Morning Notes

14/03/2016 Argonaut Morning Note

U.S. stocks finished higher Friday after oil prices rose, sending major indexes to their highest levels so far this year. Oil prices were higher after the International Energy Agency said crude prices may have bottomed and that output could fall. U.S. import prices were off 0.3% in February from January levels, driven by falling energy prices. Prices were off 6.1% year over year. At the close, the Dow, the S&P 500 and the NASDAQ were up 1.3%, 1.6% and 1.8%, respectively.

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11/03/2016 Argonaut Morning Note

U.S. stocks closed flat on Thursday after a fall in oil prices outweighed fresh stimulus from the European Central Bank. As was broadly expected, the ECB unveiled new measures to boost inflation. The bank both expanded the size and scope of its bond purchase and pushed interest rates further into negative territory. The euro initially fell against the dollar, but it rebounded after ECB head Mario Draghi said that he doesn't anticipate any further cuts in rates. Oil prices fell after hitting a three-month high earlier this week.

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10/03/2016 Argonaut Morning Note

U.S. stocks closed higher on Wednesday as oil futures recovered, providing some relief for battered energy shares. Wholesale U.S. inventories were up 0.3% in January. The inventory-to-sales ratio rose to 1.35 from 1.33 in the previous month, an indication that it is taking business longer to sell their inventories. At the close the Dow had gained 0.2%, the NASDAQ had lifted 0.6% and the S&P 500 was up 0.5%.

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09/03/2016 Argonaut Morning Note

There was limited economic data from the U.S. Tuesday. However, trade data from China showed a plunge in February. Exports were off 25.4% year-over-year while imports were off 13.8%. The data rekindled fears of the impact of a Chinese slowdown on the global economy. At the close the Dow was off 0.6% while the S&P 500 lost 1.1% and Nasdaq fell 1.3%. Shares of Dick's Sporting Goods (DKS) were up slightly despite the firm reported worse-than-anticipated results. Same-store sales were down 2.5% and overall profit was down 17% due to warmer than usual weather. Management also provided first-quarter guidance that was short of analyst views.

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08/03/2016 Argonaut Morning Note

U.S. stocks switched between small gains and losses on Monday as sharp gains in energy and materials stocks were offset by a drop in technology and consumer shares. Oil prices rose on hopes that producers would cut supply to better meet demand. The market was also focused on the European Central Bank's meeting on Thursday where the central bank is widely expected to further move rates below zero. The euro lost ground versus the dollar on the speculation.

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