Market Perspective for January 28, 2019

Equities finished in negative territory on the day after a disappointing earnings report from Caterpillar (CAT) and negative guidance from Nvidia (NVDA). The Russell 2000 was the best performing of the major indexes. It slipped 0.63 percent.

SPDR Technology (XLK) fell 1.33 percent on Monday, making it the weakest sector on the day. SPDR Real Estate (XLRE) gained 1.01 percent and SPDR Consumer Staples (XLP) rose 0.44 percent.

Earnings season is now in high gear. The most meaningful report will come from Apple (AAPL), which will announce earnings after the bell on Tuesday. Analysts forecast $4.17 per share in earnings. 3M (MMM), Advanced Micro Devices (AMD), Amgen (AMGN), eBay (EBAY), Pfizer (PFE) and Verizon (VZ) also report on Tuesday.

Wednesday earning reports will come from Visa (V), Alibaba (BABA), AT&T (T), Duke Realty (DUK), Facebook (FB), McDonald’s (MCD), Microsoft (MSFT) and Tesla (TSLA).

Thursday brings reports from Amazon (AMZN), Yum China (YUMC), Northrop Grumman (NOC), Mastercard (MA), General Electric (GE), Dow Dupont (DWDP) and Altria (MO).

Honeywell (HON), Merck (MRK), Exxon Mobil (XOM) and Chevron (CVX) round out the week on Friday.

The end of the government shutdown will soon bring a backlog of economic data tabulated by the Commerce Department’s Bureau of Economic Analysis and Census divisions. November data including new home sales, construction spending, factory orders and wholesale inventories are on the way.

On Friday, the Bureau of Labor Statistics’ employment report for January will be announced. Economists forecast 175,000 new jobs, a 3.9 percent unemployment rate and 0.2 percent wage growth.

The Case-Shiller home price index for November will be released tomorrow, along with the Conference Board’s consumer confidence index for January.

 

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