US Stock Market Ended May 25, 2019

Bob Carey
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US Stock Market Ended May 25, 2019

Posted Under: Weekly Market Commentary

After hitting an all-time closing high of 2,945.83 on April 30 and climbing 18.25% in the first four months of 2019, the S&P 500 Index has shown negative performance in the month of May recording three straight weeks of declines. The index declined 1.14% last week and has declined 3.87% thus far in May. Much of the downside pressure has come from the intensification of the United States and China trade conflict, increasing volatility in financial markets. The increased strain on trade between the two largest economies could have a negative effect on consumer sentiment and commercial spend, increasing the risk of growth decelerating. The information technology sector has been under pressure after the United States Department of Commerce added Chinese telecom networking giant Huawei Technologies Company LTD to an entity list of companies requiring special licenses to buy parts from US suppliers, potentially creating stress to US microchip suppliers. US initial jobless claims of 211K were slightly lower than the previous week's claims of 212K and lower than the consensus estimate of 215K. Crude oil closed the week at $58.63 per barrel, a decrease of 6.58% for the week making it oil's largest decline for a trading week in 2019. QUALCOMM Inc., a producer of microchips used in smartphones, declined 18.76% last week. The company's stock dropped after a US District judge agreed with the Federal Trade Commission (FTC) and ruled that their excessive licensing fees were anti-competitive and violate antitrust law. Broadcom Inc., a manufacturer of semiconductors used in smartphones and routers, declined 11.71% last week after news that the FTC is also investigating the company for antitrust violations. General merchandising giant Target Corp, was the week's best performing stock in the S&P 500 Index climbing 15.07%. The stock jumped on Wednesday after a positive first quarter earnings announcement which beat expectations. Other retailer earnings announcements expected this week include Costco Wholesale Corp, Dollar General Corp, Dollar Tree Inc., and Ulta Beauty Inc.

Posted on Tuesday, May 28, 2019 @ 8:21 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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