https://www.howestreet.com/2024/08/us-industrial-production-drop-a-concern-mark-leibovit/

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U.S. Stocks Fluctuate Before Closing Little Changed

Stocks fluctuated over the course of the trading session on Monday before eventually ending the day little changed. The major averages bounced back and forth across the unchanged line and finished the session narrowly mixed.

While the Dow dipped 140.53 points or 0.4 percent to 39,357.01, the S&P 500 inched up 0.23 points or less than a tenth of a percent to 5,344.39 and the Nasdaq rose 35.31 points or 0.2 percent to 16,780.61.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of several key U.S. economic reports later this week.

The Labor Department is scheduled to release reports on producer and consumer price inflation on Tuesday and Wednesday, respectively, with the data likely to impact the outlook for interest rates.

The reports are expected to show a slowdown in the annual rate of price growth, which could provide further impetus for the Federal Reserve to lower rates.

The Fed is widely expected to cut interest rates next month, with CME Group’s FedWatch Tool currently indicating a split regarding the probability of a quarter or half point rate cut.

In light of recent concerns about the outlook for the economy, traders are also likely to keep a close eye on reports on retail sales and industrial production.

While most of the major sectors ended the day showing only modest moves, airline stocks saw substantial weakness, resulting in a 4.1 percent nosedive by the NYSE Arca Airline Index.

JetBlue (JBLU) led the sector lower, with the airline plummeting by 20.7 percent after announcing it intends to offer $400 million worth of convertible senior notes due 2029.

Significant weakness was also visible among telecom stocks, as reflected by the 3.5 percent plunge by the NYSE Arca North American Telecom Index.

On the other hand, gold stocks moved sharply higher amid an increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 3.7 percent.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday, with the Japanese markets closed for a holiday. South Korea’s Kospi jumped by 1.2 percent, while Australia’s S&P/ASX 200 Index climbed by 0.5 percent.

Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index fell by 0.3 percent, the German DAX Index closed just above the unchanged line and the U.K.’s FTSE 100 Index rose by 0.5 percent.

In the bond market, treasuries moved higher over the course of the trading session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.3 basis points to 3.909 percent.

Looking Ahead

Trading on Tuesday may be impacted by reaction to the Labor Department’s report on producer price inflation in the month of July.

 

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Yes, that’s a cartoon of me.  Louis Rukeyser had us dressed up in ‘elf’ costumes on the screen broadcast each week.  I’ve dated myself. That occurred for me between 1988-1996.  Lou didn’t like any bearish comments, so myself and other elves got dumped in 1996.  

WHO am I?

MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS  a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.

Mark’s extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”.  He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell’s MoneyTalks.

In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked  #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.

He was a ‘Market Maker’ on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms.  Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com.   He became a member of the Market Technicians Association in 1982.

Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.

His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading.  It is now also published in Chinese.  Mark has appeared in speaking engagements and seminars in the U.S. and Canada.

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DANGER DANGER WILL ROBINSON

La Niña can impact weather around the world. For example, in 2024, NOAA projected a 60% chance that La Niña would develop between June and August, which could increase the chances of a dangerous Atlantic hurricane season.

https://tinyurl.com/msfk2je9

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WATCH THE FULL ROSWELL MOVIE PRODUCED IN THE 1990s.  The film producer of the film (an old friend) makes a cameo appearance in the film.

https://www.disclose.tv/roswell-1994-full-movie-301355

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Why am I highlighting the Michael Savage book?  Unfortunately, it tells the story of the mental illness of the Democratic party and followers of their insane beliefs of our society, our laws and communist underpinnings.

I USE JOEL WALLACH’S SUPPLEMENTS EVERY DAY.  MAY AGAIN PROVIDE A LINK TO PURCHASE THEM HERE

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