LAST WEEK
U.S. equities finished mostly higher this week with Technology names leading the way as the best performer with leadership from hardware and software stocks. While the tech-heavy Nasdaq failed to extend its streak of new highs on Friday, the index market cap managed to trade at more than 50% of the S&P 500 index value thanks to both Alphabet and Apple. Communications services was another bright spot, with notable gains from large cap internet names, while Healthcare outperformed with help from biotech and managed care. Consumer Staples, Consumer Discretionary, Utilities and Real Estate all finished higher, however lagged the broader market. Industrials ended slightly lower with machinery and equipment rental the notable drags. Financials also saw a modest pullback with banks on the defensive into earnings next week (though IBs did well). Energy was the worst performer on the week, snapping its five-week winning streak on the back of de-escalating tensions between the U.S and Iran. WTI crude slumped 6.4%, its largest weekly retreat since July. The Dollar index was up 0.5% as the Dollar-Yen rose above 109.5, the Euro-Dollar slipped to 1.11, while Gold gained 0.5% for its third straight weekly increase.