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Bryan J. Baysinger, CWA®
Senior Vice President
Financial Consultant

BBaysinger@hilliard.com

102 East Wayne Street

Glasgow, KY 42141

270/651-2663
800/714-2663
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Daily Market Comment

Daily Market Recap -


Updated Each Business Day at Approximately 4:30 pm ET.



The Dow 30 stumbled Friday, weighed down by investor response to component General Electric's Q2, and US markets mostly ended the week on a subdued note. GE earned $0.15 per share, or $1.19 billion, in the second quarter, off from $0.36 per share or $2.76 billion in the prior year period, though this was a smaller decline than the street had expected. Shares of the conglomerate closed down 2.9 percent. After closing at a record high on Thursday Microsoft shares fell 0.6 percent after last night's earnings release. The software maker said it had fourth quarter net income of $0.83 per share, or $6.5 billion, with sales of $23.3 billion, besting analyst expectations.

The DJIA fell 31.71 points to 21580.07 (-0.3 percent for the week), the NASDAQ lost 2.25 points to 6387.75 (+1.2 percent for the week), and the S&P 500 was off nearly a point at 2472.54 (+0.5 percent for the week). Dow Transports shed 11.82 points at 9471.27, while the Dow Jones Utility Index added 5.67 points at 725.48. Russell 2000 small caps ended at 1435.77, down 6.57 points. 837 million and 498 million shares were traded on the New York Stock Exchange and NASDAQ, respectively. Decliners outnumbered advancers 14 to 13 on the NYSE and 16 to 13 on the NASDAQ.

US dollar weakness and investor concerns over potential turmoil in the White House helped strengthen August gold, which settled at $1254.90 per ounce, up 0.8 percent. September WTI crude settled at $45.77 per barrel, off 2.5 percent, on investor expectations that prices could be pressured by increased OPEC output ahead of a major producers meeting on Monday. Recent US treasury yields: 1.3 percent for the 2-year note, 1.8 percent for the 5-year note, 2.2 percent for the 10-year note, and 2.8 percent for the 30-year bond.

-- Clients with questions concerning this Afternoon Comment are advised to contact Amanda Collier at 1-800-444-1854 x8820 or (502) 588-8820. Members of the media are advised to contact Gary England at 1-800-444-1854 x1738 or (502) 588-1738. --

The Dow 30 struggled on Thursday as components Home Depot and Travelers ended down 4.1 and 1.5 percent, respectively. Home Depot may have been hurt by news that competitor Sears's Kenmore appliances will be sold on Amazon.com. Shares of Lowe's Cos. were off 5.6 percent alongside Home Depot. Travelers took a hit after reporting lower second quarter results: for Q2 the insurer earned $2.11 per share, or $595 million, compared to $2.24 per share or $664 million in the prior year period. Elsewhere, Philip Morris Intl. shares declined 1.4 percent after reporting revenue and earnings numbers that missed analyst expectations. Kinder Morgan shares gained 4.7 percent after the company said it anticipated a dividend increase of 60 percent in 2018, and additionally authorized a share buyback program of $2 billion.

The DJIA fell 28.97 points to 21611.78, the NASDAQ added 4.96 points at 6390.00 (another record high close), and the S&P 500 was up less than a point at 2473.45. The Dow Transports dropped 92.64 points to 9483.09, while the Dow Jones Utility Index were higher by 5.10 points at 719.81. Russell 2000 small caps ended at 1441.98, up less than a point. 752 million and 446 million shares were traded on the New York Stock Exchange and NASDAQ, respectively. Decliners just barely outnumbered advancers on the NYSE, and advancers outpaced decliners on the NASDAQ 15 to 13.

After a European Central Bank meeting investors seemed to anticipate the bank will start tapering its bond purchase program in autumn. The US dollar lost ground versus the euro and the ICE US Dollar Index gave up 0.5 percent. Inversely, gold futures strengthened, with August gold settling at $1245.50 per ounce, up 0.3 percent. August WTI crude gave up 0.7 percent to settle at $46.79 per barrel. Recent US treasury yields: 1.4 percent for the 2-year note, 1.8 percent for the 5-year note, 2.3 percent for the 10-year note, and 2.8 percent for the 30-year bond.

-- Clients with questions concerning this Afternoon Comment are advised to contact Amanda Collier at 1-800-444-1854 x8820 or (502) 588-8820. Members of the media are advised to contact Gary England at 1-800-444-1854 x1738 or (502) 588-1738. --

US markets closed mostly in record high territory on Wednesday. Trading was heavy for the financials sector following Morgan Stanley's second quarter results. The investment bank earned $0.87 per share on $8.5 billion in revenue, topping street expectations and prior year period results; shares rose 3.3 percent. Dow Transports were dragged down by United Contential Holdings and CSX Corp. trading off 5.9 and 5.1 percent, respectively, after their earnings reports. According to Marketwatch, Prudential Financial's chief market strategist, Quincy Krosby, believes "It may be a little to soon...to get a sense of where earnings season is heading" despite today's record closes. Investors seem to be looking to tomorrow's Microsoft results and General Electric's on Friday for a better idea about the markets' direction.

