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Bob Carey
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  US Stock Markets Ended April 12, 2019
Posted Under: Weekly Market Commentary

 
Equity markets finished higher last week after the Federal Reserve moved more dovish and several banks reported strong quarterly results. Equities fell on Monday and Tuesday as U.S./China trade talks continue to drag along and the IMF (International Monetary Fund) downgraded their 2019 global growth forecast from 3.5% announced in January, to 3.3%. Equities rallied to close last week after the Federal Open Market Committee released their March meeting notes that revealed while they see continued U.S. economic expansion, they also believe that risks to the outlook justify keeping interest rates "unchanged for the balance of the year." Equity markets took this as welcomed news, S&P 500 was up 0.8% to close the week, as late last year some had begun to fear the Fed had put their head out over their ski's when it came to interest rate hikes. Walt Disney Co. saw their shares jump over 11% Friday after they announced a new streaming service that will be priced at $6.99/mo. Predictably, Netflix Inc. fell over 4.5% on news of an additional competitor with significant content entered the streaming video space. JPMorgan Chase & Co. was up over 4.5% Friday after the bank announced their 1Q19 financial results. Earnings per share were $2.60, nearly 10% above consensus estimates, on revenue of $29.8b which was 5% higher than estimates. CEO Jamie Dimon credited strong U.S. consumer spending for the banks very positive results. Wells Fargo & Co. fell 2.3% after their earnings came in below estimates but their revenues were higher than what the street expected. Both banks credited their positive 1Q19 results to the strength of U.S. economy. If the U.S. economic backdrop continues to be strong while inflation remains muted and the Fed accommodative, stock market returns are likely to continue.
Posted on Monday, April 15, 2019 @ 8:09 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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