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ICYMI! Stock Market Weekly Recap. May 29- June 1, 2018

JT001

01-Jun-2018 16:05 PM

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In case you missed it, the U.S. weekly stock market news and economy recap.

Monday- U.S. stock market closed.

Tuesday stocks sold off due to political drama in Italy.  Notable big losers are from the financial sector. Dow Jones closed -391.64 points, SPY -1.15%, QQQ -0.44%, IWM -0.14%, IBB -0.45%.

  • Goldman Sachs Group Inc (GS) stock down -3.40% closed at $227.03
  • JPMorgan Chase & Co closed down -4.27% to $105.93
  • Bank of America Corp (BAC) closed own -3.98% to $28.96
  • Booking Holdings Inc (BKNG) down -1.64% to $2,076.03
  • Acom International, Inc (ATV) stock rallied to pay a special dividend of $14.97 per ADS . Stock up +31.86%.

Wednesday the Italy bonds pass auction test. The U.S. 1Q GDP grew at 2.2%, revised from 2.3%. Dow Jones closed +306.33 points,  SPY +1.33%, QQQ +0.72%, IWM +1.58%, IBB +1.34% over 200 sma.

  • AbbVie Inc (ABBV) preliminary results of the modified Dutch auction tender offer, 75,743,313 at $105 per share
  • Dick's Sporting Goods Inc (DKS) earnings report beat Q1 diluted EPS 59c vs 45c, revenue $1.9B vs $1.88B. Stock up +25.82%, close at $38.35
  • SalesForce.com Inc (CRM) earnings report
  • Tesla Inc (TSLA) and Lyft entered into an agreement.  Stock up +2.81% closed at $291.72

Thursday economic data U.S. personal Spending 0.6% vs 0.4%,  Initial Jobless Claims 221k vs 234k.  The U.S. announced tariffs on EU and Mexico. The tariffs on steel and aluminum imports from EU, Canada, and Mexico. Down Jones closed -251.52 points, SPY -0.66%, QQQ -0.06%, IWM -0.84%, IBB -0.06%. Trade war fear escalated back on with Canada first to retaliate.

  • Madrigal Pharmaceuticals Inc (MDGL)- MGL-3196 achieves Liver Biopsy Endpoints. Stock up +144.96%
  • Vikings Therapeutics Inc (VKTX) sympathy trade to MDGL success data. Stock up +101.01%
  • CRISPR Therapeutics (CRSP) clinical hold CTX001. Stock down -6.36%
  • Micron Technology Inc (MU) downgraded at Morgan Stanley, sees NAND recovery as unlikely. Stock down -7.96%

Friday start of a new month, the U.S. jobs report 223k vs 190k estimate, the unemployment rate fell to an 18-year low of 3.8%.

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