Press Room

May 4, 2016

New York, New York – May 5th, 2016 – Oil & Gas stocks continued to stumble Tuesday as oil prices fell on a larger-than-expected rise in inventories. The SPDR S&P Oil & Gas Exploration & Production ETF (NYSEARCA: XOP) declined 2.34 percent, and is down over 10.0 percent in the past week. Crude oil futures fell by roughly 2.5 percent after rising by as much as 3.0 percent in early trading on the New York Mercantile Exchange.

May 4, 2016

New York, New York – May 4th, 2016 – Markets fell Tuesday, erasing the previous day’s gains, on growing concerns of slowing global economic growth. The Dow Jones Industrial Average declined 0.78 percent to close at 17,750.91, while the S&P 500 Index fell 0.87 percent to close at 2,063.37. “Our clients are very edgy, they’re nervous. The market drops like a rock into mid-February and then rallies from there, two very quick moves in a short time,” said Scott Wren, senior global equity strategist at Wells Fargo Investment Institute.

May 2, 2016

New York, New York – May 3rd, 2016 – Markets rallied Monday after both the Dow Jones Industrial Average and the S&P 500 Index fell 1.3 percent last week, the largest weekly decline since February. On Monday, the Dow jones gained 0.66 percent to close at 17,891.16, while the S&P 500 rose 0.78 percent to close at 2,081.43.

April 28, 2016

New York, New York – April 29th, 2016 – Despite strong earnings from Facebook and major acquisitions by Abbott Laboratories and Comcast Corp., U.S. markets fell Thursday as data showed economic growth stalled in the first quarter. The Dow Jones Industrial Average fell 1.17 percent to close at 17,830.76, up 2.37 percent year-to-date, while the S&P 500 Index declined 0.92 percent to close at 2,075.81, up 1.58 percent year-to-date.

April 27, 2016

New York, New York – April 28th, 2016 – Comments made by the Federal Reserve reiterating a gradual rise for interest rates helped erase early market losses caused by disappointing earnings from tech giants Apple Inc. and Twitter Inc. The Dow Jones Industrial Average gained 0.28 percent to close at 18,041.55, while the S&P 500 Index gained 0.16 percent to close at 2,095.15.

April 26, 2016

New York, New York – April 27th, 2016 - Recent analysts’ projections call for iPhone sales to decline year-over-year for the first time ever. According to Bloomberg, Barclays’ analyst Mark Moskowitz forecasts iPhone sales to decline over the next two quarters. "Our research indicates [iPhone 7] prototypes do not suggest any must-have form factor changes. In such a case, IP7 could be more of a replacement cycle versus a mega cycle (i.e., [iPhone 6])," Moskowitz and his team wrote in a recent research note.

April 26, 2016

New York, New York – April 26th, 2016 – Sliding oil prices and disappointing results from Microsoft Corp. and Alphabet Inc. pressured markets lower Monday. The Dow Jones Industrial Average fell 0.15 percent to close at 17,977.24, while the S&P 500 Index dropped 0.18 percent to close at 2,087.79. At the start of the year analysts’ projected earnings growth to be flat for the S&P 500 Index, estimates have since fallen to a decline of 9.2 percent. Over a third of the S&P 500 is scheduled to release earnings this week.

April 21, 2016

New York, New York – April 22nd, 2016 – The S&P 500 Index fell from their four-month highs Thursday as earnings from a number of companies failed to meet expectations. The S&P 500 Index declined 0.50 percent to close at 2,091.96, up 2.37 percent year-to-date. Telecommunications companies were amongst the largest losers in the S&P 500 Index Thursday with a decline of approximately 2.3 percent. Latest analysts’ estimates call for a 9.5 percent year-over-year decline in first quarter profit for the S&P 500.

April 20, 2016

New York, New York – April 21st, 2016 – The S&P 500 Index hit a five-month high Wednesday as rebounding oil prices pushed U.S. market higher. The S&P 500 Index hit a high of 2,111.05 before settling to close at 2,102.40, up approximately 2.9 percent year-to-date and roughly 1.0 percent away from its all-time high. The CBOE Volatility Index, a leading measure of market expectations of near-term volatility conveyed by S&P 500 Index (SPX) option prices, touched a low of 12.50 in trading Wednesday, marking a new low for the year.

April 19, 2016

New York, New York – April 20th, 2016 – Precious metal prices were boosted Tuesday after the U.S. dollar fell on weaker-than-expected housing data. The Commerce Department reported housing starts in the U.S. declined 8.8 percent sequentially to a seasonally adjusted annual rate of 1.089 million in March, which was its lowest since October 2015. Data from FactSet shows gold for June delivery jumped 1.5 percent to $1,255.40 a troy ounce on the Comex, while Silver for May delivery spiked 4.4 percent to $16.97 an ounce.