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Bob Carey
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  US Stock Markets Ended May 26, 2018
Posted Under: Weekly Market Commentary

 
Equities were up slightly last week as the S&P 500 returned 0.33%, Dow Jones Industrial Average 0.18% and the NASDAQ Composite 1.09%. The S&P 500 Energy index returned -4.5%, the worst performing sector last week. Many of the losses in the sector came on Friday after Saudi Oil Minister Khalid Al-Falih said OPEC and its allies were "likely" to boost output this year. This sent oil down to $67.76 from a Monday high of $72.24. The yield on the 10 year U.S. Treasuries fell from 3.11% the prior week, down to 2.83% at the close on Friday. This rally in Treasuries helped fuel returns in the interest rate sensitive Utility and Real Estate sectors. Thursday, geopolitical risks spiked after President Trump announced he had cancelled the political summit planned for June 12th with North Korean Dictator Kim Jong Un. President Trump stated that he felt "...it is inappropriate, at this time, to have this long-planned meeting." The S&P 500 ended Thursday down slightly after rallying from early session lows. President Trump also signed into law a rollback of the financial industry regulations known as Dodd-Frank. The deregulation will lift some onerous rules that afflicted many community banks. Williams-Sonoma Inc. closed last week up over 8.8% after they reported earnings above expectations, same store sales increased 5.5% and success continues in their ecommerce business which is now over 50% of their total sales. Ralph Lauren Corp. rallied nearly 19% last week after sales topped expectations, margins grew and foreign exchange costs improved. Lowe's Companies Inc. soared over 10% after they announced Marvin Ellison as their new CEO. Mr. Ellison was Chief Executive of J.C. Penny Co. Inc., which returned -11.8% last week after they announced his departure. Looking ahead to next week, geopolitical risk likely remains elevated, not only between U.S. and North Korean summit, but also in Europe as Spain holds a no-confidence vote of their Prime Minister, Italy is due to appoint several new government leaders and Turkey continues to deal with power struggles that have resulted in the Turkish Lira's 16% slide this month.
Posted on Tuesday, May 29, 2018 @ 8:04 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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