Stocks drifted lower as investors pondered the impacts of tariffs, White House drama, and rising interest rates. Secretary of State Rex Tillerson was fired by President Trump on Tuesday, while Chief of Staff John Kelley told officials that there were no immediate personnel changes planned regarding himself. Meanwhile, a court of appeals ruled that the Department of Labor overreached with its fiduciary rule and struck down the law.

Weekly Returns

S&P 500: 2,752 (-1.2%)
FTSE All-World ex-US: (-0.7%)
US 10 Year Treasury Yield: 2.84% (-0.5%)
Gold: $1,313 (-0.7%)
EUR/USD: $1.229 (-0.2%)

Major Events

  • Monday – President Trump blocked Broadcom’s unsolicited $117 billion bid for Qualcomm
  • Monday – Dropbox set the price for its IPO with a $7-8 billion target valuation
  • Monday – Apple bought Next Issue Media and its Texture magazine subscription service
  • Tuesday – Gun-maker Remington announced it expects to file for bankruptcy
  • Tuesday – President Trump fired Secretary of State Rex Tillerson
  • Wednesday – Toys R Us said it is likely to close all of its U.S. stores
  • Wednesday – Theranos founder Elizabeth Holmes was charged with fraud by the SEC and reached a settlement agreement
  • Thursday – iHeartMedia, the largest operator of radio stations, filed for bankruptcy
  • Friday – Chief of Staff John Kelley said his job was secure for now
  • Friday – The Justice Department said it has widened its probe into Wells Fargo to include its wealth management division
  • Friday – The IRS received data from Coinbase on holders who bought or sold more than $20,000 worth of cryptocurrency and is expected to pursue those who did not report gains

    • Our Take

    It was a busy week in Washington, complete with major cabinet reshuffling, a blocked mega-merger, a broadening investigation into one of the country’s biggest banks, and a plot-line of an alleged affair between the President and a porn star that doesn’t seem to want to go away. Almost as an afterthought, the Fifth Circuit Court ruled that the Department of Labor (DOL) “overreached,” potentially striking a death blow to the Fiduciary Rule.

    Print Friendly, PDF & Email

    Related Posts