fallen across markets this week.”
“U.S. crude surged above $50 a barrel for the first time in more than three weeks, as a report surfaced that OPEC members are considering cutting production more deeply to tackle a persistent supply glut that has weighed on prices. U.S. West Texas Intermediate crude futures for June delivery were more than 2 percent higher at $50.39 a barrel around 10:30 a.m. ET. That put WTI above the key level of $50.22 a barrel, the high for the week of April 24 — just before oil prices broke below a number of technical levels, culminating in a “flash crash” to $43.76.”
“Gold Today –New York closed at $1,248.90 yesterday after closing at$1,258.70 Wednesday. London opened at $1,248.20 today. Silver Today –Silver closed at $16.61 yesterday after $16.89 at New York’s close Wednesday. LBMA price setting: The LBMA gold price was set today at$1,251.85 from Thursday’s $1,261.35. The gold price in the euro was set at €1,120.68 after yesterday’s €1,135.02. Ahead of the opening of New York the gold price was trading at $1,253.00 and in the euro at €1,121.55. At the same time, the silver price was trading at $16.80.”
“Oil futures moved sharply higher on Friday, as investors showed some optimism about what will come out of next week’s meeting of the Organization of the Petroleum Exporting Countries. After settling Thursday at three-week highs, light, sweet crude futures for delivery in June CLM7, +2.07% jumped 59 cents, or 1.2%, to $49.93 a barrel. The contract briefly topped $50 a barrel for the first time since April, according to FactSet data. July Brent crude LCON7, +2.04% on London’s ICE Futures exchange also gained 59 cents, or 1.2%, to $53.10 a barrel.”
5. Market Movers:
Alibaba Group Holding Ltd (NYSE:BABA) BABA 3.16% shares are trading higher by $4.00 at $125.27 in Friday’s session. That is over $10.00 higher than its Thursday morning low at $114.00. That low was made as some investors panicked after Alibaba’s mixed Q1 report, which missed for EPS by $0.02 but beat on sales by $380 million. The stock rebounded to close green on the day by $0.55 at $121.27. There isn’t any relevant news to explain the nearly $3.00 higher opening print of $123.96, which has turned out to be only $0.30 off the low for Friday’s session of $123.66.
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Sportsman’s Warehouse Holdings Inc (NASDAQ:SPWH) reported a first quarter adjusted loss of $0.08 per share after the bell Thursday, compared to the loss of $0.00 per share last year. Sportsman’s Warehouse has been rising steadily since the open of trade Friday and is now up 0.85 at $5.58 on above average volume. The stock has climbed to a 3-month high.
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Shares of NVIDIA Corporation (NASDAQ:NVDA) are up $4.56, or 3.4%, at $137.49, after Bernstein analyst Stacy Rasgon started coverage of with the equivalent of a Buy rating, and a $165 price target, arguing its market for self-driving cars is just starting, and its market in A.I. could be worth $8.74 billion.
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Gap Inc (NYSE:GPS) earnings were a rare highlight for the retail sector this earnings season, but GlobalData Retail said the numbers were too dependent on the strength of Old Navy as the namesake brand and Banana Republic continue to languish. Gap GPS, -3.45% reported sales of $3.44 billion, about flat with last year and ahead of the $3.39 billion FactSet consensus. Sales at the Gap were $1.16 billion, at Banana Republic, $517.0 million, and at Old Navy, sales totaled $1.56 billion. Gap shares rallied late Thursday after the first-quarter results were announced, but are down 2.3% in Friday trading.
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Foot Locker, Inc. (NYSE:FL) plunged 15.6 percent after the athletic footwear and apparel retailer’s latest quarterly profits fell short of analysts’ forecasts. The stock was the biggest decliner in the S&P 500, shedding $11 to $59.47.
Shares of Dynegy Inc. (NYSE:DYN) DYN 26.31% got a boost, shooting up 23 percent to $8.96 following WSJ report of takeover talks with Vistra Energy Corp (NYSE:VST) VST 1.28%.
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– Stocks to invest in