Morning Notes

08/02/2016 Argonaut Morning Note

U.S. stocks sank on Friday, led by losses in the tech sector, after a jobs report came in below expectations. The U.S. economy added 151,000 jobs last month, below the 175,000 jobs expected by economists. The unemployment rate, which is calculated from a different survey, fell to 4.9%, which is the lowest rate since early 2008. Wages also showed good growth, rising 2.5% year over year. The trade deficit rose by 2.7% in December as a strong dollar and slowing global growth held down exports again. Imports were also up 0.3% in the month. For the full year, the deficit rose by 4.6%.

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05/02/2016 Argonaut Morning Note

U.S. stocks tracked volatile oil prices on Thursday, switching between small gains and losses in afternoon trade before closing modestly higher. The intraday swings in the stock market over the past few days are puzzling some analysts. Volatility in oil and currency markets might be driving rapid change in strategies, causing wild swings in the S&P 500. At the close, the Dow was up 0.5%, while the S&P 500 and the NASDAQ were both around 0.1% higher.

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04/02/2016 Argonaut Morning Note

U.S. stocks closed mostly higher Wednesday as a surge in oil prices boosted energy and materials stocks in a session marked by wild shifts. Earlier in the session, the stock market seemed to break its recent strong correlation with the gyrations in oil prices, as the main stock indexes tumbled despite a rebound of more than 3% by oil futures. But as oil futures extended gains, rising more than 8%, stocks staged a strong rebound rally.

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03/02/2016 Argonaut Morning Note

U.S. stocks finished lower Tuesday as steep declines in oil and global equity markets weighed on sentiment and appeared to offset earnings-driven jumps. A fresh 4.5% drop in oil prices, which followed a 6% slide Monday, weighed on energy stocks, with the energy sector being the worst performer on the S&P 500. At the close, the S&P 500 was 1.9% lower, the Dow was down 1.8% and the NASDAQ was 2.2% lower.

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02/02/2016 Argonaut Morning Note

U.S. stocks closed mixed on Monday following a fresh drop in oil prices and weak U.S. manufacturing data which showed signs of contraction for a fourth straight month. Oil futures headed lower as hopes faded that Russia and OPEC were going to cooperate on output cuts. The closely-watched ISM index, which tracks the strength of the U.S. manufacturing sector, rose slightly to 48.2 in January from 48 in December. Any reading below 50 indicated a contraction in the sector.

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