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Bob Carey
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  US Stock Markets Ended November 23, 2018
Posted Under: Weekly Market Commentary

 
Last week the S&P 500 Index continued its downward trend with a 3.77% drop. While the index returned 10.56% in the first three quarters of 2018, the decline in the fourth quarter has currently erased those gains. Equity markets started the week on a sour note after US Vice President Mike Pence and Chinese President Xi Jinping exchanged harsh rhetoric and gave differing views for the direction of future trade at the APEC summit over the previous weekend. President Trump and President Xi are expected to meet this weekend at the G20 summit in Argentina. In economic news, University of Michigan Consumer Sentiment Index remains high while US initial jobless claims of 224K were higher than expected. Information technology and energy led the decline last week with all sectors in negative territory. Crude oil prices declined 10.70% last week and closed at $50.42 per barrel, the lowest close since early October 2017. Signs of oversupply continue to weigh on crude and the energy sector. Technology giant Apple Inc., known for their iPhones and iPads, dropped 3.96% on reports that the company cut production orders of iPhones as demand appears to be declining. The stock lost 10.98% last week. Nvidia Corp, a developer of graphics processors and software, resumed being punished last Monday with a 12% decline. The stock dropped 18.76% the previous Friday after missing earnings and sales estimates and lowering fourth quarter revenue guidance. Rockwell Collins Inc., a commercial and military aviation electronics manufacturer, was the week's best performing stock in the S&P 500 Index returning 6.89%. The stock's trading volume was elevated as it jumped on Friday after reports that United Technologies Corp received their final regulatory approval from China to acquire the company. Rockwell is expected to release earnings on Tuesday. Companies reporting earnings this coming week include salesforce.com, HP Inc., Dollar Tree Inc., and a few others.
Posted on Monday, November 26, 2018 @ 8:30 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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