Morning Notes

06/10/2017 Argonaut Morning Note

The S&P 500 was on course for its longest streak of record closes in 20 years, as shares of financial firms pushed major indexes higher. The broad index added 0.6% after hitting its fifth-straight high a day earlier. The Dow Jones Industrial Average gained 114 points, or 0.5%, to 22,775, while the Nasdaq Composite added 0.7%. Strong corporate earnings have buoyed stocks for months, and a recent run of economic data reflecting stability and growth in the U.S. have added to stocks' momentum, analysts said. The three major indexes each have hit more than 40 records this year, even as some investors remain wary of persistently low volatility and lofty valuations. A measure of expected stock swings, the CBOE Volatility Index, was recently down 2.9%at 9.35, near its all-time closing low of 9.31 set in December 1993. The U.S. gold price lost ground overnight, shedding 0.5% to finish at 1,267.80 US$/oz.

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05/10/2017 Argonaut Morning Note

Shares of internet retailers rose Wednesday, putting the S&P 500 on track to extend its recent winning streak. E-commerce firms like Netflix and Amazon.com have been among the market's best performers this year, helping to power U.S. stocks to fresh all-time highs despite concerns about their valuations and rapid rise. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite each set at least 40 all-time highs this year. The Dow industrials inched up 0.1%. The S&P 500 rose 0.1% and the Nasdaq Composite swung between small gains and losses and was recently down less than 0.1%. U.S. economic data was mixed Wednesday.

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04/10/2017 Argonaut Morning Note

U.S. stocks extended gains intraday as upbeat car-sales data and a rise in airline stocks helped lift major indexes toward fresh records. Major auto makers posted solid sales gains in September, a boost to the industry after months of declining results. The gains helped lift broader indexes. The Dow Jones Industrial Average rose 72 points, or 0.3%, to 22630. The S&P 500 and the Nasdaq Composite gained 0.1%. The rise built on Monday's records, which came as data showed that U.S. manufacturing activity reached a 13-year high in September, exceeding expectations.

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03/10/2017 Argonaut Morning Note

Major U.S. stock indexes were poised to clinch new records, as fresh economic data bolstered investors' beliefs in a resilient U.S. economy. Eight of the 11 major S&P 500 sectors were higher in recent trading, with shares of manufacturers and financial firms posting solid gains. The Dow Jones Industrial Average rose 130 points, or 0.6%, to 22534 in recent trading, while the S&P 500 added 0.3%. The Nasdaq Composite gained 0.2%. All three indexes were recently trading above their closing highs. A recent stream of economic data has portrayed a durable and growing U.S. economy, helping investors brush off a range of geopolitical risks this year.

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02/10/2017 Argonaut Morning Note

The S&P 500 finished September much like it spent the past three months – quietly grinding higher. Solid earnings and economic data helped support major indexes this summer, with trading largely remaining calm despite disruptive hurricanes and threats between the U.S. and North Korea. The S&P 500 rose 4% to fresh records in the quarter, but the index's average daily move during the period was 0.3%, the lowest since 1968. The S&P 500 rose 9.30 points, or 0.4%, to 2519.36 Friday, a record, while the Nasdaq Composite added 42.51 points, or 0.7%, to 6495.96 as technology stocks extended this year's gains.

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