Weekly Performance
Dow +0.45% S&P +0.23% Nasdaq +1.09% Russell +0.73% EuroStoxx +1.31% (-0.19% in $) FTSE -0.24% Dax +1.74% Ibex -0.25% SMI -0.58% Nikkei +2.57% Hang Seng -0.17% CSI +2.42% Shnaghi +1.13% Shenzen +1.19%
Stocks began the week on a lower note as investors cashed in on last week's record highs, but reclaimed their losses on Friday, thanks to an impressive batch of technology earnings. The major indices finished the week in positive territory, with the Nasdaq, the Dow, and the S&P 500 adding 1.1%, 0.5%, and 0.2%, respectively. The S&P 500 and the Nasdaq settled Friday at new all-time highs.
The S&P 500's technology sector (+2.9%) kept the broader market afloat with little help from its peers, easily settling at the top of the sector standings. The group was underpinned by Microsoft (MSFT),Alphabet (GOOG), and Intel (INTC), which added between 4.8% and 7.4% on Friday after reporting better-than-expected earnings and revenues for the third quarter.
Amazon (AMZN) also surged on Friday, jumping 13.2%, after beating both top and bottom line estimates. The company's positive performance boosted the consumer discretionary sector, which finished the week with a gain of 1.1%.
On the downside, the health care sector (-2.1%) struggled this week, with biotechnology names leading the retreat. Celgene (CELG) showed particular weakness, ending the week lower by 19.1%, after missing revenue estimates for the third quarter and lowering its 2020 long-term financial targets on Thursday.
The consumer staples sector also lagged, moving lower by 1.5%. Within the group, CVS Health (CVS) plunged 9.8% following unconfirmed reports that the pharmacy retailer has made an offer to acquire managed health care company Aetna (AET) for more than $200 per share. Aetna shares ended the week higher by 7.6%.
Macro :
- ECB’s Coeure Hopes Latest QE Extension ‘Will Be The Last’: JDD
- Germany May Run EU14B Budget Surplus This Year: Spiegel
- KKR’s Europe Head Huth Says France Economy Picking up: FT
Keep an eye on :
- AKZA NA : Akzo Nobel, Axalta Are Said to Consider Merger of Equals: WSJ
- AZA IM : Alitalia Administrators See Bids as ‘Disappointing’: Messaggero
- ALV GY : Allianz Investing Set to Low Interest Rates, Thallinger Tells BZ
- ALV GY : Allianz Seguros Moves Base to Madrid From Barcelona
- STS IM : Ansaldo STS: EU45m Payment Made to Storstockholms Lokaltrafik
- ARAMCO IPO : FCA May Back Down on Aramco’s 5% Listing Plan, Sunday Times Says
- AV/ LN : Aviva Is Said to Reconsider Bid for Friends First: Sunday Times
- AXTA US : Axalta Spikes; M&A Price Could Be $40/Share: Seaport Global
- DB1 GY : Deutsche Boerse Confident It Will Hire New CEO This Year: FAS
- DTE GY : Merkel Should Weigh Deutsche Telekom Asset Sale With Care: WamS
- EZJ LN : easyJet to acquire part of Air Berlin operations at Berlin Tegel Airport for EUR 40m
- FCA IM : Fiat Chrysler: Completion of Intermediaries’ Sale of Gedi Shrs
- REE SM : Red Electrica Willing to Buy 57% of Hispasat: Expansion
- RB/ LN : Reckitt Could Unlock Value Via Breakup, Sale, Buyout: Bernstein
- UBS SW : UBS to move 250 London staff because of Brexit
- UCG IM : UniCredit Board May Decide on New Chairman Nov 8: Sole
- DG FP : VINCI Facilities evaluates numerous M&A opportunities in Germany
- VOW3 GY : Volkswagen Reducing Tax Bill Via Luxembourg Holding: Spiegel