Morning Notes

21/07/2017 Argonaut Morning Note

The Dow Jones Industrial Average pulled back from a record intraday, as a drop by Home Depot took more than 45 points off the blue-chip index. The Dow industrials recently fell 29 points, or 0.1%, to 21612, whilst the S&P 500 finished flat and Nasdaq Composite rose 0.1%. All three indexes, along with the Russell 2000, rose to record closing highs on Wednesday. Earlier, stocks briefly dropped sharply after a Bloomberg report that the investigation into ties between President Donald Trump's campaign and Russia in last year's election are extending to Trump's businesses. The report cited a person familiar with the probe. The U.S. gold price gained slightly overnight, rising 0.2% to 1,244.00 US$/oz.

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20/07/2017 Argonaut Morning Note

U.S. stocks rose Wednesday, with rising oil prices and corporate earnings driving some of the day's biggest moves. The Dow Jones Industrial Average gained 47 points, or 0.2%, to 21621. The S&P 500 climbed 0.5%, and the Nasdaq Composite added 0.7%, with both indexes advancing from Tuesday's records. Stocks seem to have shaken off the recent failure of Senate Republicans to replace the Affordable Care Act.

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19/07/2017 Argonaut Morning Note

The Dow Jones Industrial Average retreated intraday as the dollar and government bond yields came under fresh pressure. The day's moves came after Senate Republicans gave up their efforts to dismantle and replace much of the Affordable Care Act. The struggle to pass a health-care bill has amplified doubts about the Trump administration's ability to pass policies like tax cuts and fiscal stimulus. Hopes for such policies had initially pushed stocks, the dollar and government bond yields higher after Election Day. The Dow industrials fell 55 points, or 0.3%, to 21575. The S&P 500 edged up 0.1%, and the Nasdaq Composite added 0.2%. Although stocks around the world mostly fell, some investors have said they believe the effect of policy changes on the broader stock market will ultimately be muted. The U.S. gold price continued its upward trend, rising 0.7% to finish at 1,242.00 US$/oz.

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18/07/2017 Argonaut Morning Note

U.S. stocks were little changed after the Dow Jones Industrial Average and S&P 500 ended last week at records. Monday's pause came at the start of a busy week of earnings. Consumer-discretionary shares posted some of the biggest moves in an otherwise listless market, as investors snapped up beaten-down shares in brick-and-mortar retailers. The Dow industrials fell 8 points, or less than 0.1%, to 21630. The S&P 500 added less than 0.1%, its consumer-discretionary sector leading gains with a 0.4% rise. The Nasdaq Composite rose less than 0.1% and hovered near its closing record during the session. The index posted its biggest one-week gain in more than six months on Friday as the tech sector rebounded from a spate of declines that began June 9. The S&P 500 technology sector has risen more than 4% so far this month after declining 2.7% in June. The U.S. gold price once again rose overnight, jumping 0.4% to finish at 1,233.70 US$/oz.

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17/07/2017 Argonaut Morning Note

The S&P 500 hit a fresh record Friday and posted its best weekly performance since late May. Investors poured money into stocks as weak data on retail sales and inflation suggested the Federal Reserve may be slow in raising interest rates and reducing its balance sheet. Stocks that pay out steady dividends rose on anticipation of low rates for the foreseeable future.

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