Market Overview 'Market Recap' Week Ending July 19th, 2019


NEW YORK, July 19, 2019 /PRNewswire/ -- U.S. markets began the week slightly weaker after last week's rally. Last week, U.S. markets went on a bullish run after the Federal Reserve indicated that a rate cut was impending after releasing its meeting minutes from June. However, investors turned their focus to corporate earnings this week as Citigroup kicked off on Monday. While Citi shares opened weaker on Monday, shares quickly rebounded in the early morning. As a result, markets closed slightly higher on Monday. Then on Tuesday, JPMorgan Chase, Wells Fargo, and Goldman Sachs all reported their quarterly results before the opening bell. All three banks reported better-than-expected results, however, U.S. markets pulled back after President Donald Trump said that there's "a long way to go" on a China trade deal, snapping a four-day win streak. So far, the tensions between the U.S. and China is the primary reason why the Feds were considering a rate cut. Markets continued to slide lower leading into Wednesday due to ongoing tensions between the U.S. and China, which affected corporate earnings and rattled throughout European and Asian markets. Bank of America reported its financial results on Wednesday, and despite its better-than-expected results, U.S. markets recorded back-to-back losses. U.S. markets continued to pull back on Thursday after tech giant Netflix reported its quarterly results on Wednesday during extended trading hours. The stream service provider missed analysts' subscriber growth count, which sent shares spiraling down by over 10%. Moreover, The Wall Street Journal reported that talks have been stalled once again on negotiations regarding Huawei Technologies. eBay Inc. (NASDAQ:EBAY), Netflix, Inc. (NASDAQ:NFLX), Skechers U.S.A., Inc. (NYSE:SKX), Chewy, Inc. (NYSE:CHWY), UnitedHealth Group Incorporated (NYSE:UNH).  

The Dow Jones Industrial Average declined by 100.81 points or 0.3% from Monday's opening bell into Thursday's closing bell. Meanwhile, the S&P 500 fell by 47.96 points or 0.5%, while the Nasdaq Composite slipped by 17.43 points or 0.5%. Moving forward, corporate earnings and tensions revolving around the U.S. and China will continue to remain in focus. Investors will pay close attention to negotiation talks regarding the two nations. Next week, Boeing, AT&T, Caterpillar, Intel, and Alphabet are expected to report. As of early Thursday morning, more than 7% of S&P 500 companies reported their quarterly results, according to FactSet data. Of those companies, 85% reported profits and surpassed expectations. Many investors and analysts believed that the current earnings seasons would be a rather bearish one. "There are good reasons to believe that despite the downbeat expectations, earnings season could come in better than expected—which would be good for markets," Brad McMillan, Chief Investment Officer at Commonwealth Financial Network said in a note, according to MarketWatch. "With markets priced for slower growth, faster growth should be a tailwind. With markets priced for a meaningful earnings decline, a smaller decline — or even growth — would be another tailwind."

eBay Inc. (NASDAQ:EBAY) reported its second-quarter financial results after the market close on Wednesday. The e-commerce giant reported better-than-expected results, sending shares higher by 5.4% on Thursday morning. For the second quarter, eBay reported earnings of USD 0.68 per share on revenues of USD 2.69 Billion. Analysts expected earnings of USD 0.62 on revenues of USD 2.68 Billion. eBay reported that its active buyers grew by 4% year-over-year across all of its platforms, totaling 182 million global active buyers. As for the third quarter, eBay expects earnings between USD 0.62 to USD 0.65 per share on sales of USD 2.61 Billion to USD 2.66 Billion. Analysts are expecting earnings of USD 0.63 per share on revenues of USD 2.68 Billion

Netflix, Inc. (NASDAQ:NFLX) reported its second-quarter financial results on Wednesday during extended trading hours. The streaming service giant reported worse-than-expected subscriber growth count, sending shares plunging by more than 10%. For the second quarter, Netflix reported earnings of USD 0.60 per share on revenue of USD 4.92 Billion. Analysts expected earnings of USD 0.56 per share on revenue of USD 4.93 Billion. As for the Company's subscriber count, Netflix reported that it lost 126,000 Domestic subscribers compared to a gain of 352,000, which was previously forecasted. Moreover, Netflix also missed its international growth count. Analysts estimated net addition of 4.81 million international subscribers, but Netflix reported a growth of 2.83 million. For the third quarter, the Company forecasts global paid net adds of 7.0 million compared to 6.1 million in the third quarter of 2018. Netflix expects to add 0.8 million users in the U.S. and 6.2 million users internationally.

Skechers U.S.A., Inc. (NYSE:SKX) reported its second-quarter financial results after the market close on Thursday. The Company topped analysts' expectations, sending shares 11% higher shortly after reporting. For the second quarter, Skechers reported earnings of USD 0.49 per share on sales of USD 1.25 Billion. Analysts' previously forecasted earnings of USD 0.33 per share on revenues of USD 1.21 Billion. Skechers reported a stronger-than-expected quarter due to its international business growth. During the quarter, international sales accounted for 55.7% of Skechers total sales. International sales increased by 19.8% year-over-year, leading to a 4.9% growth in total comparable same-store sales. 

Chewy, Inc. (NYSE:CHWY) reported its first-quarter financial results after the market close on Thursday, marking its first financial results since launching its initial public offering back in June. The pet product supplier reported a narrower loss than expected, sending shares higher by 3% shortly after reporting. For the quarter, Chewy reported net losses of USD 29.6 Million on total sales of USD 1.1 Billion. Compared to the previous quarter, Chewy reported that net losses improved by 50.6% and revenue grew by 45.2%. 

UnitedHealth Group Incorporated (NYSE:UNH) reported second quarter 2019 results according to which the second quarter of 2019 earnings grew from operations by 12.1 percent to $2.6 billion driven by revenue growth and strong cost disciplines. The business grew to serve 705,000 more people with medical benefits over the past year, including a greater mix of people with higher acuity needs, helping grow revenues by $2.7 billion, or 6.0 percent, to $48.6 billion in the quarter. "Our results in the quarter reflect strong and balanced performance from both Optum and UnitedHealthcare and are driven by the 320,000 women and men of UnitedHealth Group who focus every day on creating value for those we serve," said David S. Wichmann, chief executive officer of UnitedHealth Group.

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