Market News & Analysis

Equity Handover: US Stocks Edge Lower as CHWY Extends IPO Mania

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Headlines

  • US indices closed marginally lower in the final trading day of the week, with the tech-heavy Nasdaq 100 and small-cap focused Russell 2000 leading the way lower.
  • Utilities (XLU) were the best performing sector on the day; Technology (XLK) was the worst.
  • US Retail Sales (May) bounced back to +0.5% m/m, but last month’s reading was also revised higher from -0.2% to +0.3%. Industrial Production figures also beat expectations.
  • Stocks on the move:
    • Broadcom (AVGO, -6%) cut its full-year outlook, denting hopes for a rebound in the semiconductor market.
    • Online pet supplier Chewy (CHWY) surged 59% in its first day as a publicly-traded company.
  • See the key releases and themes we'll be watching next week!

*There are no high-impact corporate announcements expected during tomorrow’s Asian session.*

**No major macroeconomic releases are expected during Monday’s Asian session.**


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