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Bob Carey
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  US Stocks Ended June 16, 2017
Posted Under: Weekly Market Commentary
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Equity markets were mixed for the week as investors digested a well telegraphed rate hike by the Federal Reserve on Wednesday. Among U.S. indices, the Dow Jones Industrial Average Index remained positive for the week, while smaller capitalization indexes lost ground. The NASDAQ 100 Index continued lower for the second consecutive week as investors rotated to other out of favor sectors and a number of cautions analyst reports cast doubt technology stocks could maintain their momentum. In economic news, retail sales declined by 0.3%, the largest decline since January 2016. Consumer prices fell 0.1% in May, leaving many analysts skeptical the Federal Reserve will move aggressively to increase rates. In stock news, Amazon.com Inc. agreed to buy Whole Foods Market Inc. in an all cash deal for $13.7 billion. Other grocery stores and big-box retailers with food sales fell on the news of increased competition in an already ultra-competitive market. Before Friday's sell-off, Kroger Co., the largest traditional grocer in the U.S., plunged earlier in the week after lowering guidance due to lower prices, increased wages, and food deflation. Shares of General Electric Co. jumped over 4% for the week after long-time CEO Jeff Immelt announced he will be stepping down as CEO. Looking ahead to next week, Fedex Corp and technology names Adobe Systems Inc. and Oracle Corp. are set to report earnings. In addition to earnings announcements, data on new and existing homes sales will be key economic data points.


The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
Posted on Monday, June 19, 2017 @ 8:27 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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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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