Market Commentary March 9

The Trading Daily Market Commentary features a summary of selected market segments as well as economic matters. Its content of interest is made available to all traders and investors at large

The US market after an opening move to the downside, attempted a recovery effort throughout the trading session yesterday. The main indices rallied going into the closing hour of trading yet still finished the day modestly lower once again.

The DJI index trimmed down 23 points or 0.1 % to finish at 25,450, the Nasdaq100 index dropped 11 points or 0.16 % to close at 7,015, and the broader S&P 500 index slid just under 6 points or 0.2 % to wrap up the session at 2,743. With the decline, the main averages prolonged the pullback observed over the past several trading sessions.

As far as the summary for the week, the DJI and the broader S&P500 indices both depreciated by 2.2 %, while the technology-heavy Nasdaq 100 index plunged by 2.5 %.

The fundamental weakness on the equity market came following an announcement from the Labor Dept. revealing job growth almost at the ground level for the last month after flying in the first month of the year - January.

Asia-Pacific Market

In the Asia-Pacific market equities across the region pushed sharply lower throughout trading on Friday's session. Japan Nikkei 225 index collapsed by 2 %, while China's core Shanghai Composite Index nosedived by 4.4 %.

European Market

The main Eurozone markets also moved to the downside on a Friday. The German DAX30 index declined by 0.5 %, the U.K. FTSE100 index managed to slide meager 0.07 yesterday, and the French CAC40 index slipped equivalent 0.7 %.

Bond Sector

In the American bond sector, US Treasuries swung throughout the trading session wildly before closing modestly higher. As a consequence, the yield on the benchmark 10-year note, which runs opposite of its price, trimmed down by 1.1 basis points to conclude at 2.625 %.

Precious Metal Sector

On the heels of a significant rally, yesterday that pushed the price of Gold back over the $1300 level, the commercial players covered a considerable number of Gold and Silver short market positions, while Gold stocks jumped sharply higher as well throughout Friday's session.

The Gold April delivery contract rose $13.20 to conclude slightly above $1299 an ounce for the week, approximately $40 away from hitting a new high. The New York Stock Exchange Arca Gold Bugs Index soared by 3.5 %. It will be exciting to observe how the commercial players are positioned in the upcoming week’s COT report. 

The Next Week Economic Data

Another bunch of economic data may draw some attention next week, with investors and traders prone to keep an eye on data posted on consumer and producer prices, retail sales, a new home sales, durable goods orders, as well as industrial production.

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