Morning Notes

23/06/2017 Argonaut Morning Note

U.S. stocks fell slightly as health-care shares jumped and oil prices stabilized. The Dow Jones Industrial Average shed 13 points, or 0.1%, to 21397. The S&P 500 and Nasdaq Composite finished relatively flat. Health-care shares, the best-performing sector in the S&P 500 this week, extended gains as Senate Republicans unveiled their health-care bill. The bill faces an uncertain future with several Republican senators wavering on it, but its release was a key step for President Donald Trump's agenda, some said. The removal of uncertainty on the health bill's contents and few apparent negatives for hospital and health-care stocks were likely contributing to the sector's gains Thursday, said Timothy Anderson, managing director at brokerage MND Partners. Health-care shares rose 1.5% and the Nasdaq Biotechnology Index, which is up roughly 10% so far this week, gained 1.9% Thursday. Energy shares also rose after falling alongside oil prices in recent sessions. The U.S. gold price also gained overnight, jumping 0.3% to 1,250.00 US$/oz.

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22/06/2017 Argonaut Morning Note

The Dow Jones Industrial Average headed toward its second day of losses as oil prices resumed their slide, pulling energy shares lower. The blue-chip index has wobbled since oil fell into a bear market on Tuesday, renewing concerns among analysts that there could be a more severe pullback in commodity prices. Energy stocks, the worst-performing sector in the S&P 500 this year, have fallen more than any other group in the broad index so far this week. The Dow industrials fell 57 points, or 0.3%, to 21410.

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21/06/2017 Argonaut Morning Note

U.S. stock indexes edged lower intraday as oil prices fell to their lowest levels of the year, pressuring the shares of energy companies. Stock losses were broad, pulling nine of the S&P 500's 11 sectors lower for the day. The S&P 500 and Dow Jones Industrial Average were on course to post declines after both indexes climbed to fresh closing records Monday. Energy stocks in the S&P 500 fell 1.3%, deepening losses for the index's worst-performing sector of the year. Fresh fears over increasing supply sent U.S. crude oil down 2.7% to $43.24 a barrel, around its lowest levels since November. The Dow Jones Industrial Average fell 62 points to 21,467. The Nasdaq Composite lost 0.4%, and the S&P 500 was down 0.7% at 2,437. The U.S. gold price hovered around the flat line shedding 0.1% to finish at 1,242.60 US$/oz.

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20/06/2017 Argonaut Morning Note

Gains in technology shares propelled U.S. stocks higher Monday. The Dow Jones Industrial Average added 120 points, or 0.6%, to 21505, and the S&P 500 index added 0.7%, on track for fresh records. The Nasdaq Composite climbed 1.3%. Technology shares in the S&P 500 have risen about 19% this year, making tech the index's best-performing sector, but the stocks also have had some recent slumps. Shares of tech companies in the S&P 500 rose 1.6%, headed toward their biggest one-day advance since December. The U.S. gold price settled down at 1,243.60 US$/oz overnight.

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19/06/2017 Argonaut Morning Note

Shares of retailers fell Friday after Amazon.com said it would buy Whole Foods Market, potentially squeezing their competitors. Technology stocks also slipped, extending losses for a sector that has been under pressure lately. The tech-heavy Nasdaq Composite fell 0.2% Friday, putting its weekly loss at 0.9%, while the S&P 500 added less than 0.1%. Meanwhile, the Dow Jones Industrial Average rose 24 points, or 0.1%, to 21384. Tech remains the best-performing S&P 500 sector in the index in 2017, up 17% year-to-date. But some recent sessions have been rough for the group. Since June 8, declines in stocks including Apple and Google parent Alphabet have dragged the sector down nearly 4% as investors pulled back from one of the most profitable trades of the year so far. The sector notched its third consecutive session of declines Friday. The U.S. gold price was largely unchanged finishing at 1,253.40 US$/oz on Friday.

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