Nervous Markets Await Manufacturing Data US Market: 02 November 2013 The major U.S. index futures are pointing to a slightly higher opening on Monday, with sentiment remaining nervous amid a lack of any major catalysts. Notwithstanding fairly positive manufacturing data from China, Asian stocks closed mixed and European stocks are also seeing mixed sentiment, not impressed by manufacturing activity data, which showed continued improvement in the sector in the eurozone and the U.K. The onus of supporting the domestic markets now rests on the results of a national manufacturing survey due shortly after the markets open. U.S. stocks ended the week ended November 29th higher amid thin holiday trading volume. Last Monday, the major averages ended mixed despite holding above the unchanged line for much of the session. The mixed sentiment came about as the optimism generated by the Iranian nuclear deal was tempered by anxiety concerning the overbought levels of the markets. After showing some weakness in early trading on Tuesday in reaction to a disappointing consumer confidence reading, the major averages recovered and closed the session higher. The averages ended higher on Wednesday ahead of the Thanksgiving holiday amid the release of some mixed domestic economic readings. The markets remained closed on Thursday on account of Thanksgiving Day. With traders having little catalysts to digest in the truncated session on Friday, the major averages ended narrowly mixed. For the week ended November 29th, the Dow Industrials and the S&P 500 Index added 0.13 and 0.06 percent, respectively, while the Nasdaq Composite Index was up 1.71 percent. Among the sector indexes, the Philadelphia Housing Sector Index added 2.70 percent for the week and the NYSE Arca Airline Index, the NYSE Arca Biotechnology Index and the Philadelphia Semiconductor Index rose more than 1 percent each. On the other hand, the Philadelphia Oil Service Index ended down 2.51 percent. Additionally, the NYSE Arca Oil Index and the Dow Jones Utility Index declined over 1 percent each.
Posted on: Mon, 02 Dec 2013 17:52:59 +0000
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