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Bob Carey
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  US Stock Market Ended March 15, 2019
Posted Under: Weekly Market Commentary

The S&P 500 posted its best week since November as investors applauded China's renewed pledge to stimulate their economy.  In addition, muted inflation for consumer and industrial products led to optimism that the Federal Reserve will remain accommodative. In other economic news, the consumer remains strong as retail sales and new housing starts came in above estimates. Markets were paced by gains in technology for the week as the sector rose by nearly 5%. Shares of Broadcom Inc. jumped by 7% on Friday after the chipmaker maintained their current guidance, despite several headwinds faced by the semiconductor market. Nvidia Corp.'s shares gained after agreeing to purchase Mellanox Technologies Ltd. for around $6.9 billion. The deal should strengthen Nividia's offering within datacenter components. Adobe Inc. moved lower following disappointing guidance for next quarter and noise within the current quarter due to an accounting rule change. Boeing Co. fell by over 10% for the week after a second crash of its new plane, the 737 Max, led to the grounding of its aircraft in numerous countries around the world, including the U.S. Looking ahead to next week, the Fed's March meeting will be key on investors' minds, especially with few earnings announcements and key economic data points scheduled for next week. Investors expect continued patience from the Fed, especially with economic data points slowing over the last quarter. Looking further ahead, next quarter's earnings season will be pivotal as earnings are currently projected to contract by 3% as weakness in some mega-caps, the chip cycle and energy is likely to weigh on corporate profits.
Posted on Monday, March 18, 2019 @ 8:08 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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