NASDAQ WEEKLY MARKET PULSE
U.S. equities edged higher during the 5th week of earnings season with the Dow Jones Industrial Average reaching a new all-time high yesterday. The rally was tempered by an ECB rate cut and a Q3 U.S. GDP report showing weak consumer and business spending.
“Earnings and revenue ‘beats’ have been outperforming last quarter’s and are in-line with the prior four quarters,” said Dave Gedeon, Managing Director, NASDAQ OMX Global Indexes. “We are seeing some sector rotation as we head into year-end, but earnings have not been the primary driver as global monetary policy remains the focus”.
TOP WEEKLY INDEX MOVERS (+ / -)
|TOP 5 EQUITY INDEXES:|| 10/30 - 11/06 |
|NASDAQ EM EUROPE INDEX (NQEMEU)||-2.9% |
|PHLX HOUSING SECTOR INDEX (HGX)||-2.7%|
|NASDAQ EMERGING MARKETS INDEX (NQEM)||-2.4% |
|NASDAQ BIOTECHNOLOGY INDEX (NBI)||-2.4% |
|PHLX DEFENSE SECTOR INDEX (DFX)||+1.7% |
|TOP 5 COMMODITY INDEXES:|| 10/30 - 11/06 |
|NASDAQ COMMODITY SILVER INDEX ER (NQCISIER)||-5.3%|
|PHLX GOLD & SILVER INDEX (XAU)||-5.2% |
|NASDAQ COMMODITY BRENT CRUDE INDEX ER (NQCICBER)||-4.1% |
|NASDAQ COMMODITY NATURAL GAS INDEX ER (NQCINGER)||-3.6% |
|NASDAQ COMMODITY INDUSTRIAL METALS ER (NQCIIMER)||-3.2% |
OTHER NOTABLE INDEX MOVES
- The PHLX Housing Index (HGX) reversed a 5.6% gain last week with a 2.7% loss over the last five days as multiples for homebuilder earnings have contracted. The Index fell below its 50-day moving average on October 31st and has weakened since.
- The NASDAQ Biotechnology Index (NBI) fell 2.4% as it appears investors are taking profits. The Index has had a strong year, up 51% to-date, but investors appear to be de-risking with less than two months to go in the year.
- The NASDAQ EM Europe Index (NQEMEU) fell 2.9% over the past five days as European stocks were weakened by manufacturing data and other metrics that indicated a lack of growth.