Morning Notes

21/02/2018 Argonaut Morning Note

Falling shares of Walmart pulled the Dow Jones Industrial Average lower intraday, putting the blue-chip index on track for its first loss in seven trading sessions. Shares of Walmart tumbled more than 9% after the retailer reported slowing online sales growth, indicating its difficulty in fending off competition from Amazon.com. That drop, Walmart's biggest slide in more than two years, took roughly 67 points off Dow industrials and contributed to a 1.9% decline among shares of consumer-staple stocks in the S&P 500.

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20/02/2018 Argonaut Morning Note

U.S. Markets were closed Monday for President’s Day. The U.S. gold price finished flat overnight, closing at 1346.00 US$/oz. European stocks fell in light holiday trading while Asian bourses continued to rebound from an early February correction. The Stoxx Europe 600 ended the day 0.6% lower after three sessions of gains, brushing off an upbeat lead from Japan and Australia.

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19/02/2018 Argonaut Morning Note

The Dow Jones Industrial Average and S&P 500 edged higher Friday to extend their rebound as stocks showed firm signs of regaining their footing after tumbling earlier this month. The blue-chip index gained 4.3% over the past five trading days to notch its best week since President Donald Trump's election, while the S&P 500's 4.3% move upward was its biggest weekly jump since 2013. The indexes were on pace for an even bigger rally, but they pared gains--and Nasdaq Composite turned lower--Friday afternoon when a Russian organization and several individuals were charged with interfering in the U.S. electoral process. Still, the Nasdaq had risen enough earlier in the week to add 5.3%, its biggest gain in seven years. Jitters about the threat of rising inflation subsided this week, as many investors said strong economic growth and robust corporate profits should support major indexes' move higher, similar to the sentiment for much of last year. The Dow industrials added 19 points, or less than 0.1%, to 25,219, despite rising as much as 232 points earlier in the day. The S&P 500 gained 1.02 points, or less than 0.1%, to 2732.22, while the Nasdaq declined 16.96 points, or 0.2%, to 7239.47. The U.S. gold price finished the week of slightly lower, falling 0.5% at 1346.50 US$/oz.

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16/02/2018 Argonaut Morning Note

U.S. stocks extended their rebound in a broad rally of 10 of the S&P 500's 11 sectors. Major stock indexes are on track for their best weekly performance since the presidential election, a sharp reversal following two of their worst weeks since early 2016. Many investors and analysts have pointed to strengthening fundamentals - such as corporate earnings and economic growth - as reasons for the rebound. But they also say they worry about stocks racing back to record highs. The Dow Jones Industrial Average rose 307 points, or 1.2%, to 25,200. The S&P 500 also added 1.2%, and the Nasdaq Composite gained 1.6%. The U.S. gold price also continued its strength overnight, rising 0.2% to 1,353.30 US$/oz.

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15/02/2018 Argonaut Morning Note

U.S. stocks climbed for a fourth consecutive session Wednesday, stabilizing despite further signs of an anticipated boost in inflation and at least temporarily easing fears of a prolonged market downturn. Consumer prices increased more than expected in January, another data point showing inflation is firming after a long run of softness. But some analysts highlighted the rise was largely driven by higher prices for gasoline, rent and apparel, which are more volatile.

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