US stocks ended the year on a low point, as the Dow ebbed further away from 20,000 and other tickers also printed sharp declines.
The market was unable to carry the rally which began with Donald Trump’s sensational victory for the White House on Nov. 8 through to the last days of the year.
Some pundits also wonder whether business will resume in 2017 or whether the best gains have now been seen of a presidency which has yet to begin. Read more.
The Dow Jones Industrial Average closed down 0.3% at 19,762 after spending almost the entire session below the previous closing level.
The rest of the family had the same problems, spending most of the session in negative territory. The S&P Midcap 400 finished down 0.4% at 1,660 and led by United States Steel Corp (NYSE:X), down 5.3% to $33.01, while the S&P Smallcap 600 ended down 0.4% at 837 and led by Ciber Inc (NYSE:CBR), down 8.7% to $0.63.
The wider small-cap Russell 2000 followed the same negative pattern and ended down 0.4% at 1,357, led by Gold Resource Corporation (NYSEMKT:GORO), down 12.7% to $4.35.
But one stock to make double-digit gains – and hardly anyone did – was Russell 2000 stock Immunogen Inc (NASDAQ:IMGN), up 29.1% to $2.04 on 16mln shares after announcing on Thursday that data from a 46-patient phase I expansion cohort study on its lead pipeline candidate, mirvetuximab soravtansine (IMGN853), were published in the Journal of Clinical Oncology.
But Wall Street wasn’t the only north American market to end on a lower note. Bay Street’s TSX Composite in Canada was also dragged lower, by 0.9%, to 15,287, and led down by Argonaut Gold Inc (TSE:AR) down 9.8% to C$2.12.
Despite the lack of festive cheer as well as of volumes, the market has notched up impressive gains in 2016.
The Russell 2000 ended the year 220 points higher than where it began 2016, the S&P 600 index 170 points higher, the S&P 400 index 260 points higher, and the S&P 500 some 195 points, or 9.5%, higher. The figures would be higher if read from the market nadir in mid-February.
The Dow advanced by the most impressive 2,337 points, or 13.4%, and much of that gain was thanks to just one stock, bank Goldman Sachs (NYSE:GS).
Similarly, the TSX Composite in Canada has had a good run in 2016. Having ended last year at 13,009 it advanced by 2,278 points in 2016. In percentage terms, the TSX outpaced even the Dow, rising by 17.5%.
US markets are closed on Monday January 2 for an observed holiday on account of New Year's Day falling on a Sunday.
Wall Street shares resume trading on Tuesday January 3, when our coverage returns.
US stock tickers were universally lower on Friday, as thin volumes wiped out any initial upside momentum and weaker-than-forecast PMI data left investors shy.
The Chicago PMI for December rang in at 54.6 versus a forecast 57.0 and below the November reading of 57.6. The data will be a fly in the ointment for US President-elect Donald Trump before he becomes head of state on January 20.
After an initial rise at the opening, the S&P 500 market bellwether was down 0.2% at 2244 and led by Nvidia Corporation (NASDAQ:NDVA) down 2% at $109.25.
On the upside, Endo Int'l Plc (NASDAQ:ENDP) was up 4.3% to $16.36, as it cruised on the coat tails of Mylan Inc (NASDAQ:MYL) up 2.3% to $38.23 after the drugmaker announced the launch of a generic version of Johnson & Johnson's (NYSE:JNJ) Concerta, a drug designed to treat attention deficit hyperactivity disorder. J&J shares were 0.04% lower at $115.44.
The S&P Midcap 400 was down 0.2% to 1663 and led by Cabela's Inc (NYSE:CAB) down 6.4% to $57.72.
Meanwhile, some investors might have been hoping it was Tuesday Morning after discount retailer Tuesday Morning Co (NASDAQ:TUES), down 5.5% to $5.15, dragged the S&P Smallcap 600 lower 0.4% to 838. True Bearing Asset Management LP decreased its position in shares of Tuesday Morning by 38.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission.
The Dow Jones Industrial Average lost 0.2% to 19,786, killing off any lingering prospects that it might end the year on a fresh high of 20,000.
The tech-heavy Nasdaq Composite was 0.7% lower at 5395 while the Russell 2000 index of small-caps lost 0.3% to 1359 and was led by Corvus Pharma Com (NASDAQ:CRVS) down 68% at $14.17 but on lowly volume of 4mln shares.
US stocks are expected to edge higher on Friday, the last trading session of the year, but with a hollow sense of victory as a succession of third and fourth quarter record highs are unlikely to see the Dow Jones Industrial Average hit the 20,000 it has been attempting for two weeks.
The S&P 500 market bellwether is indicated opening up 0.3% while the Nasdaq Composite is looking at 0.2% higher. The Dow is also looking at 0.2%. Around 50 points higher will still leave it needing more than 100 points to clear the fresh milestone. The best level it has reached so far has been 19,987 last week.
Right after the opening the last economic data of the year will be released, the Chicago PMI. Forecast to be 57.0 in December, that would be an ease from 57.6 in November, but still well above the 50.0 marker for any expansion. The data is released at 1445 GMT.
The Baker Hughes oil rig count is due at 1300 ET (1800 GMT).
One stock to watch will be pharma Mylan NASDAQ:MYL). The drugmaker announced the launch of a generic version of Johnson & Johnson's (NYSE:JNJ) Concerta, a drug designed to treat attention deficit hyperactivity disorder and its shares were up 1.7% at $38.02 pre-market. J&J shares edged 0.2% higher to $115.70.
Meanwhile, Gulfport Energy (NASDAQ:GPOR) confirmed its Chief Financial Officer Aaron Gaydosik will resign on Jan 4, to pursue other opportunities. Shares were down 1.7% at $21.45 pre-market.