Morning Notes

20/04/2015 Argonaut Morning Note

The Dow Jones Industrial Average fell 279.47 points, or 1.5%, to 17826.30, its biggest one-day percentage drop since March 25. The index snapped a two-week winning streak. The Stoxx Europe 600 index dropped 1.8%, its largest one-day decline since early January, mirroring declines in other major indexes across the continent. In the U.S., weakness in first-quarter U.S. corporate earnings also weighed on the market, traders said. The S&P 500 declined 23.81 points, or 1.1%, to 2081.18, and the Nasdaq Composite fell 75.98 points, or 1.5%, to 4931.81. Exacerbating Friday's selloff in equities and ballooning risk-aversion were fears surrounding China, with the world's second- largest economy allowing fund managers to lend stocks for short selling to increase the supply of shares, the Securities Association of China said on its website on Friday.

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17/04/2015 Argonaut Morning Note

Reporting season did little to excite the US markets with both the Dow Jones and S&P 500 remaining relatively flat overnight. However, month to date stocks have risen, advancing back toward all-time highs. The Dow and S&P have both gained 2% so far in April and are approaching records last seen in early March.

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16/04/2015 Argonaut Morning Note

U.S. stock rose Wednesday, propelling the Russell 2000 into record territory. Energy stocks in the S&P 500 rose 2.4%, notching the biggest sector gain as the price of oil continued to rise. Investors continued to focus on first-quarter earnings. Expectations were slashed going into the reporting season as companies contended with the strong dollar and low oil prices in the period. Including results from 37 companies, S&P 500 earnings are expected to fall 5% from a year ago, according to FactSet.

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15/04/2015 Argonaut Morning Note

U.S. stocks were mostly higher Tuesday, as oil prices rose and investors eyed first-quarter earnings reports from J.P. Morgan Chase & Co. and others. Trading volumes were relatively subdued, as they have been for much of April, even as investors turned their focus to first-quarter earnings. Broadly, money managers are bracing for a weak earnings period, with companies pinched by the stronger dollar and lower oil prices. The Dow gained 60 points, or 0.3%, to 18,037 and the S&P 500 index added 3 points, or 0.2%, to 2,096.

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14/04/2015 Argonaut Morning Note

U.S. stocks closed lower Monday after two consecutive weeks of gains. The Dow Jones Industrial Average slipped 81 points, or 0.4%, to 17,977 and the S&P 500 index shed 10 points, or 0.5%, to 2,092.

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