US markets continue to fluctuate as investors weigh the odds of the US eliminating tariffs set for December 15.
The S & P500 is struggling to find a clear direction, with lagging sectors being the technological and raw materials sectors, and the defensive remains relatively preferred today. Yields on 10-year US bonds remain high after US labor market data showed a decline to a seven-month low. Another signal that the labor market remains resistant to economic risks. Oil also remains under the power of the saw while the OPEC meeting in Vienna is underway.
Elsewhere, Nike shares have rallied after Goldman Sachs gave a buy rating. Apple’s price target has been boosted by Citigroup as the company’s stock is advancing. Dollar General Corp also rose after the company raised its profit forecasts. Acadia Pharmaceuticals is also one of the strong stocks today after releasing promising data after trying its new drug for dementia. However, Sage Therapeutics has been sinking since their latest depression study failed. Another losing company today – At Home Group is down because of a disappointing profit forecast.
The US dollar remains weak, the euro as strong as the Japanese yen. Gold is progressing.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
Trader Martin Nikolov