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US Stocks Ended May 14, 2017
This week U.S. stocks retreated by -0.26%, as measured by the S&P 500, after setting a record high on Wednesday. The market reflected concern for an economic slowdown after data on consumer prices and retail sales, though positive, grew at a slower pace. Retailer Nordstrom ebbed 10% after reporting first quarter earnings that missed estimates, and followed the peer trend of waning sales. The company, along with Macy's, Ralph Laruen, and Kohl's, was one of the worst performing stocks in the S&P 500. Turmoil in Washington DC will be closely watched by investors after the President fired FBI director James Comey. Democrats and Republicans have been at odds on everything from repealing and replacing the Affordable Care Act, reforming taxes, to foreign policy concerns. The firing only deepens that division. Oil closed at just under $48 dollars a barrel. The commodity has rebounded off its yearly low at the beginning of the month and is still off the February high of over $54. Nine of the eleven sectors were negative this week. Information Technology, led by NVIDIA Corp and Electronic Arts, was the best performing sector. The group has been trading up with the main drivers of growth coming from gaming, data centers, and increased semiconductor demand from the auto industry. Materials stocks logged the worst returns in the S&P 500 this week. The sector was hit with negative earnings guidance revisions after Sealed Air Corp and International Flavors & Fragrances reported this week. With earnings season coming to an end, investors will be keeping an eye on economic releases and policy decisions in Washington.
Monday, May 15, 2017 @ 8:31 AM
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.