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Weekly U.S. Stock Market Recap. March 5-9, 2018

JT001

09-Mar-2018 16:12 PM

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     Dow Jones -100 points gap down on Monday as fear of Trade War continues.  Economic data: Feb Services PMI at 55.9 vs 53.3 last month. ISM Non-Manufacturing index at 59.5 vs 59 est. Market made a recovery at end of the day with Dow Jones up +336.70 points, S&P 500 +1.10%, QQQ +1.11%, and IBB +1.10%.  Notable strength Monday coming from small cap biotech, XBI +1.54%.

     Tuesday economic data, factory orders slips 1.4% in January, vs 1.3% decline expected.  Jan Durable orders revised to 3.6% decline from 3.7%.  The market closing in a choppy day with, Dow +9.36 points, SPY +0.64%, QQQ +0.71% and IBB +0.26%.

     Gary Cohn stepped down as White House top economic adviser, impacted the stock market Wednesday open with Dow  drops more than 300 points.  Economic data Crude oil inventories 2.408m vs 2.723m, and gasoline inventories -0.788m vs -1.201M. Market reversal with Dow closing -82.76 points,  SPY -0.15%, IWM -+0.88%, IBB +0.61%.

     Thursday's morning biotech sector with news that Cigna to acquire Express Scripts fo r$67B.  Economic data: Initial Jobless Claims 231k vs 220k,  and Continuing Jobless Claims at 1,870k vs 1,921k. President Trump signs Tariff order on metals, with 25% on steel and 10% on aluminum, while excluding Canada and Mexico. Dow Jones close up +93.85 points, SPY+0.48%, QQQ +0.55% and IBB +0.73%.

Friday U.S. Job report added 313,000 jobs in February; wage gains to 2.6%. Market less fear of inflation after the job numbers. Dow close +440.60 points, SPY +1.74%, QQQ +1.94%, IBB +1.55% and IWM +1.57%. 

Monday:

  • DERM olumacostat glasaretil did not meet co-primary endpoints. Stock closing down -65.86%
  • CLSD announces 'positive' topline results in CLS-TA trial. Stock closing up +32.10%
  • NFLX price target raised to $345 from $290 at UBS.  Stock closing up +4.63%

Tuesday:

  • GLYC share slipped due to late readout trial until 2020. Stock closing -17.84% to $18.75
  • TGT earning report Q4 adj EPS $1.37 vs $1.38, revenue $22.8b vs $22.53B
  • BZUN Q4 EPS 42c vs 31c, revenue $240.60m vs $245.22M

Wednesday:

Thursday:

  • VBLT phase 3 fail. Our #BiotechCalculator predicted right on 1.08.18 
  • NETE Jon Najarian joined board of director
  • WYNN says accelerating announcement of Q1 dividend increase to 75c per share per quarter. Feb 28 adjusted property EBITDA $137M-$143M. Stock closing +6.35%

Friday:

  • CHRS earning report update stock mover higher
  • CRSP price target increase to $65 from $45 at SunTrust
  • WYNN settlement lawsuits with Universal Entertainment
  • NFLX share rise with speculation that Obama may produce a show.

Thanks for reading our blog. Have a great weekend!

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