Morning Notes

07/05/2015 Argonaut Morning Note

U.S. stocks fell Wednesday after Federal Reserve Chairwoman Janet Yellen drew attention to elevated valuations in the equity market. Stocks traded in a wide range, with the Dow falling as much as 147 points earlier in the morning before finishing the session down 86 points, or 0.5%, at 17,842. The broader S&P 500 closed 0.4% lower at 2,080. Investors also received a disappointing report Wednesday on private-sector employment. Private payrolls in the U.S. increased by 169,000 in April, according to a report compiled by payroll processor ADP and forecasting firm Moody's Analytics. Economists surveyed by The Wall Street Journal had expected an increase of 205,000 jobs. This also saw the U.S. dollar drop to a two-month low against the euro on Wednesday.

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06/05/2015 Argonaut Morning Note

U.S. stocks fell on Tuesday, pulling back after the S&P 500 index notched its biggest two-day advance in more than a month. Contributing to the pause in equities is uncertainty about when the Federal Reserve may start to raise short-term interest rates. Investors are waiting for more data coming out of a slow winter quarter. The dollar turned lower against the Japanese yen and the euro Tuesday after trade data indicated a larger drag on U.S. growth than initially estimated, raising the likelihood the Federal Reserve won't raise borrowing costs anytime soon.

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05/05/2015 Argonaut Morning Note

U.S. stocks rose for the second session in a row Monday, pushing the S&P 500 index near its all-time high. The broader index closed up 6 points, or 0.3%, at 2,114, while the Dow Jones index ended the session up 46 points, or 0.3%, at 18,070. Action in the U.S. stock market has been choppy this year, as investors grapple with evidence of an economic slowdown at the start of the year, the strong dollar's drag on earnings and the possibility of higher interest rates.

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04/05/2015 Argonaut Morning Note

US stocks have risen sharply, ending a two-day slide with a rally led by Apple and other tech stocks and extending to most industrial sectors. The tech-rich Nasdaq posted the biggest gain on Friday, rising 63.97 points (1.29 per cent) to 5,005.39. The Dow Jones Industrial Average advanced 183.54 (1.03 per cent) to 18,024.06, while the broad-based S&P 500 rose 22.78 (1.09 per cent) to 2,108.29. All but four companies in the 30-stock Dow finished higher. Apple, which had lost 5.7 per cent in the prior three sessions, shot up 3.0 per cent.

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01/05/2015 Argonaut Morning Note

The Dow Jones Industrial Average on Thursday dropped 195.01 points (1.08 per cent) to 17,840.52. The broad-based S&P 500 fell 21.34 (1.01 per cent) to 2,084.51, while the tech-rich Nasdaq Composite Index slumped 82.22 (1.64 per cent) to 4,941.42. Yelp plummeted 23.2 per cent after forecasting second-quarter sales of $US131-$US134 million ($A164-$A167 million), below Wall Street projections of $US138.4 million. Analysts also rapped the company for a weak performance in attracting users. Michael James, managing director of equity trading at Wedbush Securities, said government data showing consumer spending rose 0.4 per cent in March was "a little underwhelming" after Wednesday's "terrible" report on first-quarter economic growth. Tech stocks were especially weak, with Apple falling 2.7 per cent, and Facebook and Google both dropping 2.1 per cent.

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