All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US stocks fell for the third straight week on weak earnings reports. The S&P 500 was off 0.5% and the Dow fell 1.2% for the week. Internationally, Europe rose 0.9% and Japan gained 1.9% for the week. The yield on the 10 year Treasury dropped to finish the week at 1.71%. Oil rose 3.5% over the week. Article
US consumers’ spending increased to the highest level in over a year rising 1.3% in April. Article
Corporate profits topped expectations for the first quarter despite contracting for a fourth straight quarter.
Disney posted revenue and earnings that fell short of expectations.
Macy’s, JC Penny’s, Kohl’s, Nordstrom and other retailers posted weak numbers signaling major concerns for the department store brick and mortar retailers.
A judge blocked the merger of Office Deport and Staples due to antitrust concerns and the firms said they have abandoned the $6 billon transaction.
Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services. We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets. Visit us at www.raffawealth.com