Market Intelligence

Equity Market Insight from Nasdaq MID - January 23, 2017

Monday, January 23, 2017, 11:15 AM, EST

  • NASDAQ Composite -0.4% Dow -0.4% S&P 500 -0.4% Russell 2000 -0.4%
  • NASDAQ Advancers: 659 / Decliners: 1498
  • Today’s Volume (100day avg): -6%

The markets are preparing for their first week under the Trump Presidency with a slew of economic chatter and more than 20% of the S&P 500 reporting their quarterly results. US equites are marginally lower this morning, as only 3 of 11 S&P sectors are higher with Energy the weakest (-1.0%). The US Dollar Index fell to its lowest level (100.21) since early December, while the price of Gold is on pace for its biggest monthly advance since June.

  • Today, President Trump will sign an executive order to remove the US from the Trans-Pacific Partnership; a deal that was originally signed to liberalize trade between US and Pacific countries. The greenback has fallen to a 6 week low this morning following Friday’s inauguration and some moderation in political rhetoric over the weekend. Since the FOMC raised rates December 14th, 2016, the dollar has slide against all G7 currencies, with the largest slide coming against the Yen. Currently, the Dollar is trading at Y113.5 after hitting a high of Y118.66 on 12/15 following the Fed rate hike.
  • More than 100 S&P 500 companies will report results this week. According to Raymond James analyst Jeff Saut, the season thus far has been fairly positive, as we’ve seen a 9% EPS growth in 4Q. "That would be the best annual increase on a quarterly basis since the third quarter of 2014, and the growth has a good chance to improve even more if the pace of earnings beats continues." Thursday will be the busiest day for announcement, highlighted by companies such as Microsoft (NASDAQ: MSFT) and INTEL (NASDAQ: INTL).

Technical Take:

As the broader markets continue to trade in a tight intraday pattern, crude oil has also settled into similar trend. Crude Oil’s average daily trading range over the past 25 days has been ~2.6%, marking the smallest range since October 2014. Since dropping below $30/ barrel in early 2015, crude has maintained its bullish trend line, climbing more than 100%, but recently stalling around $55. The markets appear to be waiting to see how well OPEC’s production cuts agreement will put a dent into the global inventory oversupply.

Nasdaq's Market Intelligence Desk (MID) Team includes:

Michael Sokoll, CFA is a Senior Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over 25 years of equity market experience. In this role, he manages a team of professionals responsible for providing NASDAQ-listed companies with real-time trading analysis and objective market information.

Jeffrey LaRocque is a Director on the Market Intelligence Desk (MID) at Nasdaq, covering U.S. equities with over 10 years of experience having learned market structure while working on institutional trading desks and as a stock surveillance analyst. Jeff's diverse professional knowledge includes IPOs, Technical Analysis and Options Trading.

Steven Brown is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over twenty years of experience in equities. With a focus on client retention he currently covers the Financial, Energy and Media sectors.

Christopher Dearborn is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq. Chris has over two decades of equity market experience including floor and screen based trading, corporate access, IPOs and asset allocation. Chris is responsible for providing timely, accurate and objective market and trading-related information to Nasdaq-listed companies.

Annie O'Callaghan is Director on the Market Intelligence Desk (MID) at Nasdaq. Annie has worked for NASDAQ in a variety of roles including support of Nasdaq C-level management in client retention and customer service. Annie also served as a Sales Director in Nasdaq’s Transactions Services business. Prior to joining Nasdaq, Annie worked at AX Trading, managing accounts for its Alternative Trading System and served on Credit Suisse's trading desk as an Electronic & Algorithmic Sales Trading Analyst.

Brian Joyce, CMT has 16 years of trading desk experience. Prior to joining Nasdaq Brian executed equity orders and provided trading ideas to institutional clients. He also contributed technical analysis to a fundamental research offering. Brian focuses on helping Nasdaq’s Financial, Healthcare and Airline companies among others understand the trading in their stock. Brian is a Chartered Market Technician.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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