Morning Notes

06/08/2015 Argonaut Morning Note

Broader U.S. stock indices rose Wednesday as investors waited for an employment report at the end of the week that is likely to shed light on whether the U.S. economy is ready for higher interest rates. The Dow shed 10 points, or 0.1%, to 17,540, while the S&P 500 and NASDAQ climbed 0.3% and 0.7% respectively. Investors around the globe are waiting for a clear sign as to when the Federal Reserve will raise short-term rates for the first time in nearly a decade. The continued focus on the path of U.S. interest rates has heightened the focus on Friday's jobs report, since Fed officials consider employment data as they make their decision. Economists surveyed by The Wall Street Journal expect an addition of 215,000 jobs.

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05/08/2015 Argonaut Morning Note

US stocks have finished lower following a mixed batch of earnings reports and another big decline by technology giant Apple. The Dow Jones Industrial Average dropped 47.51 points (0.27 per cent) to 17,550.69. The broad-based S&P 500 fell 4.72 (0.22 per cent) to 2,093.32, while the tech-rich Nasdaq Composite Index slid 9.84 (0.19 per cent) to 5,105.55. Apple fell 3.2 per cent, leaving it down more than 12 per cent since its July 21 earnings release. Analysts have cited fears of slowing growth, in part due to weakening conditions in China, a key Apple market. Insurer Allstate fell 10.2 per cent after a rise in payments for auto accidents dented second-quarter earnings, while handbag and accessories retailer Coach rose 3.2 per cent after reporting better-than-expected results.

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04/08/2015 Argonaut Morning Note

U.S. stocks were dragged lower Monday by a continued fall in the price of oil. Oil prices have tumbled more than 50% since last summer, and Monday crude-oil futures dropped 3.8% to $45.31 a barrel. Energy companies in the S&P 500 were the biggest decliners in the index, falling 1.9%. Oil majors Chevron Corp. and Exxon Mobil Corp., which led declines in the Dow industrials Friday, continued to drag the market lower, falling 3.3% and 1.7%, respectively. The Dow declined 92 points, or 0.5%, to 17,598, while the S&P 500 dropped 0.3% to 2,098.

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03/08/2015 Argonaut Morning Note

Weakness in petroleum-linked equities have weighed on US stocks following poor earnings from ExxonMobil and Chevron and a drop in oil prices. The Dow Jones Industrial Average fell 55.52 points (0.31 per cent) to 17,690.46. The broad-based S&P 500 dropped 4.71 (0.22 per cent) to 2,103.92, while the tech-rich Nasdaq Composite Index slipped 0.50 (0.01 per cent) to 5,128.28. Dow component ExxonMobil shed 4.6 per cent after reporting net income fell by 52.3 per cent year-over-year to $US4.2 billion ($A5.8 billion) in the second quarter. Chevron lost 4.9 per cent as it reported about a 90 per cent drop in profits to just $US571 million.

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31/07/2015 Argonaut Morning Note

Global stock markets were mixed Thursday as investors focused on the latest batch of corporate earnings and digested a weaker-than-expected reading for second-quarter U.S. gross domestic product. U.S. stocks were dragged lower after the Commerce Department said Thursday that U.S. economic output in the second quarter expanded at an annual rate of 2.3%. Economists surveyed by The Wall Street Journal had expected the rate of growth to be 2.7%. However, both the Dow and the S&P 500 finished the days trading relatively flat.

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