Morning Notes

12/01/2018 Argonaut Morning Note

U.S. stocks rebounded intraday, putting major indexes on track to close at fresh records, as rising oil prices and surging optimism about corporate earnings pushed energy shares higher. The S&P 500 regained its footing a day after it snapped its longest winning streak to start a year in more than half a century. The index has risen seven of the first eight trading sessions of 2018, gaining more than 3% so far. A confluence of events has contributed to the new year rally: a steadily expanding U.S. economy as many countries around the world are also growing, the expectation companies will continue to report big gains in earnings, and the passage of a broad tax overhaul that is expected to bolster profits even further.

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11/01/2018 Argonaut Morning Note

Declines in shares of real-estate and utility companies pushed the S&P 500 lower Wednesday as Treasury yields continued to rise. Real-estate and utilities stocks are considered by many investors to be bond-like because their regular dividend payouts make them attractive as income-bearing substitutes for bonds. Wednesday's drop extended recent losses for the sectors as the yield on the benchmark 10-year U.S. Treasury note moves closer to their dividend yields. The S&P 500 declined 0.2% following its longest winning streak to start a year since 1964.

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10/01/2018 Argonaut Morning Note

Rising shares of banks and health-care companies pushed U.S. stock indexes higher intraday, as investor confidence in the New Year rally showed few signs of abating. The Dow industrials added 111 points, or 0.4%, to 25394 in recent trading. The S&P 500 rose 0.3%, while the Nasdaq Composite was up 0.2%. Major U.S. indexes have steadily climbed higher in the first trading days of 2018, extending last year's rally. That is leaving investors hard pressed to find clues portending the rally's end, especially as geopolitical tensions with North Korea appear to be easing and ahead of the start of another quarter of upbeat earnings results.

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09/01/2018 Argonaut Morning Note

U.S. stocks edged higher Monday following a run of records in the first week of trading. Stocks began the year on an upbeat note, buoyed by investors' optimism over the global economy and bets that central banks are unlikely to pressure markets by raising interest rates too quickly. Many believe the gains will continue in 2018, although some analysts have warned that valuations have made U.S. stocks look pricey relative to their international counterparts. The Dow Jones Industrial Average rose less than 0.1%.

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08/01/2018 Argonaut Morning Note

The Dow Jones Industrial Average notched its best start to a year since 2003 as further signs of a solid economic backdrop helped push stocks to new highs this week. The strong start to 2018 builds on last year's remarkable gains, which were powered by investor optimism over the global economy and a belief that central banks won't hurt markets and economic growth by withdrawing stimulus too quickly. The S&P 500 posted four fresh records in four consecutive trading sessions in the past week, rising 2.6%, its biggest weekly gain since December 2016 and its best start to the year since 2006.

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