Morning Notes

25/07/2017 Argonaut Morning Note

The Dow Jones Industrial Average fell Monday, putting the blue-chip index on track for its third consecutive session of declines. Some investors said they were awaiting a string of earnings results this week and a policy statement from the Federal Reserve due Wednesday. Economists don't expect a change in U.S. interest rates, but the central bank could announce the beginning of its balance-sheet reduction.

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24/07/2017 Argonaut Morning Note

The S&P 500 edged lower Friday, but notched a gain for the week as corporate earnings continued to drive some of the biggest moves. The Dow Jones Industrial Average fell 32 points, or 0.2%, to 21580. The S&P 500 and the Nasdaq Composite declined less than 0.1%. Friday's declines end the Nasdaq's 10-session winning streak, the tech-heavy index's longest such streak since February 2015. Technology shares have notched fresh milestones this week, with the S&P 500's best-performing sector this year continuing to attract investors for its ability to increase earnings amid soft economic growth. On Wednesday, the information technology sector set a new all-time high for the first time in almost 20 years. Despite a 0.1% decline Friday, it still sits at levels not seen since the dot-com boom. With U.S. stocks resting near records, many analysts and investors say robust corporate earnings and forecasts will need to continue to help push major indexes even higher. The U.S. gold price had a strong gain to end the week, jumping 0.8% to finish at 1,254.50 US$/oz.

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21/07/2017 Argonaut Morning Note

The Dow Jones Industrial Average pulled back from a record intraday, as a drop by Home Depot took more than 45 points off the blue-chip index. The Dow industrials recently fell 29 points, or 0.1%, to 21612, whilst the S&P 500 finished flat and Nasdaq Composite rose 0.1%. All three indexes, along with the Russell 2000, rose to record closing highs on Wednesday. Earlier, stocks briefly dropped sharply after a Bloomberg report that the investigation into ties between President Donald Trump's campaign and Russia in last year's election are extending to Trump's businesses. The report cited a person familiar with the probe. The U.S. gold price gained slightly overnight, rising 0.2% to 1,244.00 US$/oz.

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20/07/2017 Argonaut Morning Note

U.S. stocks rose Wednesday, with rising oil prices and corporate earnings driving some of the day's biggest moves. The Dow Jones Industrial Average gained 47 points, or 0.2%, to 21621. The S&P 500 climbed 0.5%, and the Nasdaq Composite added 0.7%, with both indexes advancing from Tuesday's records. Stocks seem to have shaken off the recent failure of Senate Republicans to replace the Affordable Care Act.

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19/07/2017 Argonaut Morning Note

The Dow Jones Industrial Average retreated intraday as the dollar and government bond yields came under fresh pressure. The day's moves came after Senate Republicans gave up their efforts to dismantle and replace much of the Affordable Care Act. The struggle to pass a health-care bill has amplified doubts about the Trump administration's ability to pass policies like tax cuts and fiscal stimulus. Hopes for such policies had initially pushed stocks, the dollar and government bond yields higher after Election Day. The Dow industrials fell 55 points, or 0.3%, to 21575. The S&P 500 edged up 0.1%, and the Nasdaq Composite added 0.2%. Although stocks around the world mostly fell, some investors have said they believe the effect of policy changes on the broader stock market will ultimately be muted. The U.S. gold price continued its upward trend, rising 0.7% to finish at 1,242.00 US$/oz.

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