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Bob Carey
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  US Stock Markets Ended Oct. 18, 2019
Posted Under: Weekly Market Commentary
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Equities traded slightly higher last week. The markets were buoyed by some positive news on U.S.-China trade after President Trump touted a short-term deal mainly tied to Chinese agriculture purchases. China characterized the agreement as progress but fell short of announcing it as a trade deal. Saudi Arabia announced they are near full oil capacity after the Iranian attack back on September 16th when WTI oil prices jumped to $62 though it has now fallen below $54. Earnings season started after 51 companies in the S&P 500 announced quarterly results last week. Banks were the headliners as JPMorgan Chase & Co., CitiGroup Inc., Wells Fargo & Co. and Bank Of America Corp. all announced results. Bank of America led the four mega cap banks with a 5% return last week after reiterating net interest income growth of 1% during 2019, along with strong mobile banking user growth and quarterly revenues of $91.2b. JPMorgan also posted a strong 3.8% return last week after posting a 10% earnings surprise on top of a 3.3% revenue surprise from sell side analysts estimates. Meanwhile, Wells Fargo returned 1.5% and Citi returned -0.5% as their results were more muted than their mega bank rivals. UnitedHealth Inc. surged 10.5% last week after reporting medical loss ratio in line with expectations, while quoting medical costs remain controlled and toward the lower end of their guidance. Workday returned -14.4% after announcing their human capital management offerings face increasing competitive headwinds. Boeing returned -8.2% last week after they delivered more documents to the U.S. Federal Government over their 737 Maxx safety issues, the airplane manufacturer is due to announce earnings next week where more clarity is expected. Looking ahead to next week, earnings season is in full tilt as 129 names in the S&P 500 are scheduled to report, among them are: Amazon Inc., Microsoft Corp., Visa Inc. and Procter & Gamble Co.
Posted on Monday, October 21, 2019 @ 8:14 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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