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Bob Carey
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  US Stock Markets Ended Sept. 27, 2019
Posted Under: Weekly Market Commentary

 
Political headlines drove daily moves in stocks again last week. Trade and impeachment traded top billing, as the S&P closed out the week down almost 1%. Coming off a steady second quarter of earnings, investors are hoping companies continue on the growth path while analysts are more cautious with their expectations. Last week FedEx Corp cut its profit outlook due to "increasing trade tensions and policy uncertainty." The feeling across the largest companies was echoed in various sectors including Adobe Inc. and U.S. Steel Corp. On the back of the cautious outlook for profits is the potential of a fourth quarter trade deal with China. A deal by the end of the year could cause the impacted companies to raise guidance for 2020. A potential $200 billion dollar mega deal involving tobacco giants Altria and Philip Morris dissolved last week. Shareholders weren't as warm to the deal as Wall Street, but that changed after regulatory scrutiny came into focus and health concerns about vaping started to pop up in the headlines. Altria has a 35% stake in Juul Labs, one of the leaders in the vaping or e-cigarette industry. Philip Morris traded higher to be one of the best performers in the S&P 500, while Altria was in line with the index. Looking ahead to next week, President Donald Trump will continue to keep the focus on his administration's handling of various issues including impeachment. Investors will be leaning on any news coming out of Washington and how it will affect the stability of the financial markets. On the economic front, the ISM will be releasing multiple economic indicators as well as the release of mortgage applications and the jobs number.
Posted on Monday, September 30, 2019 @ 8:12 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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