Weekly Market Snapshot

News Last Week

  • Monday Pinterest set its price range for its spring IPO at $15 to $17 a share, giving it a valuation of up to $11 billion, below the value of its last funding round in 2017.
  • Tuesday Standard Chartered was fined $1.1 billion by U.S. regulators and Britain’s Financial Conduct Authority for evading Iran sanctions from 2009 to 2014.
  • Tuesday the U.S. announced it was considering $11 billion worth of tariffs on EU goods in retaliation to illegal subsidies granted to France’s Airbus.
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  • Wednesday FOMC minutes from the March 19-20 meeting revealed the committee said they would leave the door open for more rate hikes if the economy improves.
  • Thursday Uber filed to go public, publishing a 300-page prospectus for potential investors. The document contained the admission that the company may never be profitable.
  • Disney announced Friday its new streaming service, Disney +, will launch in November at a price of $6.99 per month.
  • Friday Apple received its second downgrade for the week with New Street Research downgrading from neutral to sell on concerns over iPhone demand trends. HSBC had downgraded the company to reduce from neutral on Wednesday.
  • Friday JP Morgan Chase stock gained after releasing better-than-expected earnings.
  • Chevron announced Friday it will buy Anadarko Petroleum in a $33 billion cash and stock deal.
  • Friday GE agreed to pay a $1.5 million dollar penalty for allegations relating to sub-prime lending unit.
  • Monday: Factory Orders (new release date) for February fell 0.5%.
  • Tuesday: NFIB Small Business Index for March edged up to 101.8.
  • Tuesday: Job Openings for February were 7.1 million
  • Wednesday: The Consumer Price Index for March rose 0.4% on higher energy prices. Core CPI was 0.1% or 2.0% year-on-year.
  • Thursday: Producer Price Index for March rose 0.6% or 2.2% year-on-year.
  • Friday: Consumer Sentiment Index for April was 96.9.

News Next Week

  • Monday: Empire State Index for April at 8.30am.
  • Tuesday: Industrial Production for March at 9.15am.
  • Tuesday: Home Builders’ index for April at 10.00am.
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  • Thursday: Retail Sales (new release date) for March at 8.30am.
  • Thursday: Philly Fed Index for April at 8.30am.
  • Friday: Housing Starts (new release date) for March at 8.30am.

Featured Chart

30+ year bond bull market chart

04/15/2019

The 30+ year bond “bull” market

While interest rates have meaningfully declined since 1980, the overwhelming majority of fixed income returns were attributable to coupon income, not price appreciation. This...

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