US market recap August 22, 2016

DJIA 18,529.42 -23.15 points (-0.12%)
S&P 500 2,182.64 -1.23 points (+0.06%)
Nasdaq 5,244.6 +6.22 points (+0.12%)

DJIA started in red, swinging up and down in a tight 100 points range, there’s not much difference in S&P 500 also Nasdaq movement, but fortunately Nasdaq finished in the green zone.

U.S dollar index retreat after gaining ground in early Monday session, the slow retreat happened after price unable to close above $95. We might see further weakness before Yellen speech at Jackson Hole meeting.

Healthcare sector is the best-performed sector with 0.4% gain. Conglomerates sector lagged followed by basic materials down 1.3% and 1% respectively.

Oil closed down 1.35 points to $47.05 (-3.63%), weakness in oil incited by fear of Chinese fuel exports, rising U.S oil rig count. Iran also mentioned a plan to increase export this week.

Earnings report, Merger-Acquisition, Shares report

Pfizer Inc (PFE) set to buy Medivation, a U.S cancer drug company. The deal valued at $14B to add prostate cancer drug Xtandi to its reserve. Medivation (MDVN) shares up 20% in early trading and settled at $80.42 (+19.74%) at the end of the day.

China Telecom Corp (CHA) reported net earnings of 11.7B yuan ($1.8B), more than analyst expectation of 11.3B yuan. The company signed up 32M subscriber to their 4G service in first half. Management decided to hold dividend for adequate funding flexibility.

Asian Session

Japan Kuroda surprisingly leads a slow session, with no commentary about the economy this talk have no impact to the Yen. His speech topic is Information Technology and Financial Services.
Excerpt of the speech can be accessed here

A group of Chinese investors buys media.net startup founded by Divyank Turakhia, the deal valued at $900. Media.net based in Dubai and New York, this acquisition will give it access to China market.