U.S. equity index futures moved lower again. S&P 500 futures dropped 87 points in response to increasing coronavirus concerns.
Index futures recovered slightly following release of U.S. economic news at 8:30 AM EST. Consensus for February Non-farm Payrolls was a drop to 175,000 from an upwardly revised 273,000 in January. Actual was 273,000 Consensus for the February Unemployment Rate was a slip to 3.5% from 3.6% in January. Actual was 3.5%. Consensus for February Average Hourly Earnings was an increase of 0.3% versus a gain of 0.2% in January. Actual was an increase of 0.3%. Consensus for the January Trade Deficit was a slip to $48.2 billion from $48.90 billion in December. Actual was a drop to $45.3 billion.
The Canadian Dollar was virtually unchanged at U.S. 74.53 cents following release of Canadian economic news at 8:30 AM EST. Consensus for the January Trade Deficit was an increase to $610 million from $400 million in December. Actual was. Consensus for Canada's February Employment was a drop to 11,000 from 34,500 in January. Actual was 30,300. Consensus for the February Unemployment Rate was an increase to 5.6% from 5.5% in January. Actual was unchanged at 5.5%.
Crude Oil dropped $1.82 to $44.08 after Russia resisted participation in OPEC's proposed 1.5 million barrels per day cut in production.
Costco slipped $1.96 to $313.80 despite reporting higher than consensus fiscal second quarter revenues and earnings.
Apple (AAPL $292.92) is expected to open lower after Deutsche Bank lowered its fiscal second quarter revenues and earnings estimated due to impact of the coronavirus. Target was reduced from $305 to $295.
H&R Block dropped $0.99 to $19.85 despite reporting higher than consensus fiscal third quarter revenues.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/03/05/stock-market-outlook-for-march-6-2020/
Note seasonality charts on Non-farm Payrolls, Initial Jobless Claims and Manufacturers' New Orders
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StockTwits released yesterday @EquityClock
21st Century Fox $FOX $FOX.A, a NASDAQ 100 stock moved below $29.40 and $29.48 respectively extending an intermediate downtrend.
Coronavirus has triggered stocking up of staples (toilet paper, etc.). Equities such as Loblaws, Costco and Metro are responding. Metro $MRU.CA, a TSX 60 stock moved back above intermediate resistance at $56.28
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for March 5th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for March 5th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 5th 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer dropped 7.82 to 18.24 yesterday. It remains intermediate oversold.
TSX Momentum Barometer
The Barometer slipped 0.76 to 29.73 yesterday. It remains intermediate oversold.
Disclaimer: Seasonality and technical ratings offered in this report and at
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