Rover's Weekly Market Brief — 5/17/2019

Indices

DJIA: 25,764.00 (-0.69%)

NASDAQ: 7,816.00 (-1.27%)

S&P 500: 2,860.00 (-0.74%)

Commodities

Gold: 1,286.20 (-0.09%)

Copper: 274.80 (-0.96%)

Crude Oil: 62.87 (+1.96%)

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Economy

Retail sales in March were revised upward by +0.1% to +1.7%, but April’s sales slipped down -0.2%, and down to a year over year gain of +3.1% vs a +3.8% yearly gain for March. Sales dropped in April for building and garden supplies (-1.9%), electronics and appliances (-1.3%), motor vehicles (-1.1%), clothing stores (-0.2%), and nonstore (online) retailers (-0.2%), but the overall drop was limited by a +1.8% gain in gasoline station sales that were boosted by rising fuel prices. On a yearly basis, sales fell the most for the broad category of sporting goods, hobby, musical instrument and book stores (-8.5%), followed by drops of -4.3% for electronics and appliance stores, and -3.1% for furniture and home furnishings. Yearly sales rose for nonstore retailers (+9.0%), restaurants (+5.7%), gasoline stations (+4.9%), health and personal care (+3.6%), and general merchandise stores (+2.7%), although the department store component of general merchandise fell -3.0% Y/Y.

Industrial production for the first quarter of 2019 was revised down to a -1.9% annual rate, as April declined -0.5% after an upwardly revised +0.2% rate for March, and downwardly revised rates for February (-0.5%) and January (-0.4%). Overall yearly production was up +0.9% with a +10.4% increase in oil and gas drilling boosting mining production and softening the effects of a -4.7% drop in utilities and a -0.2% fall in manufacturing output. Automotive production fell off -1.8% in April, helping to drag down durable goods production to a -0.8% drop, while a -1.2% drop in chemical products and a seasonal -3.6% drop in consumer energy production pushed nondurable goods production to a -1.3% fall.

Housing starts grew by +5.7% in April to a seasonally adjusted annual rate (SAAR) of 1.235 million units, and single family home construction gained +6.2% to a 854,000 SAAR. The steepest gains were in the Northeast, as single family home construction grew +29.6% and total home construction was up +84.6% to a 144,000 SAAR, pushing yearly construction rates in the Northeast up +48.5%. However, the largest market for home construction is in the South, where rates have fallen steadily since January and are now down -12.2% for the year, dropping from 662,000 units in April 2018 to 581,000 units in April 2019, and dragging nationwide yearly construction rates down -2.5% to a 1.235 million SAAR, including a -4.3% drop in single family home construction to a 854,000 SAAR.

Upcoming Economic Reports:

Thursday May 23 – New Home Sales

Friday May 24 – Durable Goods Orders

Earnings Calendar:

 

Monday Tuesday Wednesday Thursday Friday
Nordson
(NDSN)
Home
Depot
(HD)
Lowe’s
Companies
(LOW)
Ross
Stores
(ROST)
Foot
Locker
(FL)
Navigators
Group
(NAVG)
TJX
Companies
(TJX)
Analog
Devices
(ADI)
HP
(HPQ)
Destination
XL Group
(DXLG)



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