04.21.18 Open for Business Weekly Market Wrap Up [Listen]
Mike McCormick joined Tom Egelhoff and Shane Montalban for this week's market wrap up.
Shane starts us off with China and tariff concerns still on the table. Oil is on the table with Middle East cutting productions.
Dow-Jones up 20 percent for the year so far, S&P 500 up 14 percent and the NASDAQ 100 up 22.5 percent.
Soybeans are still down, wheat is also down, as was rice and weather will be of the deciding factor.
Venezuela inflation is currently at 8,900 percent despite the largest oil reserves on the planet. They are in bad shape.
Gold and other commodities were steady.
Consumer staples were holding steady too so far in the first quarter.
One caller wanted to know why the Canadian dollar was doing poorly against the American dollar. Shane explained.
Saudi Arabia and Russia are reducing production to drive up prices. FANG stocks (Facebook, Apple, Netflix, Google) will reveal their quarterly earnings next Friday.
Apple important to watch because of the age of off shore plants. If they revamp in the US due to tax reductions that could be big for the mid-term elections.
The economy will be the big factor over the summer.
Will the cable companies survive with millennials not buying in? Listen to this informative discussion.