Morning Notes

11/08/2017 Argonaut Morning Note

Financial markets tumbled for a third straight day, as disappointing earnings and an exchange of threats between North Korea and the U.S. pushed investors out of stocks. The declines have jolted markets from a period of calm, when stock indexes around the world climbed to records and volatility remained historically low. U.S. stocks have rallied this year with few interruptions, something many investors have attributed to the improving health of U.S. companies and steady global economic growth. However, rising geopolitical tensions, a batch of tepid earnings reports and economic data showing sluggish inflation and productivity growth have raised the prospect of a more prolonged pullback. The moves sent the Dow Jones Industrial Average down 205 points, or 0.9%, to 21844. The CBOE Volatility Index, a measure of investors' expectations for swings in the S&P 500, soared 35% - on track for its second-biggest one-day jump of the year. The VIX has hovered near record lows this year. After a largely steady rally that led the Dow industrials to nine straight records through Monday, many investors and analysts have cautioned that a selloff was simply overdue. The U.S. gold price had another strong night, jumping 0.7% to finish at 1,285.80 US$/oz.

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10/08/2017 Argonaut Morning Note

Rising tensions between the U.S. and North Korea jolted markets around the world, interrupting a stock-market rally fueled by corporate earnings and global economic growth. Declines in the U.S. came during what has been a placid stretch for markets. Wall Street's losses began Tuesday after President Donald Trump warned Pyongyang against making more threats, saying it faces ' fire and fury like the world has never seen." North Korea responded that it was considering firing missiles at Guam. The Dow Jones Industrial Average was recently down 73 points, or 0.3%, at 22012.

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09/08/2017 Argonaut Morning Note

The Dow Jones Industrial Average edged lower, putting the blue-chip index's recent record streak in danger of ending. The Index shed 0.1% or 33 points to 22,085. The S&P 500 also lost ground, shedding 0.2%. Major stock indexes traded in a narrow range throughout the day, with financial shares leading advances at the start of the session before paring gains into the last hour. The day's moves extended a streak of listless trade for the stock market, which has largely drifted in recent sessions as the second-quarter earnings season has wound down. Trading volumes have fallen close to their lows of the year, while the S&P 500 has failed to post a 1% daily move in either direction since the middle of May. The U.S. gold price moved upwards overnight, jumping 0.3% to finish at 1,260.70 US$/oz.

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08/08/2017 Argonaut Morning Note

The Nasdaq Composite rallied Monday, while the Dow Jones Industrial Average was narrowly on track for a fresh record. Quarterly earnings and acquisition announcements drove some of Monday's biggest moves in individual stocks. Overall, U.S. shares have enjoyed a bump in recent weeks as second-quarter reports have largely beaten expectations so far. The Nasdaq Composite rose 0.5% as gains in health-care companies helped the index outperform its peers. The Dow Jones Industrial Average added less than 0.1% at 22,118 after Friday's solid jobs report helped sent it to its eighth straight record close. The S&P 500 rose 0.2%, with declines in energy shares chipping away at gains by consumer-staples companies. The U.S. gold price dipped slightly overnight, finishing 0.1% lower at 1,257.30 US$/oz.

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07/08/2017 Argonaut Morning Note

The Dow Jones Industrial Average ended the week a fresh record, buoyed by a jobs report that showed employers continued hiring at a healthy rate in July. Corporate earnings that have shown broad strength across industries and a brighter global economic outlook have kept stocks climbing in the second half of the year. Gains in multinationals that reported strong quarterly results, including Apple and Boeing, helped lift the Dow industrials over 22000 for the first time Wednesday. The Dow Jones Industrial Average added 66.71 points, or 0.3%, to 22092.81-its eighth straight closing record.

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