Treasuries and Stocks were mixed last week, while High-Yield bonds posted modest gains.
The S&P 500 finished flat at 2099, but the total return index, which factors in dividends, closed at another new all-time high. A rate hike in June could be off the table after a jobs report that surprised many investors on Friday. Nonfarm payrolls came in at 38,000, much less than the consensus of 158,000. Investors are now looking to Janet Yellen's speech on Monday for an explanation of the economic outlook.
Donaldson (DCI) posted strong results in its quarterly report, sending the stock to 52-week highs. Under Armour (UA) reduced its guidance for the year after The Sports Authority bankruptcy. This action brought down Nike (NKE) with it. Nike, however, is very little exposed to The Sports Authority as compared to Under Armour. Oracle (ORCL) suffered a rough week as a former employee filed a whistleblower lawsuit claiming Oracle did not correctly account for cloud revenue. Oracle responded saying its accounting is correct and the former employee was fired for poor performance and did not work in accounting. Broadcom (AVGO) reported solid numbers with its quarterly report, the first since Broadcom and Avago merged. This resulted in a nice gain for related semiconductor stocks like Skyworks (SWKS).
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