3Dollars: May 30, 2017


Markets Retreat on Financial, Energy Sectors’ Weakness

$1 US markets declined today, led by financial sector woes.  Goldman Sachs ($GS) and JP Morgan ($JPM) both gave up more than 1.5% today amid uncertainty over tax reform and financial deregulation. Previous legal losses suffered by the administration on executive orders damps the markets’ enthusiasm for future changes.

$2 Energy stocks were also down over 1% as oil futures declined today.  Kinder Morgan ($KMI) led the way, falling over 4%. As I wrote here, markets have been little swayed by OPEC’s decision to curb oil production through March 2018 as was announced last week following a similar agreement between Russia and Saudi Arabia. This sector is certain to suffer through more volatility.

$3 Amazon ($AMZN) touched the sky today, attaining inter-day highs above $1000 per share before settling at $996.70 at the close. Many analysts speculate a stock split in the future, but the company has signaled no such move.

Remember, down days in the market provide opportunities to buy stocks on your watchlist for cheap. That’s it for now.

-Joe

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