Markets Started Strong and Finished Solid Last Week
Strong opener and decent close
Last week, financial markets opened on a strong note as Hurricane Irma died down and the damage was less than anticipated. Across the board, markets (SPY) (NASDAQ) (DJI) rose 1%–2.5% in the US. Oil (USO) had an even better week. OPEC tried to extend cuts beyond March of next year. As risk assets rallied, gold (GLD) gave back a bit during the week and fell 2%. On Monday, the Dow opened almost 260 points higher followed by another up day on “Apple Day” Tuesday. Here are the highs and lows last week:
- Hurricane Irma weakened with damage estimates as high as $20 billion–$65 billion, but lower than initial fears.
- Equifax (EFX) fell another 25%. Everyone wants answers about how 143 million people’s sensitive data were compromised.
- Apple (AAPL) announced new phones, but the stock traded off due to concerns about price points. The stock fell 2.4% from its intraday high on Tuesday.
- OPEC looks to extend cuts past March.
- Hurricane Harvey and Hurricane Irma seem to have shaved off as much as 1% from 3Q GDP.
- Citigroup (C) and J.P. Morgan (JPM) talked about a fall in trading revenue of 15% and 20%, respectively. Despite those admissions, both stocks rallied and are near all-time highs.
- Earnings announcements were light. Oracle (ORCL) was the only bellweather—the stock fell 5.5% following its weak outlook.
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In this series, we’ll look at potential red flags in the market and what’s expected this week.