1/21/20 Market Notes
Stocks ended the week at record highs as the Dow Jones Industrial Average gained 50 points to end at 29,348; while the S&P rose a slightly better 0.39% to end at 3,329, and the NASDAQ ended at 9,388. The small cap Russell 2000 index was the sole loser on Friday, declining 0.33% to end at 1,700. All sectors of the S&P ended higher for the week, as the benchmark Ten Year Treasury yield barely moved, ending at 1.825%, the U.S. dollar and gold rose slightly, and oil prices finished at $58.95 (WTI) and $65.45 (Brent).
The worlds rich and powerful gather in Davos Switzerland this week for the annual World Economic Forum. Climate change, income inequality and global growth are expected to be the main topics to be discussed. Meanwhile, in the United States investors will have some economic data and earnings reports to digest, including Tuesday’s earnings releases by Netflix (NFLX), IBM (IBM), United Airlines (UAL), and Halliburton (HAL). European and Asian bourses were mixed on Monday, as investors there keep an eye on economic data and further developments in the ongoing trade war between China and the United States.
Looking ahead for the remainder of the week, while light on the calendar, there are some potentially market moving data releases ahead, including:
Wednesday: Existing Home Sales
Thursday: Leading Economic Indicators
Friday: Markit Manufacturing and Services PMI.
Premarket U.S. equity futures are pointing to a lower open this Tuesday morning, following Europe’s lead lower on worries about the new virus stemming out of China and a downbeat economic forecast report by the IMF.
Disclosures: This market commentary is written by the 1879 Advisors Investment Committee and represents the views of 1879 Advisors. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.