Weekly Market Snapshot

News Last Week

  • Sunday Goldman Sachs lowered its growth forecast for the fourth quarter citing the impact of recent trade events.
  • Tuesday Nike launched a sneaker subscription service for kids; shares rose same day as a result of the news that tariffs on shoes and certain clothing products will be delayed until December.
  • Tuesday the merger of CBS and Viacom was solidified. Its forecast that the combined entity, set to be named ViacomCBS, will generate more than $28 billion in revenue.
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  • Wednesday Macy’s announced weaker-than-expected earnings attributing the miss to discounting tactics; shares dropped more than 12%, in pre-trading, as a result.
  • Wednesday the Dow Jones Industrial Average dropped 800 points and closed to 25,479.42, marking the worst percentage drop of 2019. Last Monday had previously marked the Dow’s worst day of 2019 with a drop of 760 points.
  • Thursday Walmart revealed better-than-expected second quarter earnings and raised profit forecasts; its share price rose on the news.
  • Thursday J.C. Penney reported losses but beat estimates and also announced a partnership to sell second-hand clothing in a small subset of its stores.
  • Thursday Alibaba beat on revenue and earnings attributing strong results to both its commerce and cloud computing businesses.
  • Tuesday: Consumer Price Index for July came in at 0.3% with a year-on-year reading of 1.8%.
  • Thursday: Philly Fed Index for August was 16.8, above of the forecasted 11.1 and, as anticipated, well below July’s surge level of 21.8.
  • Thursday: Retail Sales for July beat expectations rising to 0.7% marking the fifth increase in a row as well as the largest increase since March.
  • Thursday: Industrial Production for July unexpectedly dropped to -0.2% versus 0.1% consensus.
  • Friday: Housing Starts for July fell for the third straight month coming in a 1.191M units (annualized).
  • Friday: Consumer Sentiment for August decreased to 92.1, well below consensus expectations of 97.5 and July’s reading of 98.4.

News Next Week

  • Wednesday: Existing Home Sales for July at 10.00am
  • Wednesday: FOMC Meeting announcement at 2.00pm
  • Thursday: Weekly Jobless Claims for week of 8/17 at 8.30am.
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  • Friday: New Home Sales for July at 10.00am.

Featured Chart

Market Chart - Global Negative Yielding Debt Has Reached Record Highs

08/19/2019

Global Negative Yielding Debt Has Reached Record Highs

As interest rates around the globe have fallen, the total value of bonds with negative yields has surpassed $15.6 Trillion. This represents approximately 28%...

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