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Open stocks were mixed for a second day on Tuesday, as the market is generally higher, but Boeing (BA) dragging Dow Jones industrialists into early losses. Meanwhile, global markets have been cautious about a planned Brexit vote in Britain.
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Boeing lost 3%, while more than two-thirds of Dow Jones 30 industrial stocks gained ground. The actions of the airlines began to wreak havoc when the United Kingdom joined the countries banning Boeing 737 Max aircraft. Hewlett Packard Enterprise (HPE) also fell hard, after a downgrade of analyst. Apple (AAPL) surged while an analyst forecasted strong growth in its streaming service.
Biotechnology stocks were driven, led by Akebia Therapeutics (AKBA) on the test results. In the news about the results, Stitch Fix (SFIX) and China Momo (MOMO) blown higher, as Coupa Software (COUP) dived after reporting the results. USA Compressor (USAC) was one of the first leaders among dividend stocks.
The Dow Jones Industrial Average reduced its initial loss to 0.1%. The S & P 500 and the Nasdaq 100 Composite each gained 0.3%
F5 NEtworks (FFIV) and Boeing dropped the most among the S & P 500's shares. American Airlines (TSLA) fell 2.3%, at the bottom of the Nasdaq 100 list. United Continental Holdings (UAL) plunged 3.5%.
Dow Jones Stocks: UK joins Boeing Ban and Apple must merge
Boeing shares fell 3% earlier than expected, while Australian and Singaporean regulators banned 737 Max planes from leaving their airspace. The UK's Civil Aviation Authority said on Tuesday that it had also suspended 737 Max flights over the United Kingdom's airspace as a precautionary measure. Mexican, Argentinian and Brazilian airlines have also immobilized their fleet of 737 Max. The strandings followed a crash Sunday by Ethiopian Airlines, which killed 157 people.
The Sunday accident had some similarities with the Indonesian crash of Lion Air in October. Investigators would be checking for the possibility that a combination of abnormal defective speed indicators and some automated flight control systems may have played a role in the Lion Air crash. Both accidents occurred shortly after take-off.
Monday, China and Indonesia have immobilized all aircraft Boeing 737 Max. A federal aviation administration said it planned to impose amendments to some 737 Max systems by April at the latest. Boeing announced that it would roll out a software upgrade on its fleet of 737 Max "in the coming weeks".
Boeing shares lost nearly 14% in opening trading Monday, before reducing their losses to 5.3% at closing. The downgrade degrades by 2% a purchase point of 373.80 in a double-bottomed base. This did not trigger the automatic sale rule. But the 20% gain over this point of purchase has fallen back to 7% and is expected to decrease by Tuesday 's session. Whenever possible, investors want to make sure not to let a gain turn into a loss.
Apple rose 0.9% to support early action Tuesday. According to a Wedbush report, Apple's video streaming service, which is expected to be available on March 25, could reach 100 million subscribers by five years ago. The report also urged Apple to consider a major strategic merger in order to quickly push the technology giant against its competitors, including: Netflix (NFLX) and Amazon.com (AMZN). Apple shares jumped 3.5% on Monday, after Bank of America raised Apple's shares to a bid price. This gain had the effect of placing the shares 25% above the trough of January 3, placing them further in the right of a five-month consolidation.
Brexit Drives Commodities; Indian market, ETF push
The sentiment of Brexit led on Tuesday to a large part of the measures to be taken on the world markets. Investor optimism increased after British Prime Minister Theresa May had obtained minor but much needed concessions from European Union regulators before the vote on her exit plan proposal. Parliament will debate and vote on the matter from 14.00. AND.
European markets fell before the vote on Brexit. The dollar fell, which allowed optimizing product optimism after the agreement between the UK and the EU. In terms of oil prices, West Texas Intermediate rose 1% to over $ 57 per barrel. Copper and platinum rose by nearly 2% each and the silver by 1%. Gold edged up 0.5% to more than $ 1,297 an ounce.
Asian markets have added a second day of gains to Brexit-related optimism and when Chinese regulators have broadened the authorizations granted to foreign investors. The Hang Seng Hong Kong index jumped 1.5%. The Shanghai Composite jumped 1.1%. In Japan, the Nikkei 225 in Tokyo rose 1.8%, boosted by the decline in the yen. The Sensex index of the Indian Stock Exchange in Mumbai, India, rose 2.2%, as it is expected to add a fourth week to its rise.
Among the ETFs, the MSCI iShares Hong Kong (EWH) climbed 0.4%, the Direxion Daily FTSE China Bull 3X (YINN) gained 2.7%, and the The MSCI India Bull 3x Daily Direxion Daily (INDL) was up 1.7%. The MSCI India Bull had climbed 8.5% Monday, giving the fund a gain of 15.8% so far in March.
Earnings News: Stitch Fix, Momo Soar
Stitch Fix jumped 33% and Momo grew 11% after the quarterly results.
Momo, a leader in China's mobile social networking platforms, announced earnings growth of 9 percent and revenue growth of 45 percent for the fourth quarter. Both figures were above analysts' targets. Momo shares are trying to resume support, climbing on the right side of a nine-month consolidation.
The soaring Fix stitch has well positioned shares on the right side of a 70% deep consolidation over six months. The trend is too deep to form a valid base, but the stock is up 119% from its lowest level at the end of December, and 133% higher than the price of its November 2017 IPO.
Consumer base prices ease inflation problems
Consumer price figures for February were slightly below analysts' targets, which may have eased some concerns about inflation and the Federal Reserve's rate hike strategy. The Labor Department announced a 0.2% consumer price increase for the month and 1.5% over last year, which is in line with expectations. But base prices, less energy and food, rose 0.1% on a month and rose 2.1% from February 2018, just below economists' forecasts.
Dow Jones, S & P 500 confirms support
The market broke Monday a five-day dip, which is no small feat, while the Dow Jones Industrial Average confirmed its support for its 200-day moving average despite a massive volume sale by Boeing. The S & P 500 also confirmed its support on its 200-day line with a 1.5% increase. Nasdaq rose 2%, its biggest gain since January 30th. This has been enough to return to its 200-day moving average, although its ability to maintain this level of support will remain an issue on the agenda for future sessions. The S & P 500 remains below its long-term resistance near the 2800 level, which has limited the index's rise since October.
For a more detailed analysis of the current stock market and its uptrend, study the situation as a whole.
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