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U.S Market Wrap 10 December 2018

Posted by James Nasioulas on 10-Dec-2018 15:51:50

U.S equities suffered a sharp decline in Friday’s trading session as a 500 point tumble in the Dow wrapped up what was a wild week on Wall Street. At the close the Dow fell -2.24%, the S&P 500 fell -2.33% and the Nasdaq declined -3.05% following broad based selling across all major U.S indexes and was led by declines in the major tech companies.

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Before the market opened weaker than expected employment data was released as U.S non-farm payrolls increased by 155,000 jobs in November below the market expectation of an addition of 200,000 jobs. The numbers combined with heightened U.S-China trade tensions after the arrest of Huawei CFO Meng Wanzhou in Canada at the request of the United States on Thursday sent the markets lower. The chart below of the Dow futures shows the steady day to day decline experienced by the markets last week.

10.12.18 - dow emini

Shares of the larger tech companies all fell as Amazon (AMZN) fell -4.12%, Google (GOOGL) fell -2.92%, Microsoft (MSFT) declined -4%, Netflix (NFLX) traded lower by -6.3% and Apple (AAPL) shares fell 3.57%. Some of the larger movers included Ulta Beauty (ULTA) down -13.1%, American Airlines Group (AAL) down 12.3% and Advanced Micro Devices (AMD) down 8.6%.

ulta

Of the S&P 500 sectors all finished in negative territory except the Utilities index rising 0.4% as investors eyed more defensive stocks for the day. Yet most of the gains came sparingly as Gold traded at $1,248 U.S - Newmont Mining (NEW) was higher by 2.23%. Oil prices also jumped as Light Sweet crude rose 2% after OPEC and allies agreed to cut production. See Gold and Light Sweet crude chart below.

10.12.18 - gold

10.12.18 - clc1

Topics: +U.S. Market Wrap