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US Market Wrap 3 September 2018

Posted by Billy Macris on 03-Sep-2018 09:38:45

Heading into the Labour Day weekend it seemed stocks were mixed and needed a break from global trade news and negotiations taking place. On Friday the Dow finished down for the session, the S&P 500 flat and the Nasdaq higher as both Canada and the US concluded trade talks without a resolution ahead of the long weekend.

Representatives from both the Canadian and US governments worked into the night on Thursday to negotiate a deal by the proposed deadline on Friday, however by Friday morning Canadian negotiator Chrystia Freeland stated “we’re not there yet”. Shares of Boeing (BA) and Caterpillar (CAT) dropped 0.13 percent and 1.17 percent respectively.

Despite the week being filled with trade and tariff headlines the technology sector seemed to impress rising 2% for the week being the best performing sector out of the 11 S&P 500 sectors. For the week Amazon (AMZN) shares rose 5.6 percent along with Apple (AAPL) shares rising 5.3 percent continuing their bullish rise to dominate their respective industries and post new all-time highs.

Amongst earnings, American Outdoor Brands (AOBC) was the top percentage gainer on the Nasdaq as the stock soared 43.6 percent after the gun maker’s upbeat earnings report. Its peer Sturm Ruger & Co (RGR) shares also jumped 7.3 percent. Moving on to a different type of business, it seems more people are getting into athletic wear as Lululemon (LULU) shares surged 13 percent after the apparel maker crushed earnings estimates and lifted full-year guidance.

In currency markets, the US dollar strengthened for the second straight session and in late afternoon trading the dollar index was up 0.4 percent at 95.106, the Canadian dollar fell 0.7 percent at 76.49 US cents. The euro was hit after President Trump’s comments regarding the EU’s proposal to eliminate auto tariffs weren’t good enough. The currency was last down 0.6 percent at $1.1601 after losing 0.3 percent.

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Chart of the day: Lululemon Athletic Inc. (LULU)  

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Topics: +U.S. Market Wrap