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Market Recap for the Week Ending 4-12-19

-Darren Leavitt, CFA

It was a mixed performance for the major averages last week.  The S&P 500 gained 0.5%, the NASDAQ added 0.6%, and the Russell 2000 was up 0.1%, while the Dow lost 0.1%.  Treasuries lost more ground last week, the 2-year yield increasing 5 basis points to 2.39% while the 10-year yield increased 6 basis points to 2.56.  Oil continued to climb, adding 1.3% on the week to close at $63.91a barrel.  There were no changes to our models last week.

Investors received the first bit of Q1 earnings last week out of JP Morgan and Wells Fargo- both banks earnings came in better than expected and helped to propel the market through the key technical level of 2900 on Friday.  Earnings will continue to be in focus through the next several weeks with more financials due to report Monday morning.  Additionally, a massive acquisition in the energy sector also helped push the market higher.  Chevron announced that it intends to acquire Anadarko Petroleum for $33 billion.  Also of note, was the announcement from Disney regarding the details of their new streaming service.   The street was impressed with the offering and sent Disney shares soaring 11.5%.

It was fairly quiet on the macro front last week.  Decent export data out of China was countered with the IMF lowering global growth expectations.  Central bank rhetoric was more of the same with patience on rates remaining the mantra.

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