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Bob Carey
Chief Market Strategist
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  Stocks Ended Sept. 16, 2016
Posted Under: Weekly Market Commentary
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Last week the S&P 500 Index moved up 59 basis points, reversing the trajectory of the prior week's performance, the third worst week of 2016. After dropping 2.45% on Friday of the prior week, the S&P 500 Index bounced back on Monday showing the largest gain of the week with a 1.47% return as investors added exposure to equities following the prior weeks' pullback. The index gave back the day's gain on Tuesday with a -1.45% return as energy, materials and telecommunication services led the way down. The International Energy Agency released their oil market report for September claiming that growth in global oil demand is slowing more quickly than previously expected. The S&P 500 Index was mixed on Wednesday losing 5 basis points as oil prices dropped for the second straight day putting pressure on energy which once again led the decline while information technology led the advancers. Economic data releases were mixed on Thursday, with retail sales and Empire State manufacturing lower than expected. US initial jobless claims of 260K were lower than the consensus estimate of 265K, but higher than the previous week's 259K. The index returned 1.03% as investors' expectations of a Federal Reserve rate hike by the end of the year appeared to be declining. Stocks opened down on Friday as the S&P 500 Index bounced in a range most of the day. Equities came up short at their attempt to recover late in the trading day closing with a -0.38% return. Utilities and health care were the only positive sectors for the day. Crude oil closed the week at $43.03 a barrel, declining 6.21% from the previous week's close. Six of the ten economic sectors had positive performance for the week. The information technology sector was the best performing sector with a 3.05% return. The utilities and health care sectors followed with 2.50% and 1.29% returns, respectively. The energy sector's -2.90% return was the worst performance of all the sectors and was followed by financials and materials which returned -1.19% and -0.95%, respectively. Skyworks Solutions Inc., a wireless semiconductor company that designs and manufactures system solutions for mobile communications, turned in the best performance in the S&P 500 Index with a 13.95% gain. The company is a supplier for Apple and is believed to have greater exposure to the iPhone than any other chipmaker. The newly released Apple iPhone 7 and iPhone 7 Plus are expected to have high demand. The next two best performers were Apple Inc. and Wynn Resorts Ltd. with returns of 11.43% and 10.32%, respectively.
Posted on Monday, September 19, 2016 @ 8:31 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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