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Bob Carey
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  US Stock Markets Ended November 9, 2018
Posted Under: Weekly Market Commentary

Stocks, measured by the S&P 500, moved higher through the Tuesday midterm elections and trailed off Thursday and Friday to close out the week 2.2% higher. Oil fell into bear market territory after closing out the week at just over $60 a barrel after hitting $76 earlier this month. Oil production is at a record and OPEC output is at the highest level since 2016. Technology shares were the main drag on the major indexes. At the end of the week, Skyworks plunged after its results signaled a slowdown in smartphone demand echoing Apple's results in the prior week. An economic slowdown is on the mind of investors as some see the cycle peaking. China is also on investor's radar after softer economic data is helping to raise concerns about the vitality of the world's second biggest economy. Global growth anxiety could also be felt in gold after the metal fell to just over $1,200 an ounce, its lowest point in a month. Gold prices have also been keying off the Federal Reserve's decision to keep rates unchanged this month and the signs are still pointing to a December rate increase. In the S&P 500, one of the top performing stocks, Mosaic posted a third quarter profit that pointed to stronger global demand for its fertilizers. The company stated that "momentum is continuing" across its business units and a key boost to revenue were Brazil's farmers who are looking to increase yields. Looking ahead to next week, CPI and retail sales will be in investor's playbooks.
Posted on Monday, November 12, 2018 @ 8:11 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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