Choppy Markets sell off on higher oil prices, data and renewed caution for the 5-day period ended August 27
U.S. and European stocks fell on growth concerns and Mideast tensions that drove oil prices higher. Agricultural products, oil, gold and silver all moved higher, although mining stocks suffered, despite a dollar that was little changed against most currencies. The NASDAQ EM Europe Index (NQEMEU) fell 3.6%, while the PHLX Housing Sector Index (HGX) and PHLX Semiconductor Index (SOX) declined 2.5% and 2.3%, respectively. The NASDAQ Commodity Corn INDEX ER (NQCICER) rose 5.3% and the NASDAQ Commodity Gold Index ER (NQCIGCER) was up 3.5% during this period.
"Caution seems to have entered the marketplace in recent days as tensions in Syria have resulted in oil prices moving higher,” said David Krein, Managing Director, NASDAQ OMX Global Indexes. “And though recent economic data such as home prices and consumer confidence has not been bad, that has just given ammunition to tapering proponents."
TOP WEEKLY INDEX MOVERS (+ / -)
|TOP 5 EQUITY INDEXES:||8/20/13 - 8/27/13|
|NASDAQ EM EUROPE INDEX (NQEMEU)||-3.6% |
|PHLX HOUSING SECTOR INDEX (HGX)||-2.5%|
|PHLX SEMICONDUCTOR INDEX (SOX)||-2.3% |
|NASDAQ EMERGING MARKETS INDEX (NQEM)||-2.0% |
|PHLX DEFENSE SECTOR INDEX (DFX)||-2.0% |
|TOP 5 COMMODITY INDEXES:||8/20/13 - 8/27/13|
|NASDAQ COMMODITY CORN INDEX ER (NQCICER)||+5.3%|
|NASDAQ COMMODITY AGRICULTURE INDEX ER (NQCIACER)||+4.7% |
|NASDAQ COMMODITY DIV AGRICULTURE INDEX ER (NQCIDAER)||+4.0% |
|NASDAQ COMMODITY CRUDE OIL INDEX ER (NQCICLER)||+3.7% |
|NASDAQ COMMODITY GOLD INDEX ER (NQCIGCER)||+3.5% |
OTHER NOTABLE INDEX MOVES
- Gold and silver moved sharply higher for the five-day period, but mining companies suffered. The PHLX GOLD/SILVER SECTOR INDEX (XAU), which tracks companies involved in the gold or silver mining industry, fell 3.3%.
- The NASDAQ Composite Index fell 1% for the five-day period as other broad market indexes were weak. The focus on oil prices is hurting sentiment this week, but markets are only a few weeks removed from all-time highs.
- Housing Sector stocks continued to decline, as some investors are watching interest rates with a sense of caution. The PHLX HOUSING SECTOR INDEX (HGX) fell 2.5% for over the last five days and is now 2.4% lower year-to-date.