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Bob Carey
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  US Stock Markets Ended April 27, 2018
Posted Under: Weekly Market Commentary

 
Equities were down slightly last week as the S&P 500 returned -0.01%, Dow Jones Industrial Average -0.62% and the NASDAQ Composite -0.36%. Energy was the top performing sector as oil hovered around $68 a barrel all week. Risks of a supply shock continue to fluctuate as President Trump has until May 12th to re-impose economic sanctions from the 2015 Iranian nuclear accord. Earnings season was in full swing last week after 180 constituents of the S&P 500 announced quarterly results. Amazon.com Inc. made headlines announcing 42% year-over-year revenue growth along with a price hike for their Prime® membership from $99 per year up to $119. The positive news pushed Amazon's stock price over $1600, an all-time high. Facebook Inc. announced revenue 50% higher compared to 1Q17 which helped the stock return over 9% on Thursday. Considering the recent consumer privacy issues, the positive news was welcomed relief for beleaguered shareholders. After announcing strong revenue and earnings growth, Chipotle Mexican Grill Inc. was up nearly 30% last week making it the top performer in the S&P 500. New Chipotle CEO Brian Niccol announced the mobile orders and delivery segment grew at a "rapid pace" in the first quarter, and he currently does not see franchising or launching a breakfast menu as the right moves for the company. SVB Financial Group was up over 20% last week after the bank reported higher profits and sales than sell side analysts estimated. Not all announcements were positive, Freeport-McMoRan Inc. returned -20.9% last week after revenue and earnings were below estimates and announcing they received eight environmental inquiries about their Indonesian operations. LKQ Corp., one of the largest automotive component salvaging companies, returned -17.3% for the week after lowering full year guidance because of revenue headwinds from their European operations. Looking ahead to next week earnings season continues as 147 companies in the S&P 500 are expected to release quarterly results. Among them include: Apple Inc., Berkshire Hathaway Inc., Pfizer Inc., MasterCard Inc. and McDonald's Corp.
Posted on Monday, April 30, 2018 @ 8:56 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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