Stock Market Summary - Week Ending January 11, 2019
Reversing the trend of a disastrous December, stocks posted overall gains for the third straight week. The Dow Jones Industrial Average (DJX) had a weekly overall rise of 562.79 points or 2.40% to close at 23,995.95 while the S&P 500 (SPX) gained 64.32 points or 2.54% to close the week at 2,596.26. The Russell 2000 (RUT) added 66.63 points for a 4.83% rise to end the week at 1,447.38 and the Nasdaq (COMP) surged 232.62 points for a 3.45% gain to close the week at 6,971.48. The S&P 100 (OEX) rose 22.71 points or 2.02% to close at 1,149.35 and the VIX calmed further by falling -3.19 or -14.92% to a level of 18.19 at the close of markets on Friday.
Corporate Gainers
Loxo Oncology Inc (LOXO) soared 66.23% last week after the news was released that the company will be acquired by pharmaceutical giant Eli Lilly & Co for $8 billion.
Synnex Corp (SNX) surged 19.01% after posting 4th quarter earnings that soundly surpassed analysts' expectations by $0.40 per share. The technology contracting company has exceeded estimates for the past four quarters.
Netflix Inc (NFLX) continued its upward momentum by gaining 13.45% last week after analysts at Goldman-Sachs reaffirmed the company's "buy" rating and price target of $400. The streaming giant had positive results at the Golden Globes along with Roku and Hulu, reaffirming the strength of the streaming media industry.
Corporate Sliders
Vail Resorts Inc (MTN) tumbled -13.97% last week after the ski resort operating company reported declining trends in sales and bookings during what is usually a busy season for this industry.
Dominion Energy Inc (D) slid -3.27% in conjunction with falling oil prices and weaknesses in the utility sector.
Activision Blizzard Inc (ATVI) dropped -1.34% as analysts cautioned investors to watch the company's activity in the options market as the January 18 $72.50 Put had very high implied volatility.
Economic Indicators of Note
Crude oil supplies for the January 4 week fell by 1.7 million barrels to 439.7 million. Gasoline supplies increased by 8.1 million barrels to 248.1 million and distillates increased by 10.6 million barrels to 140.0 million.
Initial jobless claims for the January 5 week fell a very sharp 17,000 to 216,000 while continuing claims fell 28,000 in lagging data for the December 29 week to 1.722 million.
The Consumer Price Index (CPI) for December fell as expected by -0.1%.
Upcoming Economic Events
Market Movers:
PPI-FD-Tuesday @ 8:30 a.m. ET
Retail Sales-Wednesday @ 8:30 a.m. ET
EIA Petroleum Status Report-Wednesday @ 10:30 a.m. ET
Jobless Claims-Thursday @ 8:30 a.m. ET
Philadelphia Fed Bus. Outlook-Thursday @ 8:30 a.m. ET
Industrial Production-Friday @ 9:15 a.m. ET
Events Worth Noting
Empire State Mfg Survey-Tuesday @ 8:30 a.m. ET
Import/Export Prices-Wednesday @ 8:30 a.m. ET
Business Inventories-Wednesday @ 10:00 a.m. ET
Housing Market Index-Wednesday @ 10:00 a.m. ET
Beige Book-Wednesday @ 2:00 p.m. ET
Treasury International Capital-Wednesday @ 4:00 p.m. ET
EIA Natural Gas Report-Thursday @ 10:30 a.m. ET
Fed Balance Sheet-Thursday @ 4:30 p.m. ET
Consumer Sentiment-Friday @ 10:00 a.m. ET
Index Trading Levels For Week Ending 1/11/2019
DJIA 23995.95 (Dow Jones)
SPX 2596.26 (S&P 500)
RUT 1447.38 (Russell 2000)
COMP 6971.48 (Nasdaq)
OEX 1149.35 (S&P 100)
VIX 18.19 (CBOE)