Telemus Weekly Market Review February 10th - February 14th
February 10 – February 14 Week in review
It was another record setting week for the markets last week as investors remained undeterred by the coronavirus and continued to stay bullish. The Nasdaq Composite, up 2.2%, and Russell 2000, up 1.9%, led the way, followed by the S&P 500, up 1.6%, and Dow Jones Industrial Average, up 1.0%.
Most of last week's gains came on Monday as investors continued to pile into shares of mega-cap technology companies. Reports that highlighted the slowing rate of the coronavirus solidified the gains, and the market barely reacted to follow-up reports indicating a spike in new cases at week end.
All 11 S&P 500 sectors finished with gains, including four that rose at least 2.0% -- real estate, consumer discretionary, utilities, and information technology. The energy sector underperformed despite a 3.1% bounce in WTI crude.
The Philadelphia Semiconductor Index regained momentum, rising 5.0% last week amid positive analyst recommendations and encouraging results and guidance from NVIDIA, which climbed 15% on the week.
It's fair to say that the virus remains a risk, at least based on the rising number of cases and cautious commentary provided by U.S. companies. The market, though, remains assured that it will eventually die down and that dovish monetary policy will continue to support equities. Fed Chair Powell for his part said the Fed is "closely monitoring" the situation in his semiannual testimony before Congress.
There was still a defensive tone, though, evidenced by the gains in the real estate and utilities sectors. U.S. Treasuries finished the week little changed from the prior week. The 2 year yield increased three basis points to 1.42%, while the 10 year yield remained unchanged at 1.58%.
In other markets the U.S. Dollar Index advanced 0.4% to 99.12 and WTI crude closed at $51.93 a barrel.
February 17 – February 21 Economic Calendar
- Monday
- Tuesday
- Baker-Hughes Rig Count
1:00 PM ET - Housing Market Index
10:00 AM ET - Treasury International Capital
4:00 PM ET
- Wednesday
- MBA Mortgage Applications
7:00 AM ET - Housing Starts
8:30 AM ET - PPI-FD
8:30 AM ET - Redbook
8:55 AM ET -
E-Commerce Retail Sales
10:00 AM ET - Quarterly Services Report [Advance]
10:00 AM ET - FOMC Minutes
2:00 PM ET
- Thursday
- Jobless Claims
8:30 AM ET - Philadelphia Fed Business Outlook Survey
8:30 AM ET - Leading Indicators
10:00 AM ET - EIA Natural Gas Report
10:30 AM ET
EIA Petroleum Status Report
11:00 AM ET- Fed Balance Sheet
4:30 PM ET - Money Supply
4:30 PM ET
- Friday
- PMI Composite Flash
9:45 AM ET - Existing Home Sales
10:00 AM ET - Baker-Hughes Rig Count
1:00 PM ET
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