A Mild Week for the Market
The Week on Wall Street
A short and relatively placid trading week wrapped up Thursday, with the major indices turning in mixed performances. The S&P 500 retreated 0.08%, the Nasdaq Composite advanced 0.17%, and the Dow Jones Industrial Average gained 0.56%. The MSCI EAFE index, tracking foreign stocks in developed countries, added 0.65%.
Nothing really catalytic emerged to drive the market last week, and volumes were low.
Earnings Season Update
More than 78% of S&P 500 firms reporting so far this earnings season have surpassed analyst expectations, according to FactSet. Since guidance tends to be conservative, there is the possibility that more companies will beat forecasts than expected.
The initial public offering market remained strong. Two high-profile technology companies came public on Thursday and were met with enthusiasm from investors. As mentioned in recent weeks, 2019 could be a banner year for IPOs.
Retail Sales Rebound
March's 1.6% gain was the biggest monthly advance seen since September 2017. Sales of cars and gasoline rose more than 3%.
If the upcoming March consumer spending report is also impressive, concerns about the current business cycle peaking may recede.
Nearly 800 companies will report earnings this week, including some high-profile names. This kicks off five weeks of active daily earnings reports.
Investors will watch corporate profits, guidance, and fundamental indicators with great interest, to try and glean whether the economy is strengthening or softening. Reports on first-quarter economic growth and existing home sales will command particular attention.
THE WEEK AHEAD: KEY ECONOMIC DATA
Monday: March existing home sales figures from the National Association of Realtors.
Tuesday: March new home sales numbers from the Census Bureau.
Friday: The first estimate of first-quarter gross domestic product (GDP) from the federal government, and the final April University of Michigan consumer sentiment index, a gauge of consumer confidence levels.
Source: Econoday / MarketWatch Calendar, April 18, 2019
The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision. The release of data may be delayed without notice for a variety of reasons, including the shutdown of the government agency or change at the private institution that handles the material.
THE WEEK AHEAD: COMPANIES REPORTING EARNINGS
Monday: Halliburton (HAL), Kimberly-Clark (KMB), Whirlpool (WHR)
Tuesday: Coca-Cola (KO), Harley-Davidson (HOG), Procter & Gamble (PG), Twitter (TWTR), Verizon (VZ)
Wednesday: Anthem (ANTM), Boeing (BA), Caterpillar (CAT), Facebook (FB)
Thursday: 3M (MMM), AbbVie (ABBV), Amazon (AMZN), Starbucks (SBUX)
Friday: American Airlines (AAL), Colgate-Palmolive (CL), ExxonMobil (XOM)
Source: Morningstar.com, April 18, 2019
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The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. The DJIA was invented by Charles Dow back in 1896.
The Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of stocks of technology companies and growth companies.
The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets as represented by 21 major MSCI indices from Europe, Australia, and Southeast Asia.
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