US Capital Markets Review 10/5/18
This week was not a good one for the US capital markets, as all the major indicies declined on the week. The Russell 2000 was down the most for the week at -3.8%, closely followed by the Nasdaq at -3.2%. The best performer was the Dow Jones Industrial Average at nearly flat for the week. Value stocks did better than growth stocks, and large cap stocks outperformed small cap stocks.
In terms of sector performance, energy and financial stocks did well, posting weekly gains of +1.9% each. Consumer discretionary and information technology did poorly, posting weekly losses of -4.7% and -2.2%, respectively. Gold was up +1.0% for the week, closing at $1,203 per ounce. Silver was flat for the week, closing at $14.63 per ounce. Oil was up +1.5% for the week and closed at $74.35 per barrel (West Texas Intermediate).
In economic and political news, the unemployment rate fell to the lowest rate in 48 years at 3.7%, but the news was dominated by partisan politics over the Supreme Court nominee and allegations of sexual assault from his younger days - this likely rattled the markets, as good trade news continued to come out. Tesla rebounded this week after Elon Musk settled with the SEC and agreed to a fine of $21 million for the “funding secured” tweet, which turned out to be false.
Cryptocurrencies had a fairly quiet week. Bitcoin was flat and is currently at $6,550. Steem was down -3.2% for the week, currently at $0.90. EOS was flat for the week, and is currently at $5.75.
Overall, the markets continue to be healthy and I remain fully invested.
Good luck!
BrianU
Great market analysis sir. We always learn something new from your great analysis.
Such a valuable market analysis. At this moment crypto investors just remembered the magic moment of 2017. I believe the moment will be back soon. If we can invest then we will get a huge profit from here.
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Yeah, there were a lot of stocks that didn't do so good. I was bummed that Amazon has been dropping so much. It's now down below $1,900 after being over $2,000. That's how the game works sometimes though.
Don’t worry things will probably be better soon all we have to do is hope it does
Thank you for your weekly summary.
We just hope that the crypto markets shine again @brian.rrr Lots of people depending on cryptos.
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