Morning Notes

10/05/2018 Argonaut Morning Note

The Dow Jones Industrial Average was on track to extend its longest winning streak in almost three months Wednesday, lifted by gains in energy shares as investors continued to weigh President Donald Trump's decision to exit from the Iran nuclear deal. Although the news was widely anticipated by investors, oil prices and shares of energy companies climbed in response, as many investors expect fresh sanctions to hurt Iranian crude exports and reduce global supply. While that could mean higher input costs for many companies, some investors see oil's recent rally as a bullish sign for the broader market. The Dow industrials climbed 0.7% in a fifth straight session of gains. The S&P 500 added 1%, with nine of its 11 sectors rising, while the Nasdaq Composite also advanced 1%. The S&P 500's energy sector extended its recent climb, surging as U.S. crude oil rose 3% to $71.14 a barrel, around its highest level since November 2014. The U.S gold price slipped 0.2% to record 1,312.2 US$/Oz.

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09/05/2018 Argonaut Morning Notes

U.S. stocks and oil prices held on to modest losses intraday as President Donald Trump said the U.S. will withdraw from the Iran nuclear deal. The president had long criticized the agreement, calling it "the worst deal ever," and his decision was largely expected by investors. Oil prices had run higher in recent weeks on expectations that a withdrawal would hurt Iranian exports and further reduce global supply. The Dow Jones Industrial Average slipped 3 points, to 24360, on track to break a three-day winning streak. The S&P 500 dropped 1 point, and Nasdaq Composite fell 0.4%. The U.S gold price remained largely constant, only gaining 60c to record 1,314.2 US$/Oz.

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08/05/2018 Argonaut Morning Note

Major U.S. stock indexes climbed Monday, as shares of energy companies surged after oil prices broke above $70 a barrel for the first time since 2014. The Dow Jones Industrial Average advanced 0.4%. The S&P 500 rose 0.3%, flipping back into positive territory for the year, and the Nasdaq Composite added roughly 1%. Oil prices have risen more than 10% in the past month as U.S. President Donald Trump has indicated that the country will likely withdraw from a 2015 international agreement with Iran. That has helped spur a rally in energy stocks, which climbed 1.6% in the S&P 500 on Monday. The stock market's jump higher comes after Friday's jobs report showed that unemployment in the U.S. fell in April to one of the lowest levels of the post-World War II era. Higher oil prices gave the stock market a lift Monday but could push measures of inflation higher, stoking turbulence in markets, analysts have said. The U.S gold price lost 0.1% overnight to record 1,313.6 US$/Oz.

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07/05/2018 Argonaut Morning Note

U.S. stocks rebounded Friday, shaving away much of the S&P 500 and Dow Jones Industrial Average's midweek losses but leaving both indexes down for a second consecutive week. Friday's moves allowed the stock market to end on a high note following a rocky stretch that included lukewarm earnings reports and economic data. Recent reports have pointed to a slowdown in growth across much of the U.S. economy in April, smaller-than-expected job creation and still-sluggish wage growth, which has renewed questions among investors about whether the economy's momentum is slowing. Still, many investors say they remain relatively optimistic about stocks, citing broadly strong earnings results, as well as signs that central banks will stick to a slow and steady course of interest-rate increases. The Dow Jones Industrial Average rose 332 points, or 1.4%, to 24263, erasing declines after falling as many as 151 points earlier in the session. The S&P 500 added 34 points, or 1.3%, to 2663, while the Nasdaq Composite climbed 121.47 points, or 1.7%, to 7209.62, lifted by a rally in Apple shares. The U.S. gold price gained 0.3% overnight to record 1315.0 US$/Oz.

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04/05/2018 Argonaut Morning Note

The Dow Jones Industrial Average turned higher intraday after plunging nearly 400 points earlier in the session, a sign of the stock market's resilience despite signs of weakening economic data, rising interest rates and lackluster corporate earnings reports. The blue-chip index has been range bound, trading in a narrow span of about 700 points over the past two months. But it has struggled to gain traction since losing more than 10% of its value over nine sessions in January and February. The Dow industrials have declined nine of the past 11 sessions entering the day and remain roughly 10% below their last high on Jan. 26. Shares took another leg lower after data showed that the pace of growth across much of the U.S. economy slowed in April.  The Dow was recently up recording 23930, after earlier sliding as much as 394 points. The S&P 500 declined 0.2%, putting it on pace for a second straight session of losses, while the Nasdaq Composite fell less than 0.1%.

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