S&P 500 Rises As Turkey Concerns Offset By Improved Trade Deal Prospects, Earnings
The doldrums of summer are here, which perhaps explains why investor reaction to geopolitical news would seem to be the only thing really moving the needle for the S&P 500 in the third week of August 2018.
After last week’s concerns over the risk of contagion from Turkey’s economic dilemmas began to be offset by a double dose of good news in the form of improved prospects for U.S.-China and U.S.-Mexico trade negotiations. But what really seems to have moved the needle during Week 3 of August 2018 was the solid earnings results that came out from both Walmart (NYSE: WMT) and Cisco (NASDAQ: CSCO) on Thursday, 16 August 2018.
That said, this being the doldrums of summer, there wasn’t a whole lot of major market-moving news in the week that was.
- Monday, 13 August 2018
- Oil edges lower as Cushing build adds to demand fears
- Wall Street dragged down by fall out from Turkey’s plunging lira
- Tuesday, 14 August 2018
- Wednesday, 15 August 2018
- Turkey, trade worries hit Wall Street
- Thursday, 16 August 2018
- Friday, 17 August 2018
For the second week in a row, Barry Ritholtz identified more negatives than positives in the week’s economics and markets news.
The good news is that the S&P 500 is continuing to track along with our redzone forecast, where in a week where there really wasn’t much going on, stock prices behaved as expected.
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