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Weekly Market Commentary

Market Recap for the Week Ending 4-12-19

-Darren Leavitt, CFA

It was a mixed performance for the major averages last week.  The S&P 500 gained 0.5%, the NASDAQ added 0.6%, and the Russell 2000 was up 0.1%, while the Dow lost 0.1%.  Treasuries lost more ground last week, the 2-year yield increasing 5 basis points to 2.39% while the 10-year yield increased 6 basis points to 2.56.  Oil continued to climb, adding 1.3% on the week to close at $63.91a barrel.  There were no changes to our models last week.

Investors received the first bit of Q1 earnings last week out of JP Morgan and Wells Fargo- both banks earnings came in better than expected and helped to propel the market through the key technical level of 2900 on Friday.  Earnings will continue to be in focus through the next several weeks with more financials due to report Monday morning.  Additionally, a massive acquisition in the energy sector also helped push the market higher.  Chevron announced that it intends to acquire Anadarko Petroleum for $33 billion.  Also of note, was the announcement from Disney regarding the details of their new streaming service.   The street was impressed with the offering and sent Disney shares soaring 11.5%.

It was fairly quiet on the macro front last week.  Decent export data out of China was countered with the IMF lowering global growth expectations.  Central bank rhetoric was more of the same with patience on rates remaining the mantra.

The information in this Market Commentary is for general informational and educational purposes only. Unless otherwise stated, all information and opinion contained in these materials were produced by Foundations Investment Advisers, LLC (“FIA”) and other publicly available sources believed to be accurate and reliable.  No representations are made by FIA or its affiliates as to the informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. No party, including but not limited to, FIA and its affiliates, assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.

The views and opinions expressed are those of the authors do not necessarily reflect the official policy or position of FIA or its affiliates.  Information presented is believed to be current, but may change at any time and without notice.  It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

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