Market Update: Monday, October 31, 2016

LPL Financial Research

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  • U.S. equities begin week positive, bucking global trend. Boosted by continued mergers and acquisitions activity, domestic markets are slightly higher this morning; this in contrast to foreign markets that pulled back as developments over the weekend spurred renewed U.S. election uncertainty. Looking back, the S&P 500 shed 0.3% on Friday, bringing its weekly decline to 0.7%, as the healthcare sector plunged 2.2% on renewed fears surrounding drug pricing regulation; industrials (+0.7%) and consumer staples (+0.5%) were the outperformers. The Dow closed near flat while the Nasdaq lost over 1% for the week. In overnight trading, the Nikkei, Hang Seng, and Shanghai Composite all lost 0.1%, while European indexes are lower across the board in afternoon trade despite Eurozone Q3 gross domestic product (GDP) data that was in line with estimates. Elsewhere, WTI crude oil ($47.90/barrel) is down over 1.3% as talks between OPEC and non-OPEC countries over the…

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