Morning Notes

27/07/2015 Argonaut Morning Note

US stocks have sunk deep into the red as weak Chinese factory data and US home sales numbers outweighed Amazon's unexpected blockbuster swing into profit. The Dow Jones Industrial Average on Friday shed 163.39 points (0.92%) at 17,568.53. The broad-based S&P 500 dropped 22.50 (1.07%) to 2,079.65, while the tech-rich Nasdaq Composite Index lost 57.78 points (1.12%) at 5,088.63. New home sales ran at an annual pace of 482,000 units in June, and May's rate was cut to 517,000 units from the original report of 546,000. The preliminary reading of Caixin's Purchasing Manager's Index (PMI) came in at 48.2 in July, the weakest reading since 48.1 in April 2014.

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24/07/2015 Argonaut Morning Note

The Dow Jones Industrial Average retreated on Thursday following disappointing earnings reports from a handful of big U.S. companies. Investors were disappointed with the quarterly results from Dow components American Express Co., 3M Co. and Caterpillar Inc., even as many companies continued to surpass the muted expectations of the second-quarter earnings season. The Dow fell 0.7% to 17,732 and the S&P 200 dropped 0.6% to 2,102.

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23/07/2015 Argonaut Morning Note

Investors poured out of technology stocks Wednesday, spooked by disappointing results from Apple Inc. and Microsoft Corp. Investors scraping for growth amid the soft economic recovery had driven the Nasdaq to a record as recently as Monday, encouraged by solid results from Google Inc. and Netflix Inc. But Apple's 5% drop Wednesday was a reminder that expectations for technology companies have soared to the point that any disappointment can leave shares vulnerable. The Dow Junes lost 0.4% to 17,851, the S&P 500 lost 0.2% to 2,114 and the NASDAQ fell 0.7% to 5,172.

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22/07/2015 Argonaut Morning Note

U.S. stocks fell Tuesday after weak earnings reports from International Business Machines Corp. and United Technologies Corp. dragged down the Dow Jones Industrial Average. Though the move down by the Dow appeared dramatic, traders emphasized most of the decline came from just two companies and stock-trading volumes in general were muted. IBM's stock decline of 5.7% weighed on the Dow by 66 points, while United Technologies' stock drop of 7.6% dragged down the index by 56 points. A handful of upbeat earnings from Internet and technology companies have buoyed the Nasdaq Composite, including results from Google Inc. and Netflix Inc. The US dollar declined against its peers Tuesday, as investors cashed out after a period of sharp gains in the currency.

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21/07/2015 Argonaut Morning Note

The S&P 500 inched toward an all-time high following a batch of better-than-expected earnings reports, even as a selloff in the gold market battered shares of mining companies. Receding fears about Greece's financial situation and a handful of stronger-than-expected earnings reports have bolstered stocks in recent sessions. Both the Dow Jones and S&P 500 rose 0.1% to 18,100 and 2,128 respectively.

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