Weekly Market Snapshot1

News Last Week

  • Stocks shook off events in London and North Korea to close the week with all major indices ending at record highs.
  • The U.S National Debt has crossed $20 trillion for the first time.
  • Oracle reported higher-than-expected revenue and earnings. Their results were in part due to the transition to a cloud-based business model from the traditional software licensing model. The stock rose initially but turned negative Friday after the company gave guidance for the next quarter.
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  • Apple held its long-awaited product launch Tuesday, unveiling its latest devices. One of two new iPhones announced, the iPhone X received much attention with its $999 starting price tag.
  • Equifax has plunged in the wake of its data breach, with shares losing more than one third of their value. Analysts have been actively adjusting their price targets with Morgan Stanley saying there was a risk that prices could fall to $50. Friday saw the announcement that the chief information officer and chief security officer would both be retiring.
  • Graphics-card maker Nvidia rocketed to a record high in the wake of Evercore ISI raising their price target to $250 from $180. The analyst’s bullish move is based on their belief that the company’s products will dominate the artificial intelligence market.
  • Producer Price Index (PPI) for August showed 0.2% growth from the previous month versus a consensus estimate that it would increase 0.3%.
  • Thursday: Consumer Price Index (CPI) for August came in at a positive 0.4%, 0.1% more than consensus estimates. The year-over-year change was 1.9%.
  • Friday: Retail Sales for August declined 0.2% month-over-month versus a consensus estimate that retail sales would rise 0.1%.
  • Friday: Industrial Production for August declined month-over-month by 0.9% versus a consensus estimate of a 0.1% increase.
  • Friday: Consumer Sentiment for September was not affected much by Harvey and Irma, coming in at 95.3 versus a consensus estimate of 96.0.
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News Next Week

  • Tuesday: Housing Starts for August will be reported at 8:30am
  • Tuesday – Wednesday: Federal Open Market Committee (FOMC) meets
  • Wednesday: Existing Home Sales for August will be reported at 10:00am
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  • Friday : PMI Composite Flash for September will be reported at 09.45am

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