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Bob Carey
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  US Stock Markets Ended Nov. 22, 2019
Posted Under: Weekly Market Commentary

 
After six weeks of gains beginning in early October, the S&P 500 Index declined 29 basis points last week. Equities saw stable trading until Wednesday when the index dropped approximately 20 points in midday trading, though recovered some of the loss by the close. The index fell on reports that a United States and China trade deal could be delayed until next year following retaliatory threats from China over a U.S. congressional bill showing support for an autonomous Hong Kong. That evening, the U.S. House of Representatives passed the Hong Kong Human Rights and Democracy Act drawing criticism from China and causing stocks to open lower on Thursday over trade concerns. Equities recovered slightly on Friday after U.S. President Trump claimed to be very close to a trade deal. Crude oil was about even for the week with an increase of 0.09%, closing at $57.77 per barrel. University of Michigan Consumer Sentiment Index came in higher than expected on Friday, reporting a four-month high. U.S. initial jobless claims of 227K were higher than the consensus estimate of 218K and the previous week's claims of 225K. Retailers hit both ends of the performance spectrum in the S&P 500 Index last week with Target Corp showing the best return of 12.87%, while Kohl's Corp showed the worst declining 20.45%. Both companies moved on their respective earnings announcements with Target Corp beating and Kohl's Corp missing earnings expectations. The Charles Schwab Corp climbed 8.68% last week on reports that the discount broker is in talks to acquire rival TD Ameritrade Holding Corp which jumped 16.92% on Thursday's news. Competition has increased in the space with the lowering of commissions to attract more investors' assets. On October 1, TD Ameritrade Holding Corp declined over 25% and E*TRADE Financial Corp declined over 16% after The Charles Schwab Corp eliminated commissions for online trades. Earnings announcements expected this week include Deere & Co, Analog Devices Inc., Autodesk Inc., HP Inc., Dollar Tree Inc., and a few others.
Posted on Monday, November 25, 2019 @ 8:32 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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