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Bob Carey
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  US Stock Markets Ended December 7, 2018
Posted Under: Weekly Market Commentary

 
Equities had their worst week since March returning -4.5%. Trade news continues to dominate headlines and drive equity market returns. Over last weekend, U.S. President Trump and Chinese President Xi had productive trade talks at the G20 summit in Argentina. As a result, equity markets rallied last Monday on news the U.S. would maintain its current 10% tariffs for up to 90 days and China would work to reduce IP theft and their trade imbalance. The reprieve was short lived as the S&P traded down the rest of last week. Equity markets were closed on Wednesday for a National Day of mourning in honor of President George H.W. Bush passing away. AutoZone Inc. rallied 7.5% last week after reporting earnings and strong same store sales came in higher than analyst estimates. Homebuilding stocks continued to struggle after Toll Brothers reported their first decline in sales since 2014. Housing linked names like Builders FirstSource Inc., United Rentals Inc., Skyline Champion Corp. and AT Home Group Inc. were all down over 10% last week. Financials were the worst performing sector last week. Silicon Valley Bank fell nearly 20% last week, as Walk Street is discounting the bank due to its large weight in technology loans. Insurance names Brighthouse Financial Inc. and American International Group along with financial services Jefferies Financial Group Inc. and E-Trade Financial Corp., were all down over 10% as a more risk-off posture flowed through equity markets. Looking ahead to next week, U.K. has scheduled a meaningful Brexit vote and U.S. lawmakers should accelerate a government funding bill, but all eyes and ears will remain on U.S.-China trade relations, as rhetoric from both sides are most likely to move equity markets.
Posted on Monday, December 10, 2018 @ 7:54 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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