US Stock Markets Ended August 10, 2018
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Small-cap equites outperformed large-caps last week as the S&P SmallCap 600 Index returned 0.78% and the S&P 500 Index returned -0.18%. The S&P 500 index showed a gain of 65 bps through Tuesday as consumer discretionary, energy, information technology, and financials sectors led the climb. However, equities leveled off on news of more Chinese import tariffs from the Trump administration. The S&P 500 Index opened down on Friday as equity markets around the globe declined on negative news of Turkey's financial crisis. Turkey's economy is struggling as their currency continues to lose value, increasing the amount Turkish companies owe on their foreign debts. US initial jobless claims of 213K were lower than the consensus estimate of 220K and the previous week's 218K. Crude oil prices closed the week at $67.63 per barrel, declining 1.26% for the week. Tesla Inc., an electric vehicle manufacturer, jumped 10.99% on Tuesday after CEO Elon Musk tweeted he is contemplating taking the company private and claiming to have secured funding. Media outlets began reporting that regulators are looking into his use of social media instead of a filing to announce his possible intentions. CenturyLink Inc., a telecommunications company, was the week's best performing stock in the S&P 500 Index. The stock returned 13.54% last week after announcing stronger than expected second quarter earnings and increasing their profit outlook for 2018. Michael Kors Holdings Limited, a designer and distributor of apparel and accessories, returned 13.12% last week. The company announced better than expected quarterly earnings on improving adjusted gross margins, decreased product discounting, and strong sales in their Jimmy Choo shoe line. Among the companies reporting this week are Walmart Inc., The Home Depot Inc., Cisco Systems Inc., NVIDIA Corp, Applied Materials Inc. and many others.
Posted on Monday, August 13, 2018 @ 8:34 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.