Stock Market Summary - Week Ending April 12, 2019
A mix of positive and negative global economic data served to leave stocks relatively flat by the end of the week. The Dow Jones Industrial Average (DJIA) closed the week -12.69 points or -0.05% lower at 26,412.30 while the S&P 500 (SPX) added 14.67 points for a 0.51% gain to close the week at 2,907.41. The Russell 2000 (RUT) closed the week 2.24 points or 0.14% higher at 1,584.80 and the Nasdaq (COMP) saw an overall boost of 45.47 points or 0.57% to finish at 7,984.16. The S&P 100 (OEX) added 5.55 points for a 0.44% increase to close at 1,281.09 and the VIX dropped -6.32% to close the week at 12.01.
Corporate Gainers
After four days of very little fluctuation, shares of Anadarko Petroleum Corp (APC) surged 32.03% on Friday, bringing the total change for the week to 31.42%. The sudden spike came upon the heels of news that energy giant Chevron (CVX) plans to purchase Anadarko in a deal roughly valued at $50 billion.
Walt Disney Co (DIS) soared 13.10% overall for the week after the entertainment giant released details regarding its new streaming service that will launch in November at subscription prices significantly lower than rival Netflix.
Pioneer Natural Resources Co (PXD) gained 11.71% for the week, riding on the heels of the aforementioned spike in Anadarko Petroleum. With oil prices going up, investors appear to be gaining optimism for the energy sector.
Corporate Sliders
Anthem Inc (ANTM) tumbled -13.79% last week as concerns continue to arise about additional regulatory actions by Congress in the healthcare industry, including talks of expanding Medicare coverage.
National Oilwell Varco Inc (NOV) dropped -4.72% after the energy company gave a disappointing operational update for its 1st quarter stating that revenue is expected to come in weaker than previously anticipated.
Entertainment streaming giant Netflix Inc (NFLX) dipped -3.93% overall last week after announcing a price increase for its customers followed by Walt Disney Co unveiling its new streaming service set to launch in November.
Economic Indicators of Note
The Consumer Price Index (CPI) came in higher than expected at 0.4%, largely due to an increase in oil prices. When excluding energy and food prices, the indicator actually came in lower than the consensus at 0.1%.
Crude oil supplies increased by 7.0 million barrels to 456.6 million in the April 5 week. Gasoline supplies declined by 7.7 million barrels to 229.1 million and distillates dropped 0.1 million barrels to 128.1 million.
Initial jobless claims for the April 6th week fell a sharp 8,000 to 196,000 while continuing claims in lagging data for the March 30 week dropped by 13,000.
Producer Prices (PPI-FD) for March registered 0.6% higher, 0.2% above the consensus and pulled higher by rising energy prices as well as finished goods.
Upcoming Economic Events
Market Movers:
Industrial Production-Tuesday @ 9:15 a.m. ET
International Trade-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
Retail Sales-Thursday @ 8:30 a.m. ET
Housing Starts-Friday @ 8:30 a.m. ET
Events Worth Noting
Empire State Mfg Survey-Monday @ 8:30 a.m. ET
Treasury International Capital-Monday @ 4:00 p.m. ET
Housing Market Index-Tuesday @ 10:00 a.m. ET
Beige Book-Wednesday @ 2:00 p.m. ET
Business Inventories-Thursday @ 10:00 a.m. ET
EIA Natural Gas Report-Thursday @ 10:30 a.m. ET
Fed Balance Sheet-Thursday @ 4:30 p.m. ET
Index Trading Levels For Week Ending 4/12/2019
DJIA 26412.30 (Dow Jones)
SPX 2907.41 (S&P 500)
RUT 1584.80 (Russell 2000)
COMP 7984.16 (Nasdaq)
OEX 1281.09 (S&P 100)
VIX 12.01 (CBOE)