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US Stock Markets Ended Nov. 8, 2019
Stocks closed at record highs last week with the S&P 500 up over 25% for the year. The index has closed in positive territory for the fifth straight week. Consumer sentiment improved again for the third straight month showing that Americans are confident in their financial position as markets move higher. Ralph Lauren Corp showcased that sentiment after the company reported same-store sales growth across the US and the rest of the world. A drop in foreign shoppers in North America had been a problem for the company, but a resurgence of domestic spending pushed their sales past Wall Street estimates. The trade war with China continues to keep its thumb on the equity markets. Contradictory headlines about rolling back tariffs from officials from both countries were met by President Trump comments disputing the pledge. Travel company Expedia sat at the bottom of the S&P 500 as the worst performing stock last week. The company reported quarterly sales in line with expectations, but their short-term rental unit VRBO came up short of analyst estimates. The disappointing growth of the division resulted in the company lowering the full-year outlook. As stocks push higher towards the end of the year, investors look to the higher beta sectors in market. Defensive sectors were the poorest group in the S&P 500 with Real Estate, Utilities, and Consumer Staples comprising the bottom three performers. Looking ahead, more of the same future headlines will be in play. Trade, the 2020 election, impeachment, and the economic impact of climate change will remain on the minds of investors and move the markets.
Monday, November 11, 2019 @ 8:58 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.