-June 18, 2017 Weekly Market Roundup. The U.S. Equity Market finished mixed for the week with the S&P 500 holding its ground at +0.1% while the Nasdaq continued its slide with -0.92% loss. Driving most of the market's action was the Fed’s +0.25% rate increase and its comments, along with several other important economic data reports. The Federal Reserve laid out its plans to reduce the size of its $4.5 trillion balance sheet.
-June 9, 2017 Weekly Market Roundup. The equity indexes closed mixed for the week with the S&P 500 –0.27%, the Dow Jones 30 +0.33% and the Nasdaq -1.55%. However, Wall Street's tech darlings took it the shorts on Friday with the FAANGs having sharp losses: Facebook (FB) -3.3%, Amazon (AMZN) -3.2%, Apple (AAPL) -3.9%, Netflix (NFLX) -4.7% and Google (GOOG) -3.4%. These five stocks have accounted for a remarkable two-fifths (or 40%) of the S&P 500’s market gain this year. Much of the tech sell-off was driven by jitters over rumors that Apple’s iPhones may have reduced speeds due to modem supply constraints, along with Goldman Sach’s research piece on the tech stock leaders called the FAAMG (includes Microsoft); the piece highlighted how the FAAMGs are behind in profitability relative to the overall tech sector and how these top five names are reminiscent of the 2000 tech bubble. On the global front, the World Bank released their forecast that the global economy is expected to expand by 2.7% in 2017 and 2.9% in 2018 with anticipated improvement of manufacturing, trade and consumer data.
-June 2, 2017 Weekly Market Roundup. The major U.S. indices advanced to new record highs with the S&P 500 closing the week up +1.0%, the Dow 30 +0.69% and the Nasdaq +1.54%. The continued positive market momentum even overcame a lackluster jobs report of weaker than expected non-farm payrolls, 138,000 reported vs 185,000 expected. Technology stocks (particularly Telecom) led gainers, while financials and energy were the sector lagers for the week.
-June 9, 2017 Weekly Market Roundup. The equity indexes closed mixed for the week with the S&P 500 –0.27%, the Dow Jones 30 +0.33% and the Nasdaq -1.55%. However, Wall Street's tech darlings took it the shorts on Friday with the FAANGs having sharp losses: Facebook (FB) -3.3%, Amazon (AMZN) -3.2%, Apple (AAPL) -3.9%, Netflix (NFLX) -4.7% and Google (GOOG) -3.4%. These five stocks have accounted for a remarkable two-fifths (or 40%) of the S&P 500’s market gain this year. Much of the tech sell-off was driven by jitters over rumors that Apple’s iPhones may have reduced speeds due to modem supply constraints, along with Goldman Sach’s research piece on the tech stock leaders called the FAAMG (includes Microsoft); the piece highlighted how the FAAMGs are behind in profitability relative to the overall tech sector and how these top five names are reminiscent of the 2000 tech bubble. On the global front, the World Bank released their forecast that the global economy is expected to expand by 2.7% in 2017 and 2.9% in 2018 with anticipated improvement of manufacturing, trade and consumer data.
-June 2, 2017 Weekly Market Roundup. The major U.S. indices advanced to new record highs with the S&P 500 closing the week up +1.0%, the Dow 30 +0.69% and the Nasdaq +1.54%. The continued positive market momentum even overcame a lackluster jobs report of weaker than expected non-farm payrolls, 138,000 reported vs 185,000 expected. Technology stocks (particularly Telecom) led gainers, while financials and energy were the sector lagers for the week.