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Bob Carey
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  US Stock Markets Ended November 2, 2018
Posted Under: Weekly Market Commentary

 
Stocks started off the third quarter down almost 7% through Halloween. The week brought stocks back from their lows as the S&P 500 returned 2.45% last week. A three-day rally, starting on Tuesday, retreated on Friday after President Trump gave mixed statements on the potential trade deal with China. Apple released quarterly earnings on Thursday that sent shockwaves through the technology indexes after a disappointing outlook for iPhone sales growth. The company said iPhone unit sales grew at a slower pace even though a new flagship device was released during the quarter. Despite the top-heavy tech sector being one of the worst performing sectors in the S&P 500, Red Hat Inc was the top performing stock in the index after IBM announced it will acquire the company for a 54% premium. The $31 billion-dollar deal is expected to close by the end of 2019. On the consumer front, Under Armour and Newell Brands were the next best-performing stocks in the S&P 500 with +30% and +21% gains, respectively. Each day leading up to next Tuesday's midterm election has been a ride for stocks. The market will pivot after the rhetoric gives way to results at the polls. The most expensive midterm election in history will have the market looking for guidance from Washington as both sides of the aisle brace for a possible split decision that would have the House going to the Democrats and the Republicans hodling on to the Senate majority. Looking past next Tuesday, initial jobless claims followed by the FOMC meeting will be waiting for investors after the dust settles from the midterm elections.
Posted on Monday, November 5, 2018 @ 8:03 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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