Morning Notes

15/06/2015 Argonaut Morning Note

US stocks have closed a choppy week on a down note, following European markets lower on fears of a Greek debt default. The Dow Jones Industrial Average fell 140.53 points (0.78 per cent) to 17,898.84 on Friday. The broad-based S&P 500 fell 14.75 points (0.70 per cent) at 2,094.11, while the tech-rich Nasdaq Composite Index dropped 31.41 points (0.62 per cent) to 5,051.10. European equity markets tumbled as eurozone officials confirmed that at a meeting in Bratislava on Thursday they had war-gamed "worst case" scenarios of Greece not being able to pay its bills. Next week's Federal Reserve policy meeting that will update the Fed's plan to hike interest rates in the coming months. Petroleum stocks dropped on lower oil prices. Dow members Chevron and ExxonMobil fell by 1.2 per cent and 1.3 per cent respectively, while offshore driller Transocean lost 2.0 per cent. Pharmaceuticals were also weak. Merck lost 1.8 per cent, while biotech companies Amgen and Biogen both fell 1.2 per cent. In the tech sector, Intel lost 1.7 per cent and Apple and Cisco Systems both fell 1.1per cent. All three companies are in the Dow.

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11/06/2015 - Argonaut Morning Note

U.S. stocks climbed Wednesday as technology and financial stocks rallied and investors embraced encouraging signals over Greece's financing talks. The Dow Jones Industrial Average rose 236 points, or 1.3%, to 18,000. The S&P 500 index added 25 points, or 1.2%, to 2,105. Stocks extended gains on both sides of the Atlantic after reports suggested Greece and its international creditors may be inching closer to a bailout compromise.

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10/06/2015 - Argonaut Morning Note

U.S. stocks were little changed Tuesday, as technology shares continued to fall, offsetting a gain in energy companies. Information technology companies in the S&P 500 dropped 0.4% in early trading. The losses partially offset gains among energy companies, which were lifted by a rally in price of oil. Crude-oil futures rallied 2.9% to $59.84 a barrel. The S&P 500 is trading at roughly 18 times the last 12 months of earnings. That is higher than its 10-year average of 15.8, according to FactSet.

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09/06/2015 - Argonaut Morning Note

U.S. stocks fell Monday, led by a slide in technology shares, one session after an upbeat May jobs report bolstered expectations for higher interest rates later this year. The slide follows three consecutive weeks of losses for the Dow industrials through Friday, while the S&P and Nasdaq have notched two straight weeks of declines. On Monday the Dow Jones Index closed 0.5% lower, or down 83 points, at 17,767, while the S&P 500 closed 0.6% lower.

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05/06/2015 - Argonaut Morning Note

U.S. stocks extended their losses Thursday afternoon, putting major indexes on track for slight weekly losses. All of the S&P 500's sectors were in negative territory, dragged down by losses in materials and energy stocks. Both the Dow Jones and the S&P fell 0.9% to close at 17,906 and 2,096 respectively. Australian stocks slumped 1.4% Thursday after rising global bond yields diminished the appeal of dividend plays, putting the market on track for its worst weekly performance in three years.

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