Stock rally runs out of steam

 

Stocks are down at mid-day Friday following a week-long rally. The bounce we’ve seen in the market since late December has many of the major indices pressing strong levels of resistance, sending stocks lower at the open and through the first hours of trading. The partial government shutdown looks to extend into next week with seemingly no short-term end in sight, leaving many federal workers without a paycheck today. Should the shutdown go into next week, it will take the record for the longest in history. General Motors (GM) is up more than 8% today following statements that the company’s 2018 earnings exceeded expectations. GM’s CEO Mary Barra shared a positive outlook for 2019, with Cadillac becoming the company’s lead electric vehicle brand moving forward and high expectations for strong sales in the Chinese market, where they have already had ‘tremendous success’. 

At present, the S&P 500 is down 0.44%, the DJIA is down 0.49%, and the NASDAQ is down 0.59%.

Industries doing well today include Automobiles, Diversified Telecommunication Services, and Multiline Retail. Industries showing weakness include Construction Materials, Airlines, and Energy Equipment & Services. The VIX is down 0.10 to 19.40 after the previous close of 19.50. The most heavily traded options this morning are for Wells Fargo (WFC), with 13,014 Feb 15 50 calls on the board. The total put/call ratio as of 10:00 AM was 0.91 (654,386/721,083). The advancers/decliners ratio for NYSE stocks is 1,145/1,750 while the advancers/decliners ratio for NASDAQ stocks is 1,144/1,838.

[InvestorsKeyhole, various news and data sources]

Symbols: GM WFC

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