Higher Tariffs Take Effect
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WEEKLY UPDATE - MAY 13, 2019
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The Week on Wall Street
As we noted recently, Wall Street has a wandering eye. Last week, it focused on the new tariff threats in the ongoing U.S.-China trade dispute. Stocks fell across five trading sessions: the Dow Jones Industrial Average lost 2.12%, the S&P 500, 2.18%; the Nasdaq Composite, 3.03%. International stocks also fell: the MSCI EAFE index declined 3.06%.
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Earnings and big-name initial public offerings mattered little last week. Traders were more concerned about how consumers and corporations might be affected by higher import taxes in future quarters.[1][2]
Tariffs Increase
At 12:01 a.m. Friday, duties on $200 billion worth of Chinese products coming to the U.S. rose from 10% to 25%. Just days earlier, President Trump had tweeted that the U.S. might also tax another $325 billion of Chinese imports, mainly consumer goods.
While the proposed new taxes might take months to implement, institutional investors reacted negatively to this information, perceiving that trade talks were stalled.[3][4]
Final Thought
A few weeks ago, market watchers noted the huge number of initial public offerings anticipated for 2019. One well-known tech firm completed its IPO on Friday, and the wave of tech IPOs is still building. According to research firm CB Insights, the average stock market valuation of the venture-capital-backed tech companies going public this year is $9.6 billion.[5]
THE WEEK AHEAD: KEY ECONOMIC DATA
Wednesday: April retail sales figures from the Census Bureau.
Friday: The University of Michigan's preliminary May consumer sentiment index, a measure of consumer confidence.
Source: Econoday / MarketWatch Calendar, May 10, 2019
The Econoday and MarketWatch economic calendars list upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
THE WEEK AHEAD: COMPANIES REPORTING EARNINGS
Monday: Take-Two Interactive (TTWO)
Tuesday: Agilent (A), Ralph Lauren (RL)
Wednesday: Alibaba (BABA), Cisco (CSCO), Macy's (M)
Thursday: Applied Materials (AMAT), Nvidia (NVDA), Walmart (WMT)
Friday: Deere & Co. (DE)
Source: Morningstar.com, May 10, 2019
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Any investment should be consistent with your objectives, time frame and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
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"You don't become what you want, you become what you believe."
- Oprah Winfrey
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Yields 10 to 12 pickles
Ingredients:
- 2 lbs. small pickling cucumbers
- 1½ cups apple cider vinegar
- 1½ cups filtered water
- 2 Tbsp. pickling salt
- 8 garlic cloves, peeled (add more if you'd like)
- 4 tsp. dill seed
- 2 tsp. black peppercorns
- 1 tsp. red chili flakes
Directions:
- Be sure that your jars are washed thoroughly. To make shelf-stable pickles, prepare a boiling water bath canner. Put fresh canning jar lids into a small saucepan with 3 inches of water and set to the lowest simmer.
- Prepare the cucumbers by washing and drying them, then remove the blossom end. Depending on the shape of pickle you want, cut the cucumbers into slices for chips, quarters for spears, or leave whole.
- Bring the vinegar, water, and salt to a boil in a saucepan.
- Distribute equal portions of the garlic cloves, dill seed, black peppercorns, and red chili flakes among the readied jars. Arrange the cucumbers into the jars as tightly as possible but try not to crush them.
- Pour the brine into the jars, leaving ¼ inch between the top of the liquid and the rim of the jar. Gently tap the jars to remove any air bubbles. You can also use a long kitchen utensil, like a chopstick, to let any bubbles escape. Wipe the rims of the jars, then put the lids and bands on the jars without screwing on too tightly.
- If you're processing jars for shelf stability, put them into the processing pot. Once the water returns to a boil, set a timer for 10 minutes, then remove the jars after the time is up. Check the seals once the jars are cool enough to handle.
- If you're not processing your jars, then allow them to cool before putting them into the refrigerator. Your jars may seal during the cooling process.
- The pickles need to rest in the fridge for one week before serving.
Recipe adapted from Serious Eats
[6]
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A dogleg is a hole that bends at some point along its length, like the hind leg of a dog. A common mental block among golfers is how best to play a dogleg hole with real trouble on either side of the fairway.
Since the ball tails off to the right for most of golfers, it doesn't make much sense for one to stand on the tee box of a dogleg-left hole and try to curve their drive in that direction. Instead, try thinking of how to play the hole to the best of your ability.
Tip adapted from Golf Digest
[8]
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Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
Diversification does not guarantee profit nor is it guaranteed to protect assets.
International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors.
The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general.
The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. The DJIA was invented by Charles Dow back in 1896.
The Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of stocks of technology companies and growth companies.
The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets as represented by 21 major MSCI indices from Europe, Australia, and Southeast Asia.
The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
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You cannot invest directly in an index.
Consult your financial professional before making any investment decision.
Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
These are the views of Platinum Advisor Strategies, LLC, and not necessarily those of the named representative, Broker dealer or Investment Advisor, and should not be construed as investment advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial advisor for further information.
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[1] www.wsj.com/market-data
[2] quotes.wsj.com/index/XX/990300/historical-prices
[3] www.cnn.com/2019/05/10/business/china-us-tariffs-trade/index.html
[4] www.cnbc.com/2019/05/07/if-trump-slaps-china-with-all-the-tariffs-threatened-it-could-be-the-us-consumer-that-pays.html
[5] www.nytimes.com/interactive/2019/05/09/business/dealbook/tech-ipos-uber.html
[6] www.seriouseats.com/recipes/2011/08/garlic-dill-pickles.html
[7] www.irs.gov/newsroom/know-the-tax-facts-about-renting-out-residential-property
[8] www.golfdigest.com/story/strategy-for-doglegs
[9] www.lifehack.org/articles/communication/10-tips-more-grateful-life.html
[10] www.energy.gov/articles/top-11-things-you-didnt-know-about-saving-energy-home-summer-edition
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