S&P500 +0.52%(2,670.14); NASDAQ +0.56% (7,146.13); DJIA +0.42% (24,462.94)
This week’s reports:
- April’s NY Empire State Manufacturing Index fell to 15.8 from March’s 22.5.
- February’s Business Inventories rose 0.6%, the same as in January.
- March’s Industrial Production rose 0.5% from February’s +1.0%. Capacity Utilization rose to 78% from February’s 77.7%.
- April’s Philadelphia Fed Manufacturing Index rose to 23.2 from March’s 22.3.
- March’s Retail Sales rose 0.6% from February’s -0.1%. Retail Sales ex Autos rose 0.2%, the same as in February.
- April’s NAHB Housing Market Index fell to 69 from March’s 70.
- March’s Housing Starts rose 1.9% from February’s -3.3%. Building Permits rose 2.5% from February’s -4.1%.
- Initial Jobless Claims for the week ending April 13th fell by 1K to 232K. Continuing Jobless Claims for the week ending April 6th fell by 15K to 1,863K.
- Global stocks rallied early in the week, after the missile strike on Syria proved more limited than feared, Washington and Beijing showed signs of positive progress on trade concerns, and news of talks between the US and North Korea suggested an easing of tensions between the two countries. As the week progressed, expectations of strong first quarter earnings extended the rally. So far, 15% of S&P500 companies have reported Q1 results. Combined profits have exceeded Wall Street estimates by 7%, a rate that if sustained would be the highest since at least 2016.
- However, US stocks fell at the end of the week, paring most of their previous gains, as renewed selling in technology shares overshadowed a solid earnings season. Tech shares were led down by Apple Inc. following a downgrade based on its deteriorating outlook in China.
Weekly Market Comments 22-04-18 ENG