Weekly Stock Market Update for March 27th, 2017

Weekly Stock Market Update – The Week That Was

This was an eventful week for the global stock market.  The SP500 index started the week on a quietly bearish day with weak volume on Monday.

On Tuesday at 9:45AM it all changed with a single news squawk.  The Republican healthcare bill had trouble gathering enough support to pass.  The market rushed to sell out of their risk positions, causing the first 1% drop in equities since the presidential election.

This was a different type of selling, that came with haste and real pressure.  Buyers were quickly absorbed and stopped out as the market carved out lower daily lows.  As any good down market does, it closed weak and on the daily lows.  It looked like things were going to get ugly for the rest of the week.

The rest of the week was full of range bound trading, as news hit the tape about the healthcare bill.  It looks like it might pass, it looks like it won’t, it looks like it might.  It went back and forth until Friday, causing a consolidation on high volume in the index.

Friday the big news came at 3:35PM EST, President Trump pulled the healthcare bill from the floor to avoid an embarrassing loss in a vote scenario.  This was a big blow for the Republican party, and the president himself.

Now the next question is, with the healthcare bill dead in its tracks, where will the budget savings come from to implement the tax reform and infrastructure spending that was pivotal in his campaign?

For that answer, you’ll have to tune in next week.

Now let’s look across the quote board and see how markets closed on Friday.

Weekly Stock Market Update – Asset Class Weekly Overview

• SP500 equities finished trading at -1.28% this week
• Oil prices settled at -1.26%
• The US dollar ended at -0.5%
• Gold was up 2% at the highs of the week, to settle at 1.4%
• Silver was the winner of the week, finishing near the highs at over 2.00%

Weekly Stock Market Update – Stock Market Sector Overview

• Utilities were up 1.09% in wake of the sell-off (orange)
• Technology sector closed own -0.94% (purple)
• Energy sector closed down -1.05%
• Financials took the brunt of the beating, down over -3.10%

Weekly Stock Market Update – Next Week’s Economic Calendar

The big events this week are Monday’s Consumer Confidence number at 10AM, as well as the Final GDP Q/Q release on Thursday at 8:30AM EST.

Aside from that, we have a swamped economic calendar in the US, Europe and Asia!  This promises to be an eventful week.

Monday Mar 27 Tuesday Mar 28 Wednesday Mar 29 Thursday Mar 30 Friday Mar 31 Market Focus » Dallas Fed Mfg Survey 10:30 AM ET 4-Week Bill Announcement 11:00 AM ET 3-Month Bill Auction 11:30 AM ET 6-Month Bill Auction 11:30 AM ET 2-Yr Note Auction 1:00 PM ET Charles Evans Speaks 1:15 PM ET Dennis Kaplan Speaks 6:30 PM ET International Trade in Goods 8:30 AM ET Redbook 8:55 AM ET S&P Corelogic Case-Shiller HPI 9:00 AM ET Consumer Confidence 10:00 AM ET Richmond Fed Manufacturing Index 10:00 AM ET State Street Investor Confidence Index 10:00 AM ET 4-Week Bill Auction 11:30 AM ET 52-Week Bill Auction 11:30 AM ET Esther George Speaks 12:45 PM ET Dennis Kaplan Speaks 1:00 PM ET 5-Yr Note Auction 1:00 PM ET Bank Reserve Settlement MBA Mortgage Applications 7:00 AM ET Charles Evans Speaks 9:20 AM ET Pending Home Sales Index 10:00 AM ET EIA Petroleum Status Report 10:30 AM ET Eric Rosengren Speaks 11:30 AM ET 2-Yr FRN Note Auction 11:30 AM ET 7-Yr Note Auction 1:00 PM ET John Williams Speaks 1:15 PM ET Weekly Bill Settlement52-Week Bill Settlement GDP 8:30 AM ET Jobless Claims 8:30 AM ET Corporate Profits 8:30 AM ET Loretta Mester Speaks 9:45 AM ET Bloomberg Consumer Comfort Index 9:45 AM ET EIA Natural Gas Report 10:30 AM ET Dennis Kaplan Speaks 11:00 AM ET 3-Month Bill Announcement 11:00 AM ET 6-Month Bill Announcement 11:00 AM ET John Williams Speaks 11:15 AM ET Farm Prices 3:00 PM ET William Dudley Speaks 4:30 PM ET Fed Balance Sheet 4:30 PM ET Money Supply 4:30 PM ET 2-Yr FRN Note Settlement2-Yr Note Settlement 5-Yr Note Settlement 7-Yr Note Settlement 10-Yr TIPS Settlement Personal Income and Outlays 8:30 AM ET Chicago PMI 9:45 AM ET Consumer Sentiment 10:00 AM ET Neel Kashkari Speaks 10:00 AM ET James Bullard Speaks 10:30 AM ET Baker-Hughes Rig Count 1:00 PM ET

Have a great trading week!

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