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Compass Financial Advisors

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 Equities were down slightly last week as the S&P 500 returned -0.01%, Dow Jones Industrial Average -0.62% and the NASDAQ Composite -0.36%. Energy was the top performing sector as oil hovered around $68 a barrel all week. Risks of a supply shock continue to fluctuate as President Trump has until May 12th to re-impose economic sanctions from the 2015 Iranian nuclear accord. Earnings season was in full swing last week after 180 constituents of the S&P 500 announced quarterly results. Amazon.com Inc.

 Last week the yield on the benchmark U.S. 10-year Treasury note topped 3% for the first time in over four years and has moved half a percentage point higher in 2018. On Friday, the Commerce Department announced in its first estimate that real GDP grew at a 2.3% annual rate in the first quarter, which was higher than expected but slower than the 2.9% rate in the fourth quarter of 2017. Highlighting the report was that nonresidential fixed investment, or investments in productive assets that support future growth, remained robust.

 View from the Observation Deck  

 U.S. stocks slipped in the final two days of trading but still notched gains for the week, buoyed by generally strong earnings results and energy shares. With earnings season ramping up, positive results across industrials, energy and financials led to increased investor confidence. Shares of General Electric Co. gained after the company reaffirmed fiscal-year guidance and signaled a decision is close on divesting its transportation division. Baker Hughes reported better-than-expected operating margins from an improving upstream market. The five largest U.S.

 Treasury yields rose across the yield curve last week with the 10-year note reaching the highest level since 2014 on Friday. The spread between the two-year note and 10-year note reached its narrowest since 2007 on Tuesday due to concerns that fiscal policy, through tax cuts coupled with increases in spending, would stall the economy along with the uncertainty surrounding further interest rate hikes. The yield curve widened sharply by the end of the week, easing investor concerns of the yield curve inverting.

 View from the Observation Deck  

 Oil and Treasury yields moved inversely to each other last week while the stock market balanced risks both domestic and abroad. Oil rose each day last week to close over $67 a barrel, the highest level since December 2014. Energy stocks in the S&P 500 rose over 6% last week, while the S&P 500 gained over 2%. Concho Resources, Marathon Oil, and Helmeric & Payne were some of the best performing stocks in the index. Banks started to report quarterly results last week.

 Treasury prices dropped over the course of the week, with short-term Treasurys dropping more than long-term Treasurys, on easing fears of both a trade war between the United States and China and a possible military conflict in Syria. Leaders of both nations made comments alluding that an agreement could be reached between the United States and China.

 View from the Observation Deck  

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Securities offered through Harbour Investments, Inc.,
member FINRA/SIPC. http://www.finra.org/
http://www.sipc.org/about-sipc

Investment Advisory Services offered through
Compass Financial Advisors, LLC,
a registered Advisor. 
Compass Financial Advisors, LLC &
Harbour Investments, Inc.
are separate entities.

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