The holiday rallies continue as US equities hit all-time highs yet again in the shortened week. The trade talks continue to progress and optimism continues to settle in between the US and China which helped the upside in equities. Along with President Trump signing the Hong Kong bill, which did not sit well with China. The topic of the week seemed to mergers and acquisitions.  Friday’s session saw a modest pullback led by weak trade in energy futures. Oil prices dropped 3.5% and natural gas slumped more than 6% ahead of next week’s OPEC+ meeting. Fed Chairman Powell echoed what we continue to hear from a wide array of Fed officials, namely that rates will remain on hold unless there is a significant change to the outlook. The latest reading of the Fed’s Beige Book offered little to suggest the US economy’s trajectory has changed materially.

Here is a look at last week’s stock market on a daily basis (red vertical lines split days).

Stock Market and Sector Overview

Here is a break down of the weekly performance in various stock market sectors (top chart):

  • Energy  -2.14%
  • Technology  +1.41%
  • Financials  +1.36%
  • Retail  +2.52%
  • Utilities  +0.14%

Overview of key markets last week (bottom chart):

  • Crude  -4.19%
  • S&P500  +1.04%
  • Silver  +0.15%
  • Gold +0.62%
  • US dollar -0.01%

Weekly Economic Calendar

After a shortened week, holidays in the US we’ve got a lot of high impact events in the coming week. The main events of the week come out at the end of the week out of the US.

Sunday, the week starts off early, building approvals out of Australia and Manufacturing PMI out of China.

Monday, ISM manufacturing PMI out of the US and Cash Rate, RBA rate statement out of Australia.

Tuesday, Australian GDP numbers.

Wednesday, ADP non-farm employment change out of the US, BOC Rate statement and overnight rate out of Canada. ISM non-manufacturing PMI out of the U. Australia retail sales and trade balance.

Thursday, OPEC meetings all day.

Friday, Employment numbers out of Canada and the US.

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