SMM News: last week, the S & P closed at 2859.53, down 0.75 per cent from 2881.40 the previous week. So far this year, the S & P 500 is up 14.07%.
Of the 11 sub-sectors covered by the S & P 500, five rose last week. Of these, the real estate sector performed best, rising 1.53 per cent last week; it is up 17.89 per cent so far this year. The consumer goods sector rose 1.08%, followed by gains. The financial sector fared worst, falling 1.50 per cent last week; it has risen 13.21 per cent since the start of the year. The industrial sector, which fell 0.83% last week, has risen 17.38% since the start of the year.
Last week, against the backdrop of a fall in the broader US market, a number of recent new listings performed well. Of these, shared travel giant Uber rose 3.4 per cent to $42.98, while ride-hailing giant Lyft rose 8.8 per cent to $55.60. artificial meat maker Beyond Meat rose 40.3 per cent to $92.92. Photo social media Pinterest and cloud video conferencing platform Zoom rose 6.2 per cent and 4.7 per cent to $30.86 and $83. 40, respectively. In addition, sharing office giant WeWork, which is sprinting for IPO, reported first-quarter results last week, showing that WeWork's first-quarter revenue rose 112 per cent from a year earlier to $728 million, while its net loss narrowed to $264 million.
So far, about 90 per cent of the S & P 500 companies have released financial reports for the first quarter of 2019, with more than 70 per cent of US companies beating previous expectations. Specifically, of the 459 companies that have reported results, 332 have exceeded expectations in revenue and 255 in sales. Based on this, the market expects US corporate earnings to grow 8.8 per cent month-on-month and 4.3 per cent year-on-year in the first quarter of 2019. For the whole of 2019, US corporate profits are expected to be 9.2 per cent higher than in 2018, while earnings in 2020 will be 11.9 per cent higher than in 2019 and 22.2 per cent higher than in 2018.
This week, 23 U. S. companies will release first-quarter results, including home building materials retailers Depot, home department store Kohl's Corp, Clothing discount retailer TJX Companies, high-end department store Nordstrom, home appliance retailer Best Buy, medical equipment manufacturer Medtronic, software manufacturer Autek and so on.
Last week, the United States released a series of economic data. The US import price index rose 0.2 per cent in April from a month earlier, down 0.2 per cent from a year earlier, while export prices rose 0.2 per cent in April from a year earlier, up 0.3 per cent from a year earlier. Retail sales fell 0.2% from a month earlier, while the market is expected to grow 0.2%. Industrial and manufacturing output both fell 0.5 per cent in April from a month earlier, while market expectations were flat. Commercial inventories were flat in March from the previous month and fell short of market expectations of 0.1 per cent growth. The number of permits for construction reached 1.296 million in April, slightly higher than the 1.289 million households expected by the market. In addition, the number of first-time claims for unemployment benefits reached 212000 in the week of 11 May, slightly lower than the expected 220000.
This week, the specific arrangements for the release of US economic data are as follows: the total number of existing home sales in the United States in April will be released first on Tuesday; On Wednesday, the MBA mortgage application activity index for the week of May 17 and the change of EIA crude oil inventory for the week of May 17 will be released. The minutes of the Fed's April 30-May 1 policy meeting will be available in the early hours of Thursday, with initial jobless claims for the week of May 18 and sales of new homes in April to be released on Thursday. Durable goods order data for April will be released on Friday.