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Bob Carey
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  US Stock Markets Ended August 3, 2018
Posted Under: Weekly Market Commentary
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The S&P 500 posted its fifth weekly gain to start off the month of August. Positive earnings reports have propped up the market with 75% of reporting companies in the index beating analysts' estimates. After reporting quarterly earnings which topped estimates, Apple Inc. became the first US company with a 13-digit ($1 trillion) market cap. The next largest company, Amazon.com Inc, is over $100 billion smaller. Trade tensions between the US and China are still in play as the Chinese moved to prop up their currency causing the dollar to fall on Friday. Emerging market stocks rallied on Friday after declining through the mid-week. President Donald Trump's proposal to impose duties on $200 billion in Chinese imports was met with China's disproportionate, but escalated, $60 billion list of goods on Friday. Both countries have been adding fuel to their respective trade-war campaigns, but talks of formal negotiations have been communicated on a high level between both governments. Investors have taken note, and put money to work in defensive sectors. Real Estate, Telecomm, Health Care, Staples, and Utilities were the top five of 7 sectors with positive returns last week. Energy was the worst performing sector after American oil companies scaled back drilling following President Trump's trade rhetoric. Working oil rig counts dropped for the second time in three weeks. Looking ahead, one third of the S&P 500 has yet to report earnings and investors will be looking for any clues about inflation or labor pressure on company margins.
Posted on Monday, August 6, 2018 @ 8:29 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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