Morning Notes

30/06/2017 Argonaut Morning Note

Technology shares slid intraday, dragging down major U.S. stock indexes. The Dow Jones Industrial Average fell 168 points and the Nasdaq Composite declined 1.7%, putting the tech-heavy index on track for a third straight session with a swing of more than 1%. It was the latest bout of weakness in tech shares, which have swung major indexes this month. The Dow Jones Industrial Average fell 168 points, or 0.8%, to 21287 and the S&P 500 lost 0.9%. The U.S. gold price was lower overnight, trimming 0.3% to finish at 1,245.40 US$/oz.

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29/06/2017 Argonaut Morning Note

Shares of financial companies led U.S. stocks higher Wednesday, as major indexes rebounded from their worst session in weeks. The Dow Jones Industrial Average rose 153 points, or 0.7%, to 21464, as gains in J.P. Morgan Chase, Caterpillar and Goldman Sachs Group and put the blue-chip index on course for its biggest gain since April. The S&P 500 rose 0.9% and the Nasdaq Composite climbed 1.3%. A day earlier, the Dow industrials and S&P 500 posted their biggest declines in more than a month. Technology shares rebounded and were recently up 1.1% in the S&P 500. Tech has been the index's best-performing sector this year, but is down this month.

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28/06/2017 Argonaut Morning Note

U.S. stocks retreated intraday, weighed down by declines in the shares of technology companies. Stocks' losses accelerated in afternoon trading, pulling nine of the 11 sectors in the S&P 500 lower. Financial stocks jumped with government bond yields, while technology stocks-one of the leaders in the stock market this year-were among the worst-performing sectors in the broad index. The day's moves marked another retreat for the technology sector, which has rallied in 2017 as investors bet on companies viewed as having high growth potential. Recent losses have pulled the sector down 1.7% in the S&P 500 for the month. The Nasdaq Composite fell 1.1%, on course for its biggest one-day drop since June 9 - the start of the recent weakness in tech shares. The Dow Jones Industrial Average slipped 99 points, or 0.5%, to 21311, and the S&P 500 dropped 0.8%. The U.S. gold price rose slightly, jumping 0.2% to finish at 1,246.70 US$/oz.

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27/06/2017 Argonaut Morning Note

Shares of utility companies and other dividend-paying stocks led the S&P 500 higher following tepid U.S. economic data. Meanwhile, technology stocks erased early gains, putting pressure on major U.S. stock indexes. The Dow Jones Industrial Average rose 15 points, or 0.1%, to 21410. The S&P 500 ended flat and the Nasdaq Composite shed less than 0.1%. Dividend-paying stocks rose after data from the Commerce Department showed demand for long-lasting factory goods declined in May for the second-straight month. Recent inflation figures have been lacklustre, raising concerns that further disappointing data could damp U.S. growth and change the Federal Reserve's outlook for raising interest rates this year and next, some analysts said. Utilities shares in the S&P 500 rose 0.8%, leading gains in the broader index along with telecommunications companies. The U.S. gold price was lower overnight, dropping 1.0% to finish at 1,244.50 US$/oz.

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26/06/2017 Argonaut Morning Note

The S&P 500 rose Friday and posted a second straight week of gains, as a rise in health-care stocks offset a drop in energy shares in recent sessions. Though the S&P 500's health-care sector slipped Friday, it notched its biggest weekly rise since the presidential election. Shares of pharmaceutical companies and biotechnology firms jumped this past week following some encouraging data on drug development.

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