Weekly Market Snapshot

News Last Week

  • U.S. equity markets rallied Monday on the news that President Trump and Chinese President Xi Jinping had agreed at the G20 to postpone new tariffs for 90 days.
  • Monday after the bell, RH stock jumped 17% on better-than-expected revenue and earnings.
  • Tuesday Toll Brothers beat top and bottom line estimates for its fourth quarter earnings report, however the stock fell after the builder gave weaker-than-expected guidance for the first quarter.
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  • Tuesday the Dow Jones Industrial Average (Dow) fell nearly 800 points on rising fears of an economic slowdown.
  • Shares of Taiwan’s Largan Precision, a top supplier of smartphone camera lenses, fell nearly 10% Thursday. The company had revealed a 28% drop in sales for November, year-on-year.
  • Thursday the Dow dropped another 500 points in early trade after a plunge in the equity futures market overnight that caused the CME to trigger multiple brief trading halts. Semiconductor chip stocks fell on the news that the CFO of China’s Huawei had been arrested, adding to the negative momentum.
  • Friday OPEC and its allies agreed to cut oil production by 1.2 million barrels a day.
  • Friday Morgan Stanley cut their price target on Apple from $253 to $236.
  • Monday: Markit Manufacturing PMI for November was 55.3.
  • Monday: ISM Manufacturing Index for November was 59.3%, better-than-expected.
  • Wednesday: Funeral of former President George H.W. Bush. Government offices closed, scheduled indicators postponed to Thursday, financial markets closed.
  • Thursday (postponed from Wednesday): Productivity for Q3 was 2.3%.
  • Thursday (postponed from Wednesday): Markit Services PMI for November was 54.7.
  • Thursday: (postponed from Wednesday): ISM Non-manufacturing index for November was a better-than-expected 60.7% and the strongest reading in 13 years.
  • Thursday: Factory Orders for October fell by 2.1%, in line with expectations.
  • Friday: Nonfarm Payrolls for November came in at a lower-than-expected 155,000. The unemployment rate held at 3.7%, a 49-year low.
  • Friday: Consumer Sentiment Index for December was unchanged at 97.5.

News Next Week

  • Monday: Job Openings and Labor Turnover Survey (JOLTS) for October at 10.00am.
  • Tuesday: Producer Price Index for November at 8.30am.
  • Wednesday: Consumer Price Index for November at 8.30am.
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  • Wednesday: Core CPI for November at 8.30am.
  • Friday: Retail sales for November at 8.30am.
  • Friday: Industrial Production for November at 9.15am.

Featured Chart

12/10/2018

Yield Curve Inversion

Generally when markets consider the impact of an inverted yield curve, this is in the context of 2 year vs. 10 year or 5...

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