Stocks entered early fall Thursday as Dow Jones shares Nike (NKE) and Johnson & Johnson (JNJ) suffered early hit, as investors ate a variety of mixed economic data .
Nike stumbled upon what appeared to be a clothing-related injury during the Duke / North Carolina game on Wednesday night. Johnson & Johnson dived on a survey of their Baby Powder products. (CAR) and Albemarle (ALB) emerged after Reporting earnings late Wednesday. Morning reports on Thursday sent Norwegian Cruise Line Holdings (NCLH) and Dine Brands Global (DIN) rising. Earnings news also ran Domino's Pizza (DPZ), Wendys (WEN) and Vipshop Holdings (VIPS) for large, early losses.
The Dow Jones industry fell 0.2%, pulled down by early losses from Johnson & Johnson and Nike. S & P 500 futures also fell 0.2%. Norwegian Cruise and Albermarle led the S&P 500.
Nasdaq Composite traded down 0.3%, as Biogen (BIIB) and Synopsys (SNPS) led early decline.
Lasting goods; Philly Fed Contracts
December durable order data from the Commerce Department showed an increase of 1.2%, up from November's 0.8% increase and beyond consensus forecasts for a 1% gain. Less transport, but orders were 0.1%. It was better than 0.3% slipping in November, but under the finance strategy for a 0.2% advance.
First-time work demands fell to 216,000 a week ended February 16, the Ministry of Labor reported. There was a sharp decline after an inflation of 239,000 claims last week. Economist had estimated 225.00 requirements.
Mid-Atlantic region contracted in February, according to the Philadelphia Federal Reserve Business Outlook Survey. The index fell from a reading of 17 in January to -4.1. It was the index's first negative reading since May 2016.
Dow Jones Stocks: J & J, Nike Take Hits
Johnson and Johnson gained 1.5% in premark trade, having confirmed in a regulatory filing Wednesday, reception by the US Justice Department and the Securities and Exchange Commission benefits. The court's order sought documents related to J & Js Baby Powder and other products containing talc. The J&J share dived in December, following a court ruling in a case that claimed the company had known for years that its talk-related products contained some asbestos, a known carcinogen.
J & J shares fell 12% in December. They have since restored 12% of a low level in late December.
Nike fell 1.3%. A defective sneaker appeared to have caused the damage of Duke University ahead of Zion Williamson during a high-profile basketball game with North Carolina on Wednesday night. The social media mocked Nike for the incident, where Williamson's shoes seemed to come apart. The video clip was repeatedly viewed and shared.
The Nike shares are at the top of a strong nine-week rally that lifted the shares by 27% of December in low and left stocks just below a 86.14 bargain base in a cup base.
Revenue News: Norwegian Cruise In Buy Range
Newspaper Budget group rocket 12% higher. Special chemical manager Albermarle jumped almost 7%. IHOP and Applebee's chain owner Dine Brands served a 10% profit out of the starting port.
Norwegian Cruise Lines drove up 3.6% on the open. The Miami-based cruise ship reported a 25% gain in earnings per share and an 11% revenue advance for the December quarter. The result peaked expectations with a wide margin. The revenue growth came in just shy of the analyst's goals. The company reported in 2019 with record orders for rising prices. Earnings guidance for the first quarter was well above analysts' expectations.
Norwegian Cruise approached the top of the buying range, over a handle purchase of 53.28. The purchase area goes to 55.94.
Kirkland Lakes targets a million ounces
IBD 50 top seed Kirkland Lakes Gold swept up 6% after increasing the range of production guidance to between 920,000 and 1,000,000 ounces for 2019. Kirkland shares closed Wednesday expanded and in one surplus zone, up 39% after a breakout in December.
Dow Jones Eyes Week 9; Small Cap Stocks Rally
The Dow Jones continues to edge toward its 9th straight weekly win, up 0.3% for the week through Wednesday. Dow has not clocked nine consecutive weekly gains since the March-May rally in 1995. The reference ended on Wednesday 3.8% during October 3.
Nasdaq also tries to add a ninth week in its rally. The index rose by 0.2% a week through Wednesday, still 8.6% below its peak and struggling to resist its 200-day moving average.
S & P 500 got 0.3% through Wednesday, and wanted to put their eighth win in nine weeks. The index fluctuates 1% over its 200-day line, and just below the 2800 level that has proved to be a capsule for the last two collections of 200-day support, in November and December.
Small Cap Stocks are in the midst of a race-up, with Russell 2000 sitting on an eight-season rally and the S&P Smallcap 600 up seven days in a row. The Russell index ended Wednesday with 0.8% in what could be its ninth straight weekly advance. S & P 600 had gone up 1.3%. Before they rise further, both indices must overcome resistance at their 200-day moving average.
For a more detailed analysis of the stock market's current behavior, study Big Picture.
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