Weekly Market Review - March 4-8
The week that ended on March 8, 2019, was slightly bearish for most of the major equity markets around the world.
For the week ending March 8, the best performers of NASDAQ 100 are Ctrip.com International, which has gained over 17%, Dollar Tree, up 6.07%, and NetEase, which has added 4.55%. The worst performers of the tech sector are Align Technology, down 12.81%, Illumina and Walgreens Boots Alliance, both of which have lost almost 10%.
During the same period, Dow Jones’ best results came from DuPont, which added 2.2%, P&G, which fell over 0.5%, and Walmart, down over 0.7%. The biggest losers for the week were Walgreens Boots Alliance, down over 10%, Pfizer, which lost 6%, and Boeing with Caterpillar, which decreased by 4%.
S&P 500’s main drivers were Pacific Gas & Electric, up 7.37% for the week, Dollar Tree, which gained 6.07%, and DR Horton, with 4.15% higher than on Monday. The worst performers were DaVita Healthcare Partners, Align Technology, and Chesapeake Energy – each of the three lost over 12%.
Netflix (NASDAQ: NFLX) has lost about 3% since Monday. The share price was affected by a downgrade note from Buckingham Research Group, whose investment advice was reduced to “neutral” from “buy.” Analyst Matthew Harrigan said that the company might experience a market pullback, while the competition from Disney’s upcoming streaming service and the long-term plans of WarnerMedia and NBC Universal are putting additional pressure.
Continued market volatility is highly likely off China concerns, recent ECB forecasts and actions, and U.S. political turmoil.
Analyst Harrigan noted.
Senator Elizabeth Warren revealed on Friday a plan to hit the monopolies in the tech sector and break up giants like Facebook, Google, and Amazon. She wants to limit the power of Silicon Valley and pave the way for other players in the market. The stock prices of the mentioned companies weren’t shaken after Warren’s proposal, with Facebook and Google trading in green on Friday.
Late on Thursday, European aerospace company Airbus reported that it had managed to get only four major aircraft orders in January and February, after several cancellations. The share price fell about 1.7% after the news.
Ming-Chi Kuo, analyst at TF International Securities, revealed in a note to investors that Apple might be working on an augmented reality (AR) headset. The product is rumored to be ready by the end of 2019.
The US stock market has been bearish this week, with NASDAQ closing 2.91% below the Monday level while Dow and S&P 500 losing 2.66% for the same period.
European equities have been in red as well – German DAX 30 fell 1.24%, UK’s FTSE 100 slightly decreased by 0.03%, and the French CAC 40 lost 0.65%.
Asian markets didn’t behave differently – the stock markets in China, Japan, South Korea, and Taiwan closed on Friday with negative figures.
Brent crude and WTI futures have had a mixed week, hitting highs at $66.5 and $56.9 respectively before declining back and closing the week only 0.5% and 1.5% higher. The volatility was caused by several news reports related to oil supply. The latest OPEC data showed that exports decreased by 500,000 b/d over the month to 24.2 million, the lowest level since October of last year, with Saudi Arabia and the UAE in the spotlight.
Gold and silver are trading slightly higher on Friday compared to Monday open.
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