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US Stocks, the Week in Review


Record run takes S&P 500 to 3100 and Dow to 28,000

The S&P 500 (+0.9%), DJIA (+1.2%), and NAS Comp (+0.8%) set new records this week, with the bulk of this week’s gains coming on Friday after NEC Director Larry Kudlow said a Phase One trade agreement was close to being reached. The small-cap Russell 2000 (-0.2%) lagged. 

Commerce Secretary Wilbur Ross and Director of Trade and Manufacturing Policy Peter Navarro expressed similar views on trade. Other “people familiar with the talks,” however, told news outlets that both sides are struggling to overcome issues on exiting tariffs, enforcement mechanisms, and agricultural purchases. 

The market remained optimistic, yet somewhat cautious as money flowed into the defensive-oriented healthcare (+2.4%), real estate (+1.9%), and utilities (+1.5%) sectors. The outperformance of the market’s biggest technology names like Apple (AAPL), Microsoft (MSFT), and Alphabet (GOOG) seemed like a “safe” play, too. 

Laggards included the S&P 500 energy (-1.3%), financials (-0.3%), and consumer discretionary (-0.2%) sectors. Cisco Systems (CSCO) fell sharply on disappointing quarterly guidance.

Well-received corporate news came out of Walt Disney (DIS), Boeing (BA), and Walgreens Boots Alliance (WBA). 

Disney said 10-M users signed up for Disney+ in its first day. Boeing said it expects 737 MAX deliveries to resume in December and commercial service to resume in January. Walgreens reportedly received a leveraged buyout offer from KKR & Co. (KKR).

President Trump’s speech at the Economic Club of New York and Fed Chair Powell’s 2-day congressional testimony were 2 Key vents this week. Neither, provided the market information it did not already know about trade negotiations, the economy, or monetary policy. 

US Treasuries finished the week higher, which sent yields lower across the curve. The 2-yr yield declined 5 bpts to 1.61%, and the 10-yr yield declined 10 bpts to 1.83%.

The .DXY declined 0.4% to 97.99. WTI Crude Oil increased 0.9%, or 0.54, to 57.75 bbl.

Looking ahead, investors will receive Net Long-Term TIC Flows for September Monday.

  • NAS Comp +28.7% YTD
  • S&P 500 +24.5% YTD
  • DJIA +20.1% YTD
  • Russell 2000 +18.4% YTD

HeffX-LTN’s overall technical analysis for the major US stock market indexes for the week ended 15 November 2019 is Bullish to Very Bullish.

Market Snapshot

NAS Comp8540.83+61.81(0.73%)
SP 5003120.46+23.83(0.77%)
10-yr T-Note -1/321.833
NYSEAdv 1787 Dec 1070 Vol 859.0-M
NASDAQAdv 1860 Dec 1223 Vol 2.0-B

Have a terrific weekend

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