Weekly Market Snapshot

News Last Week

  • Monday CNBC reported that Symantec and Broadcom had ceased deal negotiations as Symantec would not accept less than $28 a share. Symantec dropped 18% in premarket trading.
  • Citigroup revealed a second quarter profit that beat expectations Monday. The result was largely attributed to gains from the IPO of electronic bond trading platform Tradeweb.
  • Tuesday Wells Fargo, J.P. Morgan and Goldman Sachs all released earnings that beat much-lowered expectations. Johnson & Johnson also released results, beating on the top line.
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  • Wednesday after the bell Netflix released earnings that showed a huge decline in new subscribers. The stock fell more than 10% in early trade Thursday.
  • Thursday Boeing announced it would take a $4.9 billion hit in the second quarter to compensate 737 Max customers. Meanwhile, Microsoft announced an earnings jump of nearly 50%, together with a strong outlook for the next fiscal year.
  • NY Fed President John Williams gave a speech Thursday where he said the most effective strategy for the Federal Reserve is to cut rates at the first sign of trouble. He later clarified his remarks as being academic and not a potential policy action for the next meeting.
  • Monday: Empire State Index for July was 4.3, higher-than-expected.
  • Tuesday: Retail Sales for June were up 0.4%, higher-than-expected.
  • Tuesday: Industrial Production for June was flat.
  • Tuesday: NAHB Home Builders Index for July was 65.
  • Wednesday: Housing Starts for June dipped to 1.253 million. Permits fell 6.1%.
  • Thursday: Philly Fed for July jumped to 21.8, the highest in a year.
  • Thursday: Weekly Jobless Claims for week 7/13 were 216,000, to give a 4-week average of 218,750. Continuing claims fell to 1.69 million, the lowest since the early 1970’s.
  • Friday: Consumer Sentiment for July was 98.4. The reading for personal finances rose to 136, the highest since 2004.

News Next Week

  • Monday: Chicago National Activity Index for June at 8.30am.
  • Tuesday: Existing home sales for June at 10.00am.
  • Wednesday: Markit Manufacturing PMI (flash) for July at 9.45am.
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  • Wednesday: Markit Services PMI (flash) for July at 9.45am.
  • Wednesday: New Home Sales for June at 10.00am.
  • Thursday: Weekly Jobless Claims for week 7/20 at 8.30am.
  • Thursday: Durable Goods Orders for June at 8.30am.
  • Friday: Gross Domestic Product for Q2 at 8.30am.

Featured Chart

Market Chart - Wages are rising meaningfully but broader inflation is not

07/22/2019

Wages are rising meaningfully, but broader inflation is not

Wage growth can drive broader inflation, but has not done so for 25 years. The Fed has typically focused on wage inflation as an...

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