US Stocks Ended June 23, 2017

Bob Carey
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US Stocks Ended June 23, 2017

Posted Under: Weekly Market Commentary

Equities ended the week marginally higher as health-care and information technology firms offset losses in energy and financial companies. Shares of biotechnology and pharmaceutical corporations posted their largest weekly gain since the November elections as positive clinical trial results from a few drug companies and the unveiling of the Senate Republicans' plan to overhaul the Affordable Care Act drove shares higher. Clovis Oncology Inc. jumped 58% for the week, after the company reported positive trial results for its ovarian cancer drug. After two straight weeks of selling, technology shares recovered with Apple Inc. gaining nearly 3% for the week as investors picked up shares at a discount to recent prices. Falling oil prices and inflation expectations sent energy and financial shares lower for the week. In economic news, both new and existing home sales beat consensus expectations, despite higher prices from inventory constraints. In other stock news, Bed Bath & Beyond Inc. was the latest brick-and-mortar retailer to announce disappointing results on declining store traffic and fierce competition from Amazon.com Inc. and Wal-Mart Stores Inc. Shares of Chipotle Mexican Grill Inc. fell after the fast-casual burrito chain announced increased marketing and cyber security costs, which are likely to hurt margins. For the week ahead, key economic data points will be durable goods orders, personal income data, and the final reading of first quarter GDP.

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 26, 2017 @ 8:42 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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