Morning Notes

12/05/2016 Argonaut Morning Note

U.S. stocks fell as disappointing earnings reports from Macy's and Walt Disney fueled a selloff in the consumer-discretionary sector.  Losses deepened in the afternoon, threatening to wipe out Tuesday's gains.  Macy's shares lost 14% after the retailer cut its forecast for the year amid slumping sales. Chief Executive Terry Lundgren said the company isn't counting on a pickup in consumer spending. Other retailers also declined, including a 5.8% fall in Kohl's shares and a 6.8% drop in Nordstrom.

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11/05/2016 Argonaut Morning Note

A broad rally bolstered by rebounding oil prices Tuesday put major U.S. indexes on track for their biggest one-day gain in about a month. Assets investors often consider havens such as gold and U.S. government debt were relatively steady, a sign many weren't convinced that the rally will last, traders and analysts said.  "It shows us investors want to be in this market, but they're not fully committed," said Jonathan Corpina, senior managing partner at Meridan Equity Partners. Trading volume was relatively light compared with other days when stocks have gained sharply, traders said. While all 10 sectors of the S&P rose, gains in energy and financial stocks outpaced the broader market. Stocks in the U.S. have traded within a narrow range in recent weeks, as investors struggle to reconcile a recent rebound in equity prices with a lackluster earnings season and concerns about the health of the global economy.

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10/05/2016 Argonaut Morning Note

Energy shares fell with oil prices, dragging on U.S. stocks. Stocks have fallen about 2% since their 2016 highs on April 20, amid swings in oil prices, soft economic data and weak corporate earnings. Some investors said gains were likely to be limited without new signs of earnings strength or improvement in the global economy. Early gains in global stocks faded along with oil prices. While stocks have rebounded from February lows, the S&P 500 is up only 0.8% in 2016.

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09/05/2016 Argonaut Morning Note

U.S. stocks finished higher Friday, but the Dow industrials and S&P 500 fell for the second week in a row, the first back-to-back declines since the market hit a low in February. The Nasdaq Composite posted its third week of declines in a row. Stocks have struggled to gain traction after a multimonth rally, dragged down by downbeat economic readings, swings in oil prices and declining corporate earnings.  The Dow Jones Industrial Average surged nearly 16% from Feb. 11, its low for the year, to April 20, its 2016 high. Since then, the blue-chip index has fallen roughly 2%. Given "the magnitude of the rally that you had from the mid-February lows, a little consolidation is to be expected," said Ben Pace, chief investment officer at HPM Partners. On Friday, the Dow Jones Industrial Average advanced 0.45%, the S&P 500 rose 0.3%, and the Nasdaq Composite gained 0.4%.

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06/05/2016 Argonaut Morning Note

U.S. stocks slipped Thursday afternoon as sharp rallies in the oil market and energy shares faded. Investors have been cautious about risky assets for most of the week, questioning the strength of a recent rally amid a gloomy earnings season and tepid economic data. While stocks have recovered from their mid-February lows, gold and bond prices continue to suggest investors' concerns about weakness in the global economy.  Investors are awaiting a key reading on reading of the U.S. economy - the monthly employment report - which is due out Friday. Eight of the 10 S&P 500 sectors fell Thursday. 

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