The Dow Jones Industrial Average gained 66.02 points at 21640.75, the NASDAQ rose 40.74 points to 6385.04, and the S&P 500 added 13.22 points at 2473.83 -- record closes for each. The Dow Transports shed 57.32 points at 9575.73, while the Dow Jones Utility Index was up 2.93 points at 714.71. Russell 2000 small caps ended at 1441.76, higher by 14.15 points. 710 million and 448 million shares were traded on the New York Stock Exchange and NASDAQ, respectively. Advancers outnumbered decliners 3 to 1 on the NYSE and 2 to 1 on the NASDAQ.

US government data showing US crude stockpiles decreased for the third week in a row helped oil futures higher. August WTI crude settled at $47.12 per barrel, up 1.6 percent. August gold settled at $1242 per ounce, up $0.10. The ICE US Dollar Index rose 0.2 percent to 94.759. Recent US treasury yields: 1.4 percent for the 2-year note, 1.8 percent for the 5-year note, 2.3 percent for the 10-year note, and 2.9 percent for the 30-year bond.

-- Clients with questions concerning this Afternoon Comment are advised to contact Amanda Collier at 1-800-444-1854 x8820 or (502) 588-8820. Members of the media are advised to contact Gary England at 1-800-444-1854 x1738 or (502) 588-1738. --

On Tuesday the NASDAQ wound up in record territory again while US markets otherwise struggled. Late Monday Netflix's quarterly results showed larger than anticipated subscriber growth of 5.2 million new customers; the company also hit a 100 million subscriber milestone in the quarter. Shares soared 13.5 percent in today's trading. NFLX had net income of $0.15 per share (or $65.60 million) in Q2, just missing consensus estimates of $0.16 per share. The Dow Jones Industrial Average was hampered by component Goldman Sachs Group, which closed off 2.6 percent after second quarter results showed the firm's fixed-income business declined 40 percent from first quarter. GS reported revenue of $7.89 billion and EPS of $3.95, beating street expectations.

The Dow 30 lost 54.99 points at 21574.73, the NASDAQ gained 29.87 points to 6344.31, and the S&P 500 added 1.47 points at 2460.61. The Dow Transports gave up 65.15 points at 9633.05, while the Dow Jones Utility Index were higher by 1.67 points at 711.78. Russell 2000 small caps ended at 1427.61, down 3.98 points. 695 million and 412 million shares were traded on the New York Stock Exchange and NASDAQ, respectively. Decliners outpaced advancers 14 to 13 on the NYSE and 4 to 3 on the NASDAQ.

The US dollar was weaker versus its biggest rivals following Senate Republican leaders' capitulation late Monday regarding their attempts to repeal/replace the Affordable Care Act. The dollar's weakness helped strength oil futures, with August WTI crude settling at $46.40 per barrel, up 0.8 percent. Gold futures were also given a boost, with August gold up 0.7 percent, settling at $1241.90 per ounce. Recent US treasury yields: 1.4 percent for the 2-year note, 1.8 percent for the 5-year note, 2.3 percent for the 10-year note, and 2.9 percent for the 30-year bond.

-- Clients with questions concerning this Afternoon Comment are advised to contact Amanda Collier at 1-800-444-1854 x8820 or (502) 588-8820. Members of the media are advised to contact Gary England at 1-800-444-1854 x1738 or (502) 588-1738. --

The major indices moved were mixed today with the Dow and S&P 500 closing slightly lower while the NASDAQ edged out a gain on the day. In economic news, the New York Federal Reserve¿s Empire State manufacturing index declined to a seasonally adjusted reading of 9.8 in July from 19.8 in June. Economists had forecast a reading of 15. Sweet crude for September delivery closed down 1.1% at $46.23 per barrel.

The Dow Jones Industrials fell 8 points to close at 21,630. The S&P 500 was down less than 1 point at 2,459. The NASDAQ advanced 2 points to finish the day at 6,314 as the small caps of the Russell 2000 were up 2 points at 1,431. Dow Transports were down 45 points at 9,698, while the Dow Utility Index advanced 3 points to 710.

Trading volume totaled 690 million shares on the New York Stock Exchange while 389 million were exchanged on the NASDAQ. There were slightly more than 5 stocks higher for every 4 lower on the New York Stock Exchange and slightly more than 1 stock advancing for every 1 declining on the NASDAQ. U.S. Treasury securities moved higher today with the 5-, 10-, and 30-year yields closing down at 1.85%, 2.31%, and 2.90%, respectively.

Clients with questions concerning this Afternoon Comment are advised to contact Tyler Agee at: 1-800-444-1854 x8686 or (502) 588-8686. Members of the media are advised to contact Gary England at 1-800-444-1854 x1738 or (502) 588-1738.
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