Market Update: Monday, October 17, 2016

LPL Financial Research

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  • Markets mostly lower as pace of earnings reports picks up. U.S. stocks have lost a little ground this morning as earnings season kicks into high gear. The S&P 500 closed flat on Friday, logging a second straight weekly decline, as a 0.5% rise in the heavily-weighted financials and technology sectors was offset by healthcare (-0.7%) and utilities (-0.6%). Overseas, Japan’s Nikkei Index climbed 0.3% overnight, bucking the regional trend following upbeat manufacturer sentiment and yen weakness; the Shanghai Composite lost 0.7%. Europe is lower across the board, led by marked weakness in the U.K.’s FTSE 100 (-0.6%).  Meanwhile, WTI crude oil ($50.50/barrel) is lower and COMEX gold ($1255/oz.) is near flat while a modest rebound in Treasuries has lowered the yield on the 10-year Note to 1.78% after closing at 1.80% Friday for the first time since early June.

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  • First peak week of earnings season on tap. About 20% of…

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