During the second quarter, both the S&P 500 and the Nasdaq posted their sixth straight quarterly advance – marking the longest run of quarterly gains for the S&P since 1998 and since 2000 for the Nasdaq – while the Dow Jones posted its fifth advance in the last six. For the quarter, the S&P climbed 4.7 percent, the Nasdaq 5 percent, and the Dow 2.2 percent. So far for the year, the S&P is up 6.1 percent, the Nasdaq 5.5 percent, and the Dow 1.5 percent. (1) Trader shares his revolutionary day trading strategy that has allowed some of his students to take in profits of over $100,000 in a single month – sign up for this free webinar event here.
U.S. manufacturing eased in June, with the Institute for Supply Management’s purchasing managers index unexpectedly falling from 55.4 to 55.3 compared to forecasts for an increase to 55.8, as the production index fell from a reading of 61 to 60. (2) Top trading school releases a new technique that allows traders to make money even in bear markets – get the free download here. U.S. pending sales of existing homes rose by the most in 4 years – climbing 6.1 percent in May to an 8-month high of 103.9 compared to forecasts for a gain of 1.5 percent – as borrowing costs declined, consumers received easier access to credit and the job market continued to improve. (3) Canada’s economy expanded just 0.1 percent in April versus forecasts for an increase of 0.2 percent, as output in goods-producing industries fell 0.3 percent. On an annual basis, the economy grew 2.1 percent – missing forecasts of 2.3 percent. (4) Eurozone inflation remained well below the European Central Bank’s target of just below 2 percent in June – holding at a 4-year low of 0.5 percent – as private sector lending continues to decline. (5)
GoPro shares continued to surge this week – climbing “over 100 percent from its top-of-the-range IPO price” of $24 a share. (6) During a tell-all event, Trader Kirt Christensen reveals a new weekly options system that is allowing him to trade only optimal, high probability trades – read the full story here. Constellation Brands’ shares surged after the adult-beverage maker reported that Q1 earnings rose from $0.38 a share to $1.07 a share year-on-year – beating forecasts of $0.93 – as sales soared to $1.5 billion with the acquisition of Grupo Modelo beer brands. (7) Netflix shares jumped more than 6 percent on Tuesday after Goldman Sachs upgraded the streaming service’s stock to “buy,” while raising the price target from $380 to $590 – a 34 percent premium over Monday’s closing price of $440. (8)
The Canadian dollar fell from a 5-month high of C$1.0658 per U.S. dollar on Monday – ending a 4-day rally – after a government report showed that the economy expanded at just half the rate anticipated by economists. (9) The Bloomberg Dollar Spot Index, which tracks the U.S. dollar against 10 major currencies, rebounded from an 8-week low of 1,002.25 after data showed that the U.S. private sector added a better-than-expected 281,000 jobs in June. (10) With economic data continuing to remain mixed, the Reserve Bank of Australia decided to leave its key interest rate unchanged at a record-low 2.5 percent this week. The move was anticipated by economists. (11)
According to Wednesday’s EIA report, the nation’s crude oil supplies sank 3.2 million barrels to 384.9 million barrels. Analysts had called for a smaller draw of 2 million barrels. Gasoline supplies fell by 1.2 million barrels – exceeding forecasts for a decline of 750,000 barrels. Distillates increased more than expected – advancing 1 million barrels versus forecasts for a build of 250,000 barrels. (12)
Soybeans fell to a 2011 low of $11.465 a bushel this week after a report from the USDA showed that domestic plantings will climb 11 percent year-on-year to an all-time high of 84.8 million acres. Stockpiles were also projected high than anticipated at 405 million bushels as of June 1 versus forecasts of 382 million. (13) Corn fell to an almost 6-month low of $4.20 a bushel after the same USDA report showed that inventories jumped 39 percent year-on-year to 3.85 billion bushels compared to forecasts of 3.72 billion. (14)
Platinum broke through the $1,500 an-ounce mark this week – climbing to a 10-month high of $1,511 an ounce – as supply concerns persisted despite the 5-month long mining strike in South Africa coming to an end last week. (15) U.S. silver production advanced 4 percent in March – up from a year-earlier 2,845,341 troy ounces to 2,957,868 oz, while Q1 production rose from 8,391,334 oz to 8,809,304 oz. Gold production fell however – dropping from 601,218 oz to 585,143 oz. On a quarterly basis, gold output fell only slightly to 1,729,710 oz. (16)
Brazil’s National Coffee Council reported that 35 to 40 percent of the 2014 harvest had been completed. The agency also maintained its crop forecast of between 40.1 million and 43.3 million 60-kilogram bags for the season – down from a year-earlier 49.2 million bags – as many coffee-producing regions were plagued by severe drought conditions throughout the beginning of the year. (17) U.S. orange-juice sales dropped 6.9 percent year-on-year to a 12-year low of 36.99 million gallons, as demand continues to be hurt by increased competition and higher retail prices. The news had frozen concentrated orange juice futures falling 6 percent to $1.4865 a pound – marking the largest weekly-downturn in 8 months. (18)
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