Weekly Commentary — April 22nd, 2019
The Week on Wall Street
A short and relatively placid trading week wrapped up Thursday, with the major indices turning in mixed performances. The S&P 500 retreated 0.08%, the Nasdaq Composite advanced 0.17%, and the Dow Jones Industrial Average gained 0.56%. The MSCI EAFE index, tracking foreign stocks in developed countries, added 0.65%.[i],[ii],[iii],[iv]
Nothing really catalytic emerged to drive the market last week, and volumes were low.
Earnings Season Update
More than 78% of S&P 500 firms reporting so far this earnings season have surpassed analyst expectations, according to FactSet. Since guidance tends to be conservative, there is the possibility that more companies will beat forecasts than expected.[v]
The initial public offering market remained strong. Two high-profile technology companies came public on Thursday and were met with enthusiasm from investors. As mentioned in recent weeks, 2019 could be a banner year for IPOs.
Retail Sales Rebound
March’s 1.6% gain was the biggest monthly advance seen since September 2017. Sales of cars and gasoline rose more than 3%.
If the upcoming March consumer spending report is also impressive, concerns about the current business cycle peaking may recede.[vi]
Nearly 800 companies will report earnings this week, including some high-profile names. This kicks off five weeks of active daily earnings reports.
Investors will watch corporate profits, guidance, and fundamental indicators with great interest, to try and glean whether the economy is strengthening or softening. Reports on first-quarter economic growth and existing home sales will command particular attention.
THE WEEK AHEAD: KEY ECONOMIC DATA
Monday: March existing home sales figures from the National Association of Realtors.
Tuesday: March new home sales numbers from the Census Bureau.
Friday: The first estimate of first-quarter gross domestic product (GDP) from the federal government, and the final April University of Michigan consumer sentiment index, a gauge of consumer confidence levels.
Source: Econoday / MarketWatch Calendar, April 18, 2019
THE WEEK AHEAD: COMPANIES REPORTING EARNINGS
Monday: Halliburton (HAL), Kimberly-Clark (KMB), Whirlpool (WHR)
Tuesday: Coca-Cola (KO), Harley-Davidson (HOG), Procter & Gamble (PG), Twitter (TWTR), Verizon (VZ)
Wednesday: Anthem (ANTM), Boeing (BA), Caterpillar (CAT), Facebook (FB)
Thursday: 3M (MMM), AbbVie (ABBV), Amazon (AMZN), Starbucks (SBUX)
Friday: American Airlines (AAL), Colgate-Palmolive (CL), ExxonMobil (XOM)
Source: Morningstar.com, April 18, 2019
“If you’re offered a seat on a rocket ship, don’t ask what seat! Just get on.”
– Sheryl Sandberg
About 80% of Americans will receive a tax refund this year. If you’re one of them, you may have questions about “where’s your refund”?
It sounds obvious, but “Where’s My Refund?” is actually the best place to start. Visit www.irs.gov/refundsto find the latest refund information. Here are some common questions about the information that the IRS Where’s My Refund? service can provide:
When will my refund information be available?
The information will be available 24 hours after you file electronically or 4 weeks after you mail a paper return.
How will I know my tax return is processed?
Where’s My Refund? will report on your tax return, from receipt to completion. You’ll find out whether your return is in received, approved, or sent status.
How often does Where’s My Refund? update?
Once per day, usually in the evening.
Can I get information faster by calling?
No. IRS phone representatives won’t have access to your refund status until 21 days after you filed electronically or 6 weeks after you mailed your paper return.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov[vii]
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