Morning Notes

15/11/2017 Argonaut Morning Note

Shares of energy and materials companies dragged down major indexes intraday. The Dow Jones Industrial Average shed 30 points, or 0.1%, to 23409. The S&P 500 slid 0.2%. The Nasdaq Composite also fell 0.2%. Shares of chemicals companies, miners and oil-and-gas firms tracked a recent drop in crude and metals prices. U.S. crude oil was off 2.4% at $55.41 a barrel after the International Energy Agency said the oil price rally could be short-lived and global oil demand would be weaker than expected this year and next. The U.S. gold price rose for a second straight day, jumping 0.2% to finish at 1,280.4 US$/oz.

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14/11/2017 Argonaut Morning Note

U.S. stock indexes inched higher Monday amid a flurry of corporate news. Reports on takeover bids and profit forecasts drove swings in shares of companies across the industrial, consumer-discretionary and technology sectors while leaving major indexes little changed. The Dow Jones Industrial Average edged up 0.1% to 23,440. The S&P 500 added 0.1% and the Nasdaq Composite rose 0.1%. Senate and House Republicans have released two different bills that diverge in some key areas, including the timing of a corporate tax cut. Hopes for tax cuts helped bank stocks, bond yields and the U.S. dollar jump after the November 2016 election, although many of those moves have faded this year as investors have contended with uncertainty around policy changes. Later this week, analysts say they will be eyeing addresses by central bank leaders, with European Central Bank President Mario Draghi and Federal Reserve Chairwoman Janet Yellen both set to speak Tuesday. Analysts will also be watching for the latest consumer-price index reading due Wednesday, which should shed light on the state of inflation with the Federal Reserve widely expected to increase rates in December. The U.S. gold price was mildly stronger overnight, rising 0.2% to finish at 1,277.4 US$/oz.

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13/11/2017 Argonaut Morning Note

The Dow Jones Industrial Average slipped Friday, notching its first weekly decline since September. Investors' concerns about the status of a U.S. tax overhaul weighed on stocks during the week, though Friday's moves were relatively muted. The Dow industrials lost 39.73 points, or 0.2%, to 23422 on Friday. The S&P 500 fell 2.32 points, or 0.1%, to 2582.30 and the Nasdaq Composite rose 0.89 point, or less than 0.1%, to 6750.94. All three indexes posted weekly declines, though the losses were relatively modest. Solid corporate earnings have helped U.S. stocks rise this year, analysts say, even as the timing and scale of policy changes in Washington have remained uncertain. With roughly 91% of S&P 500 companies having reported results, firms are on track to post another quarter of earnings growth, according to FactSet. On Friday, shares of energy companies fell with oil prices, pressuring major stock indexes. The S&P 500 energy sector lost 0.8% on the day but notched a weekly gain as U.S. crude oil ended the week at $56.74 a barrel -- its fifth highest level of the year. Consumer-staples shares jumped 1% in the S&P 500, finishing the day as the best-performing sector in the broad index. The U.S. gold price fell Friday, shedding 0.7% to finish at 1,274.9 US$/oz.

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10/11/2017 Argonaut Morning Note

Investors' concerns over the prospects of a tax overhaul sent stocks sliding intraday. Major indexes pared declines in the second half of the trading day, after the Dow Jones Industrial Average had fallen as many as 253 points while investors parsed developments in a tax overhaul they have been anticipating since the election of President Donald Trump. The Senate plan to push through a different tax proposal than what the House released last week has caused some investors to question Republicans' ability to get a bill through to the White House.

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09/11/2017 Argonaut Morning Note

The S&P 500 headed toward another all-time high Wednesday, as investors parsed the latest batch of corporate earnings. Broad-based profit growth has helped propel major indexes to fresh records. Many investors say solid corporate earnings and a U.S. economy that is picking up steam should continue supporting major indexes moving forward. The S&P 500 rose 0.1% after snapping a five-session winning streak Tuesday. The Dow Jones Industrial Average advanced less than 0.1% and the Nasdaq Composite was recently up 0.3%, after swinging between small gains and losses earlier in the session.

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