Weekly Market Snapshot: August 30, 2019
News Last Week
- Monday President Trump sparked a rally in the Dow, erasing big premarket losses, after he said that the U.S. and China are “getting back to the table”.
- Monday judge decided against Johnson and Johnson in landmark opioid case in Oklahoma. J&J stock rose on the announcement as the $572 million fine was expected to be much higher.
- Tuesday Altria and Philip Morris announced they are in merger talks to reunite in an all-stock merger of equals. Altria spun off Philip Morris in 2008.
- Wednesday the 30-year bond fell to a record low under 2%.
- Fitbit announced its new Apple Watch competitor that comes with Amazon Alexa will launch September 15.
- Wednesday the Queen approved Boris Johnson’s plan to suspend parliament, restricting time before the October 31 Brexit deadline, making a no-deal Brexit more likely.
- Thursday stocks rallied after China said it wanted to resolve its trade dispute with the U.S. with a “calm” attitude. The country’s commerce ministry said it was opposed to escalating trade tensions, reducing concern about retaliation.
- Thursday Google released a research report on vulnerabilities in Apple’s operating system. The company is using the findings to publicly call out Apple after its campaign differentiating its products on privacy and security.
- Friday United Airlines announced they were not planning to fly the Boeing 737 Max until December 19, more than a month later than first expected.
- Monday: Durable Goods Orders for July were 2.1%, higher-than-expected. Excluding transportation, orders were down 0.4%.
- Monday: Chicago Fed National Activity for July came in at -0.36.
- Tuesday: Case-Shiller Home Price Index for June was 3.1% annualized, a near 7-year low.
- Tuesday: Consumer Confidence Index for August came in at 135.1, higher-than-expected.
- Thursday: Weekly Jobless Claims for week of 8/24 were 215,000. Continuing claims were 1.7 million, near a more than 40-year low.
- Thursday: GDP for Q2 was revised down to 2.0% from 2.1% initially reported.
- Friday: Consumer spending for July rose 0.6%.
- Friday: Core Inflation for July came in at 0.2%. The year-on-year rate was unchanged at 1.6%.
- Friday: Chicago PMI for August rose to 50.4.
- Friday: Consumer Sentiment Index for August fell to 89.8, the biggest monthly drop since 2012.
News Next Week
- Monday: Labor Day Holiday
- Tuesday: Markit Manufacturing PMI for August at 9.45am.
- Tuesday: ISM Manufacturing Index for August at 10.00am.
- Thursday: Weekly Jobless Claims for week 8/31 at 8.30am.
- Thursday: Markit Service PMI for August at 9.45am.
- Thursday: ISM Non-manufacturing Index for August at 10.00am.
- Thursday: Factory Orders for July at 10.00am.
- Friday: Non-farm Payrolls for August at 8.30am.
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