Morning Notes

04/08/2017 Argonaut Morning Note

Earnings results from dozens of big U.S. corporations pulled major stock indexes in different directions intraday. Some of the biggest insurance companies dragged the broader financial sector lower after reporting quarterly earnings. Meanwhile solid profits from consumer goods companies including Clorox pulled the consumer staples sector higher. The result was that Major U.S. stock indexes struggled to find direction the day after the Dow Jones Industrial Average rose above 22000 for the first time. The milestone marked its 32nd record of the year, as stocks benefited from a buoyant global economy, a weaker dollar and a solid earnings season. The blue-chip index rose less than 0.1% or 10 points to 22026. The S&P 500 and Nasdaq Composite both declined 0.2%. The U.S. gold price rose slightly overnight, jumping 0.1% to finish 1,267.90 US$/oz.

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03/08/2017 Argonaut Morning Note

A surge in Apple shares sent the Dow Jones Industrial Average past 22000 for the first time, but declines in other large U.S. technology companies pressured major indexes. The tug of war meant the milestone remained elusive: the index hopped above and below the mark multiple times during the session. The Dow industrials were recently up 37 points, or 0.2%, at 22001, after rising as high as 22036 earlier in the session. The blue-chip index was on track for its seventh straight session of gains. The S&P 500 was recently down 0.1% and the Nasdaq Composite fell 0.2%. Technology firms have powered U.S. indexes to new highs this year, attracting investors with their ability to grow earnings during a period of tepid economic expansion.

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02/08/2017 Argonaut Morning Note

The Dow Jones Industrial Average climbed within striking distance of 22000, with the blue-chip index finishing 73 points higher at 21,964, or 0.3%. That advance put the index on track for a sixth straight session of gains and another closing high. Meanwhile, the S&P 500 rose 0.2%, and the Nasdaq Composite added 0.1%. Both were on track to end three-session losing streaks. U.S. stocks have posted records this year, buoyed by strong corporate earnings and signs of resurgent global growth. With more than half of S&P 500 companies having reported results for the second quarter, firms were on track to post their best sales growth in years. The U.S. gold price once again fell slightly overnight, shedding less than 0.1% to finish at 1,268.20 US$/oz.

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01/08/2017 Argonaut Morning Note

The Dow Jones Industrial Average extended its gains Monday, after a series of strong corporate results propelled the blue-chip index to a record at the end of last week. The Dow industrials gained 61 points, or 0.3%, to 21891. The S&P 500 was little changed, and the Nasdaq Composite slipped 0.4%, dragged down by a decline in technology stocks. Tech stocks in the S&P 500 fell 0.5%. Still, the Nasdaq is on track to end July around 3.4% higher. The Dow is up about 2.6% for the month, while the S&P has gained about 2%. Corporate earnings reports have been broadly supportive of stock markets in July, particularly in the U.S. Large U.S. companies are on pace to post two consecutive quarters of double-digit profit growth for the first time since 2011, according to data from Thomson Reuters. The U.S. gold price was largely unchanged overnight, dropping slightly to 1,268.80 US$/oz.

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31/07/2017 Argonaut Morning Note

The Dow Jones Industrial Average posted a gain for the day and the week, while a fall in technology shares contributed to declines in the S&P 500 and Nasdaq Composite. Upbeat quarterly results from large U.S. companies including Boeing, Caterpillar, Chevron and Verizon Communications helped the Dow industrials outperform its peers in recent days. Together, those stocks' weekly gains contributed roughly 310 points to the index, which rose 250.24 points, or 1.2%, for the week.

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