Stocks fell sharply at the start of last week over trade tensions, then recovered with help from strong earnings and indications that U.S.-China trade talks would continue. Even so, the major indices had a down week. The S&P 500 lost 0.76%, while the Nasdaq Composite fell 1.27%, and the Dow Jones Industrial Average declined 0.69%.

In contrast, the MSCI EAFE benchmark for international stocks rose 0.19%.^1-2

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1 – wsj.com/market-data [5/17/19]
2 – quotes.wsj.com/index/XX/990300/historical-prices[5/17/19]

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%.

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

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1 – wsj.com/market-data [5/10/19]
2 – quotes.wsj.com/index/XX/990300/historical-prices[5/10/19]

Stocks returned to record territory, with both the S&P 500 and the Nasdaq Composite closing at historic highs. The S&P gained 1.20% for the week; the Nasdaq, 1.85%. The Dow Jones Industrial Average lagged, losing 0.06%. The MSCI EAFE index of international stocks lost 0.52%.^1-2

The S&P took only 17 weeks to fully rebound from its December low.³

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1 – markets.wsj.com/usoverview [4/26/19]
2 – quotes.wsj.com/index/XX/990300/historical-prices[4/26/19]
3 – bloomberg.com/news/articles/2019-04-23/abyss-averted-in-stocks-as-valuations-and-rates-restore-bull-run [4/23/19]

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%.^1-4

Nothing really catalytic emerged to drive the market last week, and volumes were low.

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1 – quotes.wsj.com/index/SPX [4/18/19]
2 – quotes.wsj.com/index/DJIA[4/18/19]
3 – quotes.wsj.com/index/COMP [4/18/19]
4 – quotes.wsj.com/index/XX/990300/historical-prices[4/18/19]

Stocks broke out of a narrow range on Friday following news that two major banks grew their bottom line in the first quarter. For the week, the S&P 500 rose 0.79%; the Nasdaq Composite, 0.91%. The Dow Jones Industrial Average improved 0.50%. Turning to overseas stocks, the MSCI EAFE index declined 0.09%.^1-4

The market spent much of the week in a lull as investors waited for earnings season to begin. Wall Street is paying close attention to both guidance and profit margins.

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1 – quotes.wsj.com/index/SPX [4/12/19]
2 – quotes.wsj.com/index/DJIA[4/12/19]
3 – quotes.wsj.com/index/COMP [4/12/19]
4 – quotes.wsj.com/index/XX/990300/historical-prices[4/12/19]