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Bob Carey
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  US Stock Market Ended June 7, 2019
Posted Under: Weekly Market Commentary

 
Last week, the S&P 500 returned just under 4.5% for its best week this year. Materials led the index with over a 9% return. The sector moved higher with precious metals gold and silver coming off levels not seen since last winter. DuPont de Nemours, Sherwin-Williams, and International Flavors & Fragrances were the top performing stocks in the Materials sector. Investors have been battling with how to take the good and bad news. On Friday, the U.S. labor market report showed job creation trailed estimates in May. The negative jobs news caused stocks to rally due to the possible increased willingness of the Federal Reserve to cut interest rates later this year. Optimism over a looser monetary policy coupled with concern over trade will keep investor sentiment more balanced and cautions. The positive sentiment in stocks is offset by a more pessimistic view in bonds. On the trade front, President Trump is still going after both China and Mexico. The Mexico deal looked to unraveling earlier in the week, but his tweet stream provided contradicting updates ending with the President seeing a "good chance" of a deal with our southern neighbors. The implications of the Mexico deal are still cloudy after some companies looked to the country as a safe haven from the impending tariffs with China. On the calendar next week, PPI, CPI, and mortgage applications will give investors new data points to structure their outlook.
Posted on Monday, June 10, 2019 @ 8:04 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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