US Stock Markets Ended June 28, 2019

Bob Carey
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US Stock Markets Ended June 28, 2019

Posted Under: Weekly Market Commentary

Last week, the S&P 500 Index showed its first and only down week in June declining 28 basis points. The index finished with a 7.05% return in June, the second-best month in 2019, and a semi-annual 2019 return of 18.54%, its best opening six-month performance since 1997. The United States and China trade conflict continues to be an area of focus for the markets. Investors are cautiously optimistic that progress will be made this weekend at the G-20 meeting in Japan towards a future trade deal. U.S. President Donald Trump and China's President Xi Jinping are expected to meet on Saturday for lunch in Osaka, Japan. US initial jobless claims of 227K were higher than the previous week's claims of 216K and higher than the consensus estimate of 220K. Crude oil closed the week at $58.47 per barrel, an increase of 1.81% for the week. Though the health care sector was a laggard, Allergen PLC, a specialty pharmaceutical company best known for their Botox product, was the week's best performing stock in the S&P 500 Index climbing 27.99%. The stock jumped over 25% on Tuesday after the announcement that a takeover deal was reached, while AbbVie Inc., the acquiring company, declined 7.69% last week. Bristol-Myers Squibb Company, a global biopharmaceutical company, was the worst performing stock in the S&P 500 Index returning -8.09%. The stock dropped after the announced agreement to sell Celegene's psoriasis drug Otezla to comply with the Federal Trade Commission and avoid any antitrust concerns with their pending acquisition of Celegene Corp. Micron Technology Inc., a memory chip producer, advanced 16.06% last week on their better than expected earnings announcement and expectations for continued growth in global demand for DRAM semiconductors. Other semiconductor stocks, such as NVIDIA Corp and Western Digital Corp, rallied sharply on the announcement as chip demand has been affected by the trade dispute with China. No earnings announcements are expected this holiday shortened trading week.

Posted on Monday, July 1, 2019 @ 7:58 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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