Morning Notes

13/10/2017 Argonaut Morning Note

U.S. stock indexes retreated from records intraday, weighed down by declines in bank stocks. The latest earnings season kicked off in earnest this week, with several large lenders scheduled to report quarterly results through Friday. Investors are watching the reports to gauge not just the health of the U.S. financial system but the outlook from top executives for the final quarter of the year. Strong earnings growth has supported major stock indexes this year, helping the S&P 500 notch 44 record closes and the Dow Jones Industrial Average hit 48 closing highs so far in 2017.

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12/10/2017 Argonaut Morning Note

U.S. stocks rose Wednesday, lifted for the second straight day by shares of consumer-staples companies. Robust earnings growth has buoyed major stock indexes this year, even in the face of recent geopolitical risks. Economic data also has been generally positive, with the Federal Reserve recently signaling its confidence that the U.S. economy was strong enough to support further rate increases. Growth in other parts of the world also has given investors confidence. The Dow Jones Industrial Average added 0.1%. The S&P 500 inched up 0.1% and the Nasdaq Composite advanced 0.1%.

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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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