A balanced jobs report on Friday spurred a rally to bring stocks back to about even for the week. Official unemployment dropped to 3.9%, but soft wage gains may encourage the Fed to pursue a slower path of interest rate hikes. Apple, the world's most valuable public company, rose 13% for the week, driven by strong earnings results and news that Warren Buffet increased his stake. M&A activity remained strong, with T-Mobile agreeing to buy Sprint and Marathon Petroleum buying Andeavor, which will create the nation's largest oil refiner if approved.
Weekly Returns
S&P 500: 2,663 (-0.2%)
FTSE All-World ex-US (VEU): (-0.5%)
US 10 Year Treasury Yield: 2.95% (-0.00%)
Gold: $1,315 (-0.7%)
EUR/USD: $1.196 (-1.4%)
Major Events
Our Take
Tesla is one of the most polarizing stocks I can remember. People seem to either love it or hate it. CEO Elon Musk took this to a new level with unusual behavior on the company's earnings call this week, including deciding not to answer some questions he deemed “boring.” Shares fell 6% the next day despite most financial metrics being better than expected.
