MARKET STATISTICS
Weekly and Year-To-Date Performance
INDEX 12/31/2017 10/12/2018 10/19/2018 % Change Week % Change YTD
 Dow Jones Industrial Average 24,719.22 25,339.99 25,444.34 0.41%  2.93%
 S&P 500 2,673.61 2,767.13  2,767.78 0.02% 3.52%
 Nasdaq Composite 6,909.61 7,496.89  7,449.03  -0.64% 7.81%
 Russell Mid-Cap Index 2,081.59 2,057.27  2,057.19  0.00%  -1.17%
 Russell Small-Cap Index  1,539.15 1,546.67  1,542.04  -0.30%  0.19%

 

October 19th, 2018

Dear Friends,

The equity markets finished the week mixed led by gains from the Dow on earnings optimism. For the week the Dow Jones Industrials and the S&P gained 0.41% and 0.02%.  The Nasdaq was off 0.64%.  The Russell Mid-Cap was flat while the Russell Small-Cap and MSCI EAFE indexes fell 0.3% and 0.17%.

The markets opened the week with a back-and-forth trading session Monday that ended with modest losses. Technology led the declines again falling 1.5% overall as shares of Apple, Microsoft, Alphabet and Amazon fell 2.14%, 1.8%, 1.61% and 1.55%.  Financials closed lower as well despite an encouraging earnings report from one of the sector’s heavyweights Bank of America.  Shares of the company fell 1.9% despite a better-than-expected earnings report that showed the BofA beating their number both on earnings and revenues.  The Dow finished down 89 points or 0.35%, at 25,251.  The S&P and the Nasdaq were off 0.59% and 0.88%.  The benchmark 10-year Treasury note fell one basis point to settle yielding 3.157%.  Crude prices were off 0.18% to settle at $71.65 per barrel.

Stocks shot higher Tuesday amidst optimism over positive earnings results. The major indexes moved higher in the early going and finished near the highs of the day.  Better-than-expected results from Morgan Stanley, Goldman Sachs, Johnson & Johnson and UnitedHealth highlighted the earnings news.  After the close Netflix reported earnings that easily surpassed analyst estimates.  Shares of Netflix climbed over 14% in after-hours trading.  The technology sector led the S&P higher with a gain of 3.02%.  Healthcare and communications services and consumer discretionary followed closely behind with gains of 2.9%, 2.34% and 2.22%.  The Dow settled with a gain of 548 points or 2.17%, closing at 25,798.  The S&P and the Nasdaq added 2.15% and 2.89%.  The 10-year Treasury note closed flat yielding 3.156%.  Crude oil prices rose 0.54% to settle at $72.17 per barrel.

The market closed with modest losses Wednesday in another volatile session. The swings were less wild than we’ve seen in the past week but still the Dow traded in well over a 300-point range.  The Fed’s meeting minutes revealed the committee remains convinced it needs to raise rates to fight inflation and keep the economy in good shape.  The materials and consumer discretionary sectors led the declines falling 0.83% and 0.69%, while financials, communications and healthcare led on the upside with gains of 1.01%, 0.51% and 0.48%.  The banks in particular benefitted from rising rates as shares Goldman Sachs, Morgan Stanley and JPMorgan rose 3%, 2.7% and 1%.  The Dow closed down 92 points or 0.36%, at 25,707.  The S&P and the Nasdaq were off 0.03% and 0.04%.  The S&P and the Nasdaq were both down over 1% at their lows of the day.  The benchmark 10-year Treasury note ended up five basis points yielding 3.207%.  Crude prices fell 3% to settle at $69.75 per barrel.

Stocks finished lower across the board Thursday in another tough session for the major indexes. Concerns over the lingering trade conflict with China continue to be an issue as little progress seems to be happening.  The drawn-out conflict with China has pushed the major Chinese indexes to four-year lows and weighed heavily on the benchmark MCSI emerging markets index, which is now down 8.3% year-to-date.  Trade sensitive stocks such as Caterpillar and Boeing finished down 3.92% and 1.68%.  Consumer discretionary, technology and communication services led on the downside falling 2.11%, 2.02% and 1.84%.  The defensive utilities and real estate sectors finished just into positive territory with gains of 0.08% and 0.01%.  The Dow closed with a loss of 327 points or 1.27%, at 25,379.  The S&P and the Nasdaq were off 1.44% and 2.06%.  Interest rates were little changed with the 10-year Treasury note closing off less than one basis point yielding 3.177%.  Crude prices weakened again falling 1.58% to settle at $68.65 per barrel.

The markets closed mixed Friday led by the blue-chip Dow. A strong earnings report from Procter & Gamble helped shares of the company surge 8.8%.  Fell Dow components American Express and Disney also had strong showings closing up 3.8% and 2.3%.  Consumer staples and utilities led the S&P sectors with gains of 2.31% and 1.58%.  Healthcare and consumer discretionary led on the downside falling 0.95% and 0.89%.  In economic news overnight, China announced that its economy grew at a 6.5% annual clip in the third quarter, which missed expectations.  The major Chinese stock indexes rallied in trading closing up 2.58% and 0.42%.  The Dow finished up 65 points or 0.26%, at 25,444.  The S&P and the Nasdaq were off 0.04% and 0.37%.  The benchmark 10-year Treasury note added two basis points to settle yielding 3.196%.  Crude prices closed up 0.93% at $69.27.

-Sonata