US MARKET WRAP: US equities we range bound through-out the final session of the week which saw the DJIA and S&P-500
Stocks remained range bound throughout the US session amid the light news flow. The DJIA outperformed following the gains seen in financial names amid fresh share repurchase programmes for JPMorgan and Bank of America. Furthermore, Energy names were among the worst performers after WTI crude futures erased initial gains to finish down around 2%. Commodity linked currencies also saw a turnaround with USD/CAD breaking back above 1.30. In stock specific news, Columbia Pipeline and Starwood Hotels both finished among today’s best performing stocks after they takeover offers from TransCanada and Anbang respectively. The DJIA finished up 0.68% at 17599.97, S&P 500 finished up 0.44% at 2049.53 and the NASDAQ-100 finished up 0.24% at 4410.83.
In fixed income, T-notes ground higher amid light volumes following the softer than anticipated University of Michigan Sentiment (90.0 vs. Exp. 92.2). However, any momentum was capped amid rate-lock selling and profit taking. At the pit close T-note Jun’16 futures finish up 8+ ticks at 129.12.
Looking ahead, next week we have the US Durable Good Orders, Manufacturing PMI, the German IFO and ZEW as well as Nike’s earnings.
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