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DAILY MARKET RECAP – July 18, 2019

Markets

• S&P 500 up 0.36% to 2,995.11
• DJIA up 0.01% to 27,222.97
• NASDAQ up 0.27% to 8,207.24
• Russell 2000 up 0.31% to 1,555.62
• U.S. 10-yr flat at 2.026%
• WTI Oil down 2.01% to $55.64

After a dismal start to the day, markets rallied to close higher after comments from a top Federal Reserve official regarding interest rates. New York Fed President John Williams said the central bank needed to “take swift action when faced with adverse economic conditions” and “keep interest rates lower for longer. When you only have so much stimulus at your disposal, it pays to act quickly to lower rates at the first sign of economic distress,” added Williams. Following Williams’ commentary, several investors increased their odds that the Fed could go deeper than a quarter-point cut at the end of the month. Meanwhile, more second-quarter earnings rolled in, as Netflix dominated headlines with their significant miss in U.S. subscribers, paired with slower-than-expected international growth. You can read more about Netflix below in our Stock News section. According to FactSet, 12% of S&P 500 companies have reported quarterly results thus far, 84% of which have posted better-than-expected results.

Economic Data

Jobless Claims – 216,000 vs 215,000 Expected

New jobless claims came in in line with expectations, signaling substantial strength in the market. Comparisons with the reporting week for the June employment report are favorable, showing small declines at both the headline level and the four-week average.

Philadelphia Fed Business Outlook – 21.8 vs 4.5 Expected

The business outlook survey exceeded expectations at 21.8, on consensus of 4.5. This comes on the heels of the negative June report which saw the index drop close to zero (0.3). General activity, new orders, shipments, and employment remained positive and increased from their June readings. Most of the survey’s future activity indexes increased, suggesting improved optimism about growth for the next six months.

Stock Moves

Apple – Shares closed over 1% higher after the tech giant was upgraded to “outperform” from “market perform” at Raymond James, which pointed to confidence in the upcoming 5G iPhone cycle.

Morgan Stanley – The investment bank reported quarterly profit of $1.23 per share, 9 cents a share above estimates. Revenue also beat analysts’ forecasts. CEO James Gorman said the quarter was solid across all of the company’s businesses. Shares closed up 1.5% higher.

Netflix – Shares plummeted 10% after the streaming company reported a miss on their second-quarter subscribers. U.S. subscriptions declined for first time since late 2011. The miss was largely blamed on a weaker Q2 content slate, though price-related churn was also flagged. However, guidance for Q3 net paid additions was ahead, led by international. In addition, company still expects net paid additions will increase year-over-year for 2019. Takeaways focused on improved content for the second half, with many of the company’s higher-profile shows set to launch.

Tomorrow

• Consumer Sentiment

All estimates come from Econoday’s survey of economists/analysts. Earnings per share estimates are from Factset, are set against year ago results, and represent adjusted earnings.

TODAY’S STOCK TALK

Thursday, July 18, 2019

  • Chipotle Mexican Grill (CMG)

-Paul LaMonica of CNNBusiness.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions and should not be construed as a recommendation of any specific security or investment plan. Past performance does not guarantee future results.

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