Stocks Week Ended June 17, 2016

Bob Carey
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Stocks Week Ended June 17, 2016

Posted Under: Weekly Market Commentary

Last week the S&P 500 Index posted a -1.12% return. The index has returned 2.42% YTD, but has declined in the month of June returning -1.11%. The equity markets showed weakness on Monday as they started the negative trending week with a -0.78% return on the S&P 500 Index. Caution was the mood as investors waited for retail sales data, industrial production data, housing data and the Federal Open Market Committee (FOMC) meeting later in the week. May retail sales data reported higher than expected on Tuesday and small business optimism also reported slightly higher than expected. With investors' concerns over foreign markets and the FOMC meeting the following day, the positive data did little for the index as it declined 17 basis points. Wednesday brought mixed economic data with better than expected manufacturing, but slightly worse than expected industrial production. The FOMC kept rates unchanged and the S&P 500 Index declined 18 basis points. The S&P 500 Index had its only positive day of the week on Thursday returning 0.33% with all sectors showing positive performance excluding energy. US initial jobless claims of 277K were higher than the consensus estimate of 270K and higher than the previous week's 264K. Stocks were back on the decline on Friday as the S&P 500 Index returned -0.33%. Crude oil closed the week at $47.98 a barrel, declining -2.22% from the previous week's close. Eight of the ten economic sectors had negative performance for the week. The telecommunication services sector was the best performing sector with a 1.42% return. The utilities and energy sectors followed with 0.72% and -0.02% returns, respectively. The health care sector's -1.98% return was the worst performance of all the sectors and was followed by information technology and financials which returned -1.93% and -1.89%, respectively. Symantec Corp., an information technology company that offers security and storage solutions through software and services, turned in the best performance in the S&P 500 Index with a 15.43% gain. On Monday, the company announced their agreement to acquire Blue Coat System Inc. from Bain Capital for $4.65 billion. The next two best performers were Freeport-McMoRan Inc. and Host Hotels & Resorts Inc. with returns of 7.53% and 6.75%, respectively.

Posted on Monday, June 20, 2016 @ 7:57 AM • Post Link	Share:
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.

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