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

 
Equities, measured by the S&P 500, ended the week lower after rallying mid-week. Investors plowed back into stocks late Wednesday when the Federal Reserve kept rates unchanged. Going into Friday, the credit markets had a different view of the world as the yield curve, measured by the spread between three-month and 10-year treasury bills, inverted for the first time since 2007. The inverted curve sent bank stock prices lower along with cyclical sectors Materials and Industrials. The dollar advanced against most major currencies signaling global growth could be slowing. The rout extended through oil sending Energy stocks down through Friday. Global volatility spiked after a slew of data and decisions from various economies were released last week. German purchasing manager data missed forecasts sending the country's 10-year bond yield below zero. European leaders moved to stop a "no-deal" Brexit from happening next week. Theresa May accepted the offer to extend the Article 50 process by two more weeks. European Union President Donald Tusk said publicly he was optimistic after the decision, but reportedly EU leaders do not share his optimism in private conversations. After the bell on Friday, Special Counsel Robert Mueller submitted his final report to the Attorney General. The AG said in a letter that he may be able to provide some details to Congress as soon as this weekend. Full disclosure of the contents of Mueller's report will be fought between the White House and Congress. Next week several housing-related data points will be released along with trade, GDP, and jobs numbers.
Posted on Monday, March 25, 2019 @ 8:15 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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