Market Perspective for April 29, 2019

Equities extended their gains with the S&P 500 Index hitting a new all-time high, the first since September 2018. The Nasdaq also achieved a new all-time high.  The S&P 500 Index gained 0.11 percent on the day, while the Nasdaq increased 0.19 percent.

SPDR Financial (XLF) climbed 1.03 percent. The next largest gainer was SPDR Communication Services (XLC), up 0.95 percent. The rally in financials has been driven by rising interest rate expectations. SPDR Real Estate (XLRE) fell 1.04 percent and SPDR Utilities (XLU) 0.59 percent.

Vanguard cut fees on 21 ETFs on Monday. Among those with lower expenses are Vanguard High Dividend Yield (VYM), down 2 basis points to 0.06 percent and Vanguard Total Stock Market (VTI), was lowered 1 basis point to 0.03 percent.

The Conference Board’s consumer confidence index for April is out on Tuesday. Analysts expect confidence rose during the month. Pending home sales for March are also out.

Manufacturing PMIs should show continued expansion, though at a slightly slower pace than in March. Motor vehicle sales for April, factory orders for March and the services PMIs will all be released Friday.

On Friday, the Bureau of Labor Statistics releases the employment report for April. Economists forecast 211,000 new jobs and predict the unemployment rate will have fallen to 3.7 percent.

Earnings reports this week will focus on numerous technology companies. Alphabet (GOOGL) reported after the bell on Monday along with Western Digital (WDC) and NXP Semiconductor (NXPI). Google beat earnings estimates after excluding a fine paid to the European Union but missed on revenue.

Tuesday brings Apple (AAPL), Advance Micro Devices (AMD), Mastercard (MA), Pfizer (PFE), General Electric (GE), Merck (MRK), ConocoPhillips (COP), General Motors (GM), McDonald’s (MCD), Amgen (AMGN), WellCare (WCG) and Eli Lilly (LLY).

Qualcomm (QCOM), Square (SQ), USG Corporation (USG), CVS Health (CVS), Humana (HUM), CME Group (CME) and Kraft Heinz (KHC) report on Wednesday.

On Thursday, Gilead Science (GILD), Wayfair (W), EOG Resources (EOG), Cigna Corp (CI), Monster Beverage (MNST), DowDuPont (DWDP) and Dow Chemical (DOW) headline.

Noble Energy (NBL), American Tower (AMT) and Dominion Energy (D) finish the week.

 

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