Market Direction Week of April 25, 2016

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Last Week Review: It looked as if U.S. equities were going to get off to a rough start this week after OPEC members failed to agree on a production freeze during a summit held in Doha over the weekend. Oil prices were down over 6% as trading got underway on Monday but have essentially rallied from that point on and are now up over 6% on the week. The SPX largely followed the rebound in oil prices except for some relative weakness which emerged late Wednesday:

For the first time since November the SPX briefly traded above 2,110 but has since reversed course and is up just slightly on the week. It’s unclear what precisely triggered the recent weakness in equity markets but some sector rotation was seen and earnings have been mixed this week, including some weak reports out of tech giants Microsoft Corp. (MSFT -$4.68 to $51.10) and Alphabet Inc. (GOOGL - $48.51 to $731.49) last night.

How the market finished last week, the S&P 500 up 0.5%, the Nasdaq down 0.7%, and the Dow up 0.6%.

This Week: Next week will be a relatively busy one on the economic front, headlined by Wednesday's Federal Reserve interest rate decision.  Durable goods orders, the S&P/Case Schiller House Price Index, and consumer confidence will be released on Tuesday, and first-quarter GDP will be released on Thursday.  Friday brings fresh data on consumer income and spending.

Economic Calendar: Durable Goods Orders (4/26), International Trade in Goods (4/27), FOMC Meeting Announcement, (4/27), GDP (4/28), Personal Income and Outlay (4/29)

Some of the major earnings announcements on deck: ABG, HAWK, EW.

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