Sturkenboom noted that high valuations in USA large-cap stocks might be keeping investors on edge.
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Earnings reports drove much of the trading.
Still, overall earnings for companies in the S&P 500 are expected to be down 2.2 percent for the second quarter, according to S&P Global Market Intelligence.
“If we get that above $40, we’re going to be OK”.
USA stocks barely budged in early trading Wednesday, hovering between small gains and losses.
TOKYO (AP) – Global stocks wavered Friday as investors looked to see if the three major US indexes can add to their record close as well as upcoming retail sales figures. Meanwhile, the International Energy Agency said that it expects the global markets to begin to rebalance in the months ahead.
OIL: Benchmark U.S. crude fell 46 cents to $42.31 per barrel in NY.
OIL: A bigger-than-expected increase in USA oil stockpiles last week weighed on the price of crude, reversing an early gain. Australia’s S&P ASX 200 fell 0.2 percent to 5,543.70. The company also said that next year it will close 100 of its Macy’s stores, about 14 per cent of its outlets under that banner, and boost its online investment.
Kohl’s shares rose 16.17 per cent after its quarterly profit beat estimates.
Investors also bought up shares in several other retail chains.
Kohl’s kicked off the two-day earnings run of department store chains. The dollar index .dxy fell for the second straight day as weak US productivity data on Tuesday somewhat dimmed the prospects of economic growth and would likely deter the Federal reserve from raising interest rates.
A number of companies have also reported disappointing drops.
SHAKEN: Hamburger chain Shake Shack slumped 7.1 percent after it said sales at older locations slowed down in the latest quarter. The stock shed $2.53 to $38.34.
By the end of 2000, the Nasdaq was down 39 percent, the Dow 6 percent and the S&P 500 10. The Standard & Poor’s 500 index was also almost unchanged at 2,181. China’s Shanghai Composite index rose 0.2 percent at 3,023.26.
NEW ZEALAND’S CUT: New Zealand’s central bank on Thursday cut its benchmark interest rate by a quarter point to a record low 2 percent, though some analysts had expected a larger cut.
The low oil prices that pulled the US stocks down affected Asian stocks too with regional volumes influenced by Japan’s stock exchange closure.
So far in 2016, the Dow has risen 6.8%, the S&P is up 6.9% and the NASDAQ has soared 4.4%. The stock fell $1.36 to $48.75.
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METALS: The price of gold slipped $1.80, or 0.1 percent, to $1,342.50 an ounce. Diamond Offshore Drilling was down 64 cents, or 3.1 percent, to $20.11. Kimco Realty slid 72 cents, or 2.3 percent, to $30.35. The yield on the 10-year Treasury note fell to 1.49 percent from 1.56 late Thursday. In currency markets, the dollar weakened to 101.31 yen from 101.90 on Tuesday, while the euro strengthened to $1.1169 from $1.1107. Fossil rose $1.48, or 4.9%, to $31.84, and Ralph Lauren jumped $7.43, or 7.8%, to $102.50.
