Historically Low Jobless Claims & Strong GDP Results Amid Lower-Than-Expected 4Q17 Corporate Profits4/5/2018
Generally positive economic news, including record low jobless claims, overshadowed weakness in corporate profits in last week’s economic news, and markets became nerved over potential backlash from China regarding a potential trade war.
Last week, there were numerous multi-billion-dollar deals across a variety of industries. Major consolidation efforts occurred within oil & gas, retail REITS, and snack foods. The specialty chemicals and technology industries witnessed near-billion-dollar deals as well.
Cloud-based technologies companies DocuSign and Smartsheet were among notable IPO filings this past week. Within the biotechnology sphere, genetic drug manufacturer Homology Medicines was able to raise $144 million during its initial public offering. Additionally, YETI Coolers canceled its pending initial public offering due to current market conditions.
The Dow Jones Industrial Average (DJIA), S&P 500, and NASDAQ all closed down greater than 2.5% in March, while the Russell 2000 closed up 1.1%. The poor performance of the DJIA, S&P 500, and NASDAQ in March turned the indices into negative territory for the 2018 calendar year so far and resulted in the first quarterly loss since the third quarter of 2015. |
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