All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US stocks ended the week relatively flat on mixed earnings reports and a pause before major economic news to come the following week. The S&P 500 sank slightly less than 0.1% and the Dow gained 0.1% for the week. Japan fell 3.2% for the week on a rising Yen and meager earnings and Europe was down 0.3%. The yield on the 10 year Treasury bill rose slightly over the week ending at 2.56%. Oil eased to finish at $104.70 a barrel. Article
China displayed new signs of weakness as the preliminary manufacturers report showed manufacturing dropping to an 11 month low.
New home sales rose 8.3% in June and they are up 38% from year ago.
McDonalds, Netflix, AT&T, and Amazon all had earnings reports that fell short of expectations, while Apple, Boeing, Ford, Facebook, GM, and Samsung all had earnings that topped forecasts.
Advertising giants Omnicom and Pulicis agreed to merge in a $35.1 billion deal to make the largest ad agency in the world by revenue.
To date about half of the firms in the S&P 500 have reported earnings and it appears non financial corporations will post a decline in earnings for the first time since last fall. Profit growth is appearing to stall unless economic growth begins to pick up. Analysts expect a 1.8% increase in profits overall.
Renowned hedge Fund SAC Capital Advisors had charges brought against it by the SEC saying the firm carried out insider trading on a large scale. Article
Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services. We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets. Visit us at www.raffawealth.com