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Morningstar Indexes: Weekly Market Report

Week ending Jan. 19: Earnings season gets off to mixed start.

Morningstar Indexes, 01/22/2007

Markets were choppy at the start of corporate earnings reporting season. A late-week rally in crude oil prices and new data on tightening in the labor market took a back seat to mixed fourth-quarter results and dour forecasts from some bellwether stocks. The Morningstar US Market Index finished the week of Jan. 19 down a scant 0.1%.

Small-cap stocks trailed their large- and mid-cap peers, while growth stocks-which had a strong run in the first two weeks of the year-lagged value and core stocks. The Morningstar Large Value Index was the best performer among the nine Morningstar style indexes with a gain of 0.63%, while the Morningstar Small Growth Index trailed the pack with a loss of 1.74%.

The rebound of large growth stocks was put on hold as several technology stocks pushed the Morningstar Large Growth Index down last week. Cisco Systems CSCO, Apple APPL, and Dell DELL each dropped more than 6%, while energy stocks, J.P. Morgan Chase & Co. JPM, and Pfizer PFE buoyed the Morningstar Large Value Index. J.P. Morgan Chase's net income jumped 68% for the fourth quarter; the stock rose 1.6%. Likewise, Pfizer's shares increased 2.2% after its strong earnings report

Mid-cap semiconductor manufacturer Lam Research LRCX dropped 13% after offering analysts a disappointing forecast. The grim outlook spread to other semiconductor stocks in the Morningstar Small Growth Index. Shares of Varian Semiconductor Equipment Associates VSEA fell 10.6% and Cymer CYMI lost 9.2%.

For a more in-depth look into market performance, view the PDF report U.S. Market Overview. Data for all Morningstar Indexes are available here.

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