Wall Street ends Friday in the red, but finished in the green for the week

  • The Nasdaq Composite COMP dropped 0.5% to end around 7,797.
  •  The S&P 500 fell to around 2,887
  • DJIA lost less than 0.1%, to finish near 26,090.

Wall Street ended lower on Friday, although higher for the week. President Trump's renewed criticism of the Fed had little impact, but U.S, data was solid enough to keep spirits up for the week - For the week, S&P was up 0.5%, the Dow was up 0.4% and the Nasdaq was up 0.7%. However, stocks struggled on the last day of trade and the S&P 500 fell to around 2,887 while the Dow Jones Industrial Average DJIA lost a modest 17 points, or less than 0.1%, to finish near 26,090. The Nasdaq Composite COMP dropped 0.5% to end around 7,797. 

Key U.S. data

Retail sales came in largely in line with expectations, advancing 0.5% m/m (mkt: 0.6%, TD: 0.8%). "Importantly, revisions were significant to the upside, with headline sales jumping to 0.3% in April (up from -0.2%), and the control group's to 0.4%, up from flat before. In the details, the May increase was led by a solid gain in control group sales at 0.5% and by a 0.7% increase in auto sales. All in, a positive report suggesting consumer spending remains upbeat in Q2. Similarly, industrial production advanced a strong 0.4% in May (mkt: 0.2%, TD: 0.1%). IP rebounded from an upwardly-revised large 0.4% contraction in April. Manufacturing activities (+0.2%) and utilities (2.1%) were the key drivers of IP growth during the month," analysts at TD Securities explained. 

DJIA levels

For the DJIA, the technical outlook is sideways with the price continuing to hold above the 61.8% Fibo retracement level of April to June swing highs and lows. The 78.6% mark in the 26200s with a confluence of the 12th April gap the prior day is a key upside objective. However, a break below the 20-D EMA that is located just below the 50% Fibo of the recent daily range is guarding a run towards the 200 D EMA and then the 25200 level, as being around the 11th March swing lows.  25000 guards a run towards 24500s and then 50% of the upside run made at the end of Dec at 24150.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD looks weak after rejection above 1.1100

EUR/USD is sidelined near 1.1080 ahead of the London open. Single currency failed to keep gains above 1.11 on Tuesday despite upbeat German data. The sentiment is quite bearish and a deeper drop to the 100-day average could be in the offing.


GBP/USD modestly flat around 1.3050 amid Brexit concerns, USD strength

GBP/USD holds onto the recovery despite looming Brexit uncertainty and broad-based US dollar strength. EU is likely to offer a tough Brexit deal that increases the odds of harsh departure.


Bank of Canada Rate Decision Preview: Rewards of Economic patience

Bank of Canada is forecast to leave the overnight rate at 1.75% where is has been since it was increased 25 basis points on October 24th 2018.   The bank makes rate policy decisions at eight fixed date meeting a year. The next is March 4th.

Read more

Gold remains under pressure around $1,551 as US dollar keeps the gains

Gold bounces off the intra-day low of $1,550.40, flashed a few minutes back, to $1,551.30 by the press time of the pre-European session on Wednesday. In doing so, the safe-haven ignores the geopolitical risks emanating from China.

Gold News

USD/JPY rises above 110.00, potential head-and-shoulders on 1H

Risk reset in stocks is boding well for USD/JPY.  The pair may be forming a head-and-shoulders pattern on the hourly chart. The bulls are not out of the woods yet and a break above 110.12 is needed to invalidate lower highs setup on the hourly chart.