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Bob Carey
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  US Stock Markets Ended October 5, 2018
Posted Under: Weekly Market Commentary

 
Equites traded lower last week as small cap stocks (S&P Small Cap 600 Index: -3.86%) took the brunt of the hit relative to large cap stocks (S&P 500 Index: -0.95%). The S&P 500 index was up 40 basis points for the first three days of the week, but reversed course the last two days declining 1.34% with technology stocks leading the fall. Consumer discretionary stocks showed the worst performance for the week while financials showed strength. The September ADP National Employment Report announced the largest jump in jobs since February, showing evidence of strong hiring even with the declining US Unemployment Rate which currently sits at 3.7%. The strong employment numbers raised possible concerns of future interest rate hikes, causing an increase in treasury yields which had investors repricing assets with stocks sliding. US initial jobless claims of 207K were lower than the consensus estimate of 215K and the previous week's 214K. Crude oil prices closed the week at $74.34 per barrel, increasing 1.49% for the week. General Electric Company, a globally diversified industrial company, was the week's best performing stock in the S&P 500 Index returning 16.74%. The stock jumped on the termination announcement of their CEO, John Flannery, after months of poor performance. The stock declined over 51% for the previous twelve months through the end of September. Super Micro Computer Inc., a designer and manufacturer of server motherboards, declined 41.12% last Thursday. Bloomberg Businessweek reported on the discovery of malicious microchips imbedded in the company's motherboards manufactured in China, which were designed to allow hackers access to unsuspecting US commercial and government servers. Eli Lilly & Co., a large pharmaceutical company, climbed 7.18% last week. The stock jumped on Thursday after the company's positive announcement on their new diabetes drug. Among the companies reporting this week are JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., Walgreens Boots Alliance Inc. and many others.
Posted on Monday, October 8, 2018 @ 8:18 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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