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Bob Carey
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  US Stocks Ended August 25, 2017
Posted Under: Weekly Market Commentary

 
U.S. equities were generally positive last week, after falling the previous two weeks. For last week, the large cap S&P 500 index returned 0.75%, while the mid cap S&P 400 returned 1.01% and the small cap S&P 600 had a 1.15% return. Consumer staples were the worst performing sector in the S&P 500 partly from disappointing earnings announcements but also because of new plans from Amazon Inc., their acquisition of Whole Foods Market Inc. is due to close Monday August 29th, which are expected to disrupt the grocery industry. Amazon announced intentions to slash prices on many home staple products currently sold at Whole Foods and they expect to sell Whole Foods private label 365 brand on Amazon soon. Amazon also announced that those Whole Foods customers that have a Prime membership will have additional benefits at the grocery store. Predictably this news sent grocery store stocks tumbling. Kroger Co. fell -4.9% for the week and -11.0% since Amazon agreed to buy Whole foods, Costco Inc. had a -2.9% weekly return and -15.1% since the deal was announced and Super Value Inc. had a -10.0% weekly return and -23.2% since the deal was announced. Several other staples names struggled this week as JM Smucker Co. fell over 13.7% on earnings news that revenue came light, Hormel Foods Corp returned -8.1% after announcing disappointing revenue and earnings. Several retail names announced strong earnings and were some of the top performing names in the S&P 500. Signet Jewelers LTD soared 17.0% after announcing higher revenue as their end markets have strengthened. Urban Outfitters Inc. rallied 12.2% after announcing revenue and earnings above analyst projections. Several newsworthy events are expected next week. First, a damage report from Hurricane Harvey, then 2Q GDP and August job reports are expected.
Posted on Monday, August 28, 2017 @ 9:07 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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