Morning Notes

04/09/2017 Argonaut Morning Note

The Nasdaq Composite rose to its biggest weekly gain of the year, boosted by signs of strength in the U.S. economy and a rise in biotechnology companies. In the past week, investors navigated the damage caused by Hurricane Harvey and renewed tensions between the U.S. and North Korea, while also focusing on upbeat data on personal spending as well as steady job creation and low unemployment. On Friday, stocks edged higher following a roughly-in-line jobs report. The pace of hiring slowed and the U.S. unemployment rate rose slightly last month, according to the Labor Department, but wages ticked up less than expected. This is said to be good for stock prices, as wages are rising enough to spur more consumer spending but not at a fast-enough pace to compel the Federal Reserve to raise interest rates.

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01/09/2017 Argonaut Morning Note

Shares of energy companies climbed with crude prices intraday, contributing to a broad rally in U.S. stocks. Energy shares had been under pressure for much of the month, extending losses for the year after Hurricane Harvey sent crude prices lower. But energy stocks in the S&P 500 rose 0.6%, lifting broader indexes. Commodity prices rebounded, too, with U.S. crude jumping 2.8% to $47.22 a barrel. The Dow Jones Industrial Average rose 0.1%, or 31 points, to 21923 in afternoon trading. The S&P 500 gained 0.5%, while the Nasdaq Composite added 0.8%. Even after the day's gains, energy shares in the S&P 500 continue to head toward their biggest monthly loss since December 2015.

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31/08/2017 Argonaut Morning Note

The Nasdaq Composite headed toward its third straight day of gains Wednesday, boosted by shares of chip makers. The tech-heavy index rose 1.1%, while gains in semiconductor stocks helped the S&P 500 edge up 0.5%. The Dow Jones Industrial Average turned positive finishing up 0.1% at 21,892. Some investors and analysts have said the economic and earnings backdrop for stocks remains favourable, keeping the market within striking distance of record highs even amid geopolitical tensions. North Korea's missile launch over Japan weighed on U.S. stocks early Tuesday before shares recovered, the latest example of this year's short-lived pullbacks. The U.S. gold price was slightly lower overnight, shedding less than 0.1% at 1,308.10 US$/oz.

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30/08/2017 Argonaut Morning Note

U.S. stocks recovered intraday after North Korea's launch of a ballistic missile over Japan rattled global markets. The missile was the first Pyongyang has fired over Japan's main islands since 2009 and the latest in a string of direct provocations that have briefly weighed on financial markets in recent weeks. The Dow Jones Industrial Average rose 38 points, or 0.2%, to 21846 in recent trading, after falling 135 points earlier in the session. The S&P 500 added less than 0.1% and the Nasdaq Composite rose 0.3%.

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29/08/2017 Argonaut Morning Note

The S&P 500 edged lower Monday, as declines in the energy sector offset gains in shares of health-related companies. The broad index wobbled in a narrow range for much of the session, extending a recent pattern of quiet trade. Moves in the stock market have been muted over the past week, with trading volumes across exchanges owned by the New York Stock Exchange and Nasdaq hitting their lowest levels of the year Friday. Investors and analysts have attributed the lull in action to the scarcity of major economic data and the winding down of the second-quarter earnings season.

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