Art Hogan’s Week in Review: May 17, 2019
May 17, 2019
US-China trade Talks turned sour, pushing stocks lower for the week. U.S. stocks started off the week with a large sell-off on Monday. Wall Street followed up those losses with three straight days of gains. However, those gains were not enough to stave off weekly losses. The Dow posted its fourth straight weekly loss — its longest streak since May 2016 — falling 0.7%. The S&P 500 and Nasdaq fell 0.8% and 1.3% this week, respectively.
Highlights for the week
US-China trade talks have hit a bump in the road as the administration increased tariffs from 10% to 25% on $200 billion in Chinese imports.
China raised tariffs on $60 billion in U.S. goods in retaliation for the Trump administration’s latest decision to increase duties on Chinese products.
The administration made it harder for U.S. companies to do business with Huawei, a giant telecommunications company in China. U.S. firms that want to do business with Huawei must now have a license.
Deere shares fell more than 6% after reporting weaker-than-expected earnings. The company cited the trade war for their disappointing results.
Shares of recent IPO Beyond Meat (BYND) fell sharply Friday afternoon after famed short-seller Andrew Left’s Citron Research slammed the stock in a tweet, calling it “Beyond Stupid.” The company came public at $25 and had traded as high as $93 this week.
FOMC Minutes, plus Multiple FOMC Speakers, including Powell
OPEC+ Joint Ministerial Monitoring Committee meets Sunday
Mnuchin’s testimony to House committee continues
Chicago Fed Nat Activity Index
Fed’s Harker Speaks About Management Science in Boston
Powell Speaks at Atlanta Fed Financial Markets Conference
Existing Home Sales
Fed’s Evans Discusses Economy and Monetary Policy
Fed’s Rosengren Speaks to Economic Club of New York
API data for Crude, Gasoline and Distillates
Fed’s Bullard Speaks in Hong Kong on U.S. Economic Outlook
MBA Mortgage Applications
Secretary Steven Mnuchin’s testimony to House committee continues
Fed’s Williams Hosts Economic Press Briefing
Fed’s Bostic Makes Opening Remarks at Dallas Fed Conference
FOMC Meeting Minutes
Weekly Jobless Claims
New Home Sales
Natty Gas Inventory data
Kansas City Fed Manufacturing Activity
Fed’s Kaplan, Daly, Bostic and Barkin Speak on Panel
Durable Goods Orders
Baker Hughes Rig Count