Weekly Market Snapshot1

News Last Week

  • Ford Motor announced its plans to rollout hybrid versions of the iconic Mustang and F-150 brands in the next five years. They also cancelled plans to build a $1.6 billion plant in Mexico and, instead, plan to invest in a Michigan-based plant.
  • After Alphabet Inc. failed to provide requested information, the U.S. Department of Labor (DOL) filed a lawsuit against the corporation – parent company of Google. The DOL is seeking access to Google’s compensation data and other documents to determine their compliance with equal employment laws.
  • Macy’s, Inc. reported disappointing holiday sales and a plan to close 68 stores and cut 10,000 jobs. Shares of the stock dropped around 10 percent following the announcement.
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  • Sears Holdings Corporation announced the sale of its Craftsman brand to Stanley Black & Decker Inc. for approximately $900 million. This announcement was coupled with the news that Sears plans to close another 150 stores.
  • The ISM manufacturing index for December reached 54.7 versus a consensus estimate of 53.8 and a November reading of 53.2. The December number marked the fastest pace of manufacturing expansion in two years.
  • FOMC meeting minutes from December showed that the Board unanimously voted for a fed funds rate increase of 25 basis points and an adjustment of 2017 projected rate hikes from two to three.
  • The ISM non-manufacturing index held at 57.2 in December versus a consensus estimate of 56.8.
  • The Employment Situation Report for December showed that 156,000 new jobs were added to non-farm payrolls versus a consensus estimate of 175,000. This marked the 75th straight month that employers added jobs in the U.S. – a stretch not achieved since 1939.
  • International Trade for November showed that the U.S. trade deficit was $45 billion versus a consensus estimate of $44.5 billion. The deficit was affected by a slight decrease in exports of 0.2% and an increase in imports of 1.1%.
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News Next Week

  • Thursday: Four of the Federal Reserve’s Federal Open Market Committee members make public speaking appearances
  • Friday: Producer Price Index will be reported at 8:30am
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  • Friday: Retail Sales will be reported at 8:30am

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