Morning Notes

11/10/2017 Argonaut Morning Note

Gains in Wal-Mart Stores and other consumer staples pushed major U.S. stock indexes higher intraday. The Dow Jones Industrial Average gained 48 points, or 0.2%, to 22809. The S&P 500 rose 0.2%, while the Nasdaq Composite slipped less than 0.1%. Shares of Wal-Mart led food and other consumer-staple companies higher after executives said at an investor meeting that the retailer would keep U.S. store openings to a minimum, while focusing more on e-commerce and launching locations overseas to increase sales. Shares of Wal-Mart surged 5%.

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10/09/2017 Argonaut Morning Note

U.S. stocks stalled Monday, as gains in shares of energy companies failed to offset losses elsewhere. Trading was quiet, with major indexes wobbling in a narrow range after they hit several fresh records the previous week. Economic data in the second half of the year has been largely upbeat, helping stocks trading near records and at historically high valuations keep climbing. As long as corporate earnings continue to point to solid growth, some analysts said they favour looking at short-term pullbacks in the stock market as buying opportunities. The Dow Jones Industrial Average finished down 0.1% at 22,761. The S&P fell 0.2% and the Nasdaq Composite also declined 0.2%. The U.S. gold price continued its movement upward overnight, rising 0.6% to finish at 1,283.60 US$/oz.

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09/10/2017 Argonaut Morning Note

The S&P 500 slipped Friday but logged its fourth consecutive week of gains. Major U.S. stock indexes edged lower after data showed the labor market lost jobs for the first time in seven years. Still, stocks ended the week near records. The Dow Jones Industrial Average fell less than 0.1% to 22,774 and rose 1.7% for the week. The S&P 500 fell 0.1%, and the Nasdaq Composite added less than 0.1%. Economic data in the second half of the year has been largely upbeat, and corporate earnings are still solid, which has helped U.S. stocks climb even as some have expressed concerns about the length of the rally, investors and analysts said. The S&P 500 hit its sixth consecutive closing high Thursday, posting its longest streak of records in 20 years. Overall market reaction was relatively muted after the Labor Department said Friday that nonfarm employment fell by a seasonally adjusted 33,000 in September. The figure missed economists' estimates and marked the first time since September 2010 that the labor market failed to add jobs. But other parts of the report were more encouraging, showing workers' hourly earnings jumping and the unemployment rate falling more than expected. Nascent signs of wage growth could push the Federal Reserve to raise interest rates again before the end of the year, some analysts said. The U.S. gold price bounced back on Friday, gaining 0.7% to finish at 1,276.1 US$/oz.

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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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