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US Stock Markets Ended June 8, 2018
Last week the S&P 500 posted its third consecutive weekly gain. Investors have been looking abroad at emerging markets after fears of contagion reigned in the willingness to accept risk. On Friday, Brazil's central bank pledged to support their currency causing it to strengthen while the dollar remained unchanged. The Group of Seven (G-7) meeting in Canada kicked off on Friday and President Trump dominated the headlines with comments ranging from tariffs to Russia's exclusion from the group. Oil continues to be closely watched as the commodity closed near $66 a barrel leading up to the OPEC meeting scheduled for later this month. Index heavyweight Apple sold off Thursday and Friday after a report by Nikkei detailed the company's plans to reduce iPhone parts orders by 20%. The company still expects iPhone shipments of 80 million units this year. In a reversal of retail trends, Under Armour traded higher again last week to clock in as the best performer in the S&P 500. The company is experiencing strong global growth and has returned over 40% since the beginning of the year. Utilities stocks were the only group in the S&P 500 to post losses last week. Interest rates, measured by the 10-year treasury, rose causing the sector to trade lower through Wednesday before regaining some ground through the end of the week. Looking ahead to next week, the G-7 meeting combined with CPI, PPI, and retail sales releases will keep investors supplied with plenty of data points.
Monday, June 11, 2018 @ 8:16 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.