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Equities Market, Crude Oil Correlation Continues

Published 05/22/2016, 02:25 AM
Updated 07/09/2023, 06:31 AM

Markets: Except for the Dow, the major indexes snapped their 3-week losing streak, with small caps and NASDAQ stocks far outpacing the S&P 500. It was another up week for Oil, continuing the market-Crude correlation.

Major US Indexes Current Fundamentals

Dividend Stocks Update: These high dividend stocks go ex-dividend this coming week: Pembina Pipeline(NYSE:PBA), Medley Capital (NYSE:MCC), TESSCO (NASDAQ:TESS), Amec Foster Wheeler(NYSE:AMFW), Brookfield Renewable Energy (NYSE:BEP), Brookfield Infrastructure (NYSE:BIP), Chatham Lodging Trust REIT (NYSE:CLDT), Exelon (NYSE:EXCU), Prospect Capital (NASDAQ:PSEC), S&T Bancorp (NASDAQ:STBA), Equifax (NYSE:EFX), NRG Yield Inc Class C (NYSE:NYLD).

Volatility: The VIX rose 9.1% this week, finishing at $17.35.

Currency: The dollar rose vs. most major currencies, except the pound, as Fed members and minutes hinted at a possibility of a June rate hike.

1 Week Relative Perfromance - USD

Market Breadth: 12 of the Dow 30 stocks rose this week, vs. 7 last week. 55% of the S&P 500 rose this week, vs. 40% last week.

US Economic News: April Housing Starts and Industrial Production surprised to the upside.

Statistic

Week Ahead Highlights: Uh oh, 4 Fed members are giving speeches next week – will they spook the market with “sooner than later” rate hike talk? Q1 GDP estimate gets revised, and Consumer Sentiment reading will be issued on Friday.

Next Week’s US Economic Reports

Sectors & Futures:

Energy and Financials led this week, as Utilities trailed, in the wake of renewed rate hike fears.

Weekly Sector Performance

WTI Crude had an up week..Soybeans led, with Palladium trailing:

1 Week Relative Performance - Major Instruments

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