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Bob Carey
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  US Stock Markets Ended February 9, 2019
Posted Under: Weekly Market Commentary

 
The S&P 500 Index returned 11 basis points for the first full week in February. The index rallied in the month of January with an 8.01% return, following the painful fourth quarter of 2018. Information technology and industrials led the way up on Monday as the index showed its best performance of the week. Earnings releases and expectations appeared to be the catalyst as companies like Alexion Pharmaceuticals Inc, The Clorox Company, Seagate Technology PLC, and Alphabet Inc. all beat earnings estimates. Global demand concerns and trade resolution uncertainty between China and the United States had energy, information technology, and material stocks leading the S&P 500 Index down following the European market decline on Thursday. Crude oil prices closed the week at $52.72 per barrel, decreasing 4.60% for the week. In economic news, US initial jobless claims of 234K were higher than the consensus estimate of 221K, but lower than the previous week's 253K. Mattel Inc., a designer and manufacturer of children's toys, was the week's best performing stock in the S&P 500 Index climbing 24.63%. The stock opened higher on Friday after the company announced better than expected earnings for the fourth quarter due to Barbie doll sales. Coty Inc., a manufacturer and distributor of beauty products, returned 23.74% last week. The stock opened higher on Friday after announcing earnings and increasing profit expectations for the future. The stock has struggled in the recent past posting a -64.50% return for 2018. Anadarko Petroleum Corp, an oil and gas exploration company, was the week's worst performing stock in the S&P 500 Index declining 13.64%. The stock opened lower on Wednesday and continued to decline through Friday after releasing disappointing earnings. Next week will bring more earnings news from companies such as Cisco Systems Inc., The Coca-Cola Company, PepsiCo Inc., NVIDIA Corp, CME Group Inc., and many more.
Posted on Monday, February 11, 2019 @ 8:27 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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