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Bob Carey
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  US Stocks Ended Feb. 3, 2017
Posted Under: Weekly Market Commentary

 
Generally speaking, equity markets moved higher this week. The mid and small-cap S&P 1000 Index was up 0.5%, outpacing large-cap S&P 500 Index which returned 0.2%. American political announcements continued to dominate financial market headlines this week. President Trump signed his 'one in, two out' policy to curtail burdensome regulation, agreed to impose economic sanctions on Iran and penned executive actions to scale back the impact of Dodd-Frank for the financial industry. While these executive moves had mixed impacts on equity markets, the main economic driver of positive returns came from the jobs report on Friday. Change in private payrolls were +237k, the largest reported January number since 2012. Further, the S&P 500 Biotechnology Index was up 2.6%, while the S&P 500 Pharma Index was up 3.1% after President Trump softened his drug pricing language. Earnings season continued this week as 105 of the S&P 500 companies announced quarterly results. On the positive side, AmerisourceBergen Corp., a health care supply-chain management company, rallied 4.4% on Tuesday after posting earnings that beat estimates and issuing strong guidance for 2017. Chemical conglomerate Avery Dennison Corp. also announced strong earnings and revenue numbers, along with guidance that send the stock up 9.1% on Wednesday. On the down side, Under Armor Inc. saw its shares fall -23.4% on Tuesday, as they missed revenue estimates by nearly 7% and delivered disappointing guidance for 2017. On Thursday, HanesBrands Inc. reported quarterly revenue short of estimates by 7%, blaming general retail weakness as they too issued underwhelming guidance for 2017.  Looking ahead to next week we expect earnings season to continue as some 86 more S&P 500 companies are expected to announce quarterly results. Among them are mega-cap consumer names The Coca-Cola Co., The Walt Disney Co. and CVS Health Corp., also drug makers Gilead Sciences Inc. and Allergan PLC.
Posted on Monday, February 6, 2017 @ 9:02 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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