Weekly Market Snapshot

News Last Week

  • Monday the U.S. Department of Justice approved Bayer’s bid for Monsanto. The deal was first announced in 2016, and was the biggest merger announced that year after AT&T and Time Warner. The size of the deal meant that approval from regulators was required in 30 countries.
  • Tuesday stocks were boosted after Chinese President Xi Jinping made comments suggesting a less-aggressive stance with respect to trade. The auto sector was singled out when Xi promised “significantly lower” tariffs on auto imports this year. Automakers were up nearly 5% on the news.
  • Facebook founder and CEO Mark Zuckerberg faced two days of congressional testimony this week. Facebook’s Chief Technology Officer is due to appear before U.K. lawmakers later this month. Thursday the European Union’s data watchdog announced it would scrutinize social media firms more closely. The EU is planning to enforce a new data law with fines of up to 4% of a company’s annual global turnover if breached.
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  • Thursday Qualcomm ex-chairman Paul Jacobs announced he is assembling a group of buyers to take the company private.
  • Thursday Broadcom announced a $12 billion buyback of common stock effective immediately until end of fiscal year 2019.
  • Earnings season kicked off Friday with several big banks reporting. JP Morgan and PNC topped estimates while Wells Fargo was mixed.
  • Tuesday: PPI-FD for March rose 0.3%, higher than expectations.
  • Wednesday: Consumer Price Index for March recorded a 0.1% decline. The dip was blamed on a drop in gas prices. The core rate which excludes energy, hit expectations at 0.2%.
  • Wednesday: FOMC minutes for the March meeting were released, describing the economy as moderate with inflation.
  • Thursday: Jobless Claims for week ending 4/7 came in at 233,000.
  • Friday: Consumer Sentiment for April(p) came in below estimate at 97.8. The current conditions component eased from an extremely strong 121.2 to 115.0.
  • Friday: The February JOLTS report revealed the number of job openings was little changed at 6.1 million.
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News Next Week

  • Monday: Retail Sales for March at 8.30am.
  • Tuesday: Housing Starts for March at 8.30am.
  • Tuesday: Industrial Production for March at 9.15am.
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  • Thursday: Jobless Claims for week ending 4/14 at 8.30am.
  • Thursday: Philadelphia Fed Business Outlook Survey for April at 8.30am.

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