29 May, 2017 Shares were mixed in lethargic pree0holiday trading on Friday

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1 29 May, 2017 Shares were mixed in lethargic pree0holiday trading on Friday US markets After rising over the past several days, shares showed a lack of direction in pre-holiday trading. However, despite the choppy trading, the Nasdaq and the S&P ended the day at new record closing highs. The Dow Jones industrials slipped 2.67 points while the S&P added 0.75 point. The Nasdaq advanced 0.1 percent. For the week, the Dow was up 1.3 percent, the S&P gained 1.4 percent and the Nasdaq added 2.1 percent. The lackluster performance came as traders expressed some uncertainty about the near-term outlook for the markets following recent volatility. Traders largely shrugged off the latest economic data including the upward revision to first quarter gross domestic product. GDP increased at an annual rate of 1.2 percent, up from the original estimate of 0.7 percent. However, April durable goods orders were down 0.7 percent on the month after jumping an upwardly revised 2.3 percent in March. Excluding a drop in orders for transportation equipment, durable goods orders were down 0.4 percent after climbing 0.8 percent in March. The University of Michigan final May consumer sentiment was virtually unchanged from the prior reading. Deckers Outdoor posted a strong gain after the maker of Ugg boots reported an unexpected fourth quarter profit and provided upbeat guidance. Nutanix advanced after the enterprise technology company reported a narrower than expected third quarter loss and offered an upbeat revenue forecast. GameStop declined after the video game retailer reported better than expected first quarter results but disappointed investors by leaving its full-year earnings guidance unchanged. Costco Wholesale was up after the warehouse club operator reported results Thursday. These data reflect observations at 4:00 PM US ET. Gold at the afternoon London fixing was up US$8.10 to US$1, Copper futures were down 1.15 percent to US$2.57. WTI spot crude was up 87 US cents to US$ Dated Brent spot crude was up 71 US cents to US$ The US dollar was up against the euro, pound, Swiss franc and the Australian dollar. The currency declined against the Canadian dollar. The Dollar Index was up percent. The yield on US Treasury 30 year bond was down 1 basis point to 2.91 percent while the yield on the 10 year note was unchanged at 2.25 percent. European markets European markets were mostly lower in light trading energy and automakers declined. Investors were unimpressed by the results of Thursday's OPEC meeting. OPEC members and some non-opec producers agreed to extend a pledge to cut around 1.8 million barrels per day until the end of the first quarter of The FTSE and SMI were up 0.4 percent and 0.1 percent respectively. The DAX lost 0.2 percent and the CAC slipped 0.52 point. For the week, the FTSE was up 1.0 percent while the SMI and CAC added 0.2

2 percent. The DAX lost 0.3 percent. Automakers especially German automakers were under pressure after US President Trump threatened to block German car exports to the United States. Volkswagen, Daimler and BMW retreated along with Peugeot and Renault in Paris. In London, Petrofac extended Thursday s sharp losses. The company suspended its Group Chief Operating Officer until further notice and will cooperate with the SFO Investigation. Banks including Italy s Intesa Sanpaolo, Mediobanca and UniCredit declined along with Germany's Deutsche Bank, Bank of Ireland and Britain's Lloyds. Royal Dutch Shell and Total both declined. Oil services companies including Subsea 7, Technip and SBM Offshore were lower. Asia Pacific Markets Most Asian stock markets closed lower Friday, tracking the overnight plunge in crude oil prices. Crude futures plunged Thursday after news that OPEC agreed to extend cuts in oil output by nine months to March 2018, while investors had been hoping for deeper and more lasting production cuts. The Shanghai Composite edged up 0.1 percent while the Hang Seng added 8.49 points. For the week, the former added 0.6 percent and the latter was up 1.8 percent. Mainland markets will be shut on Monday and Tuesday for public holidays, while Hong Kong will be closed Tuesday. Both the Nikkei and Topix lost 0.6 percent Friday. The Nikkei was up 0.5 percent on the week while the Topix gained 0.6 percent. The major exporters mostly closed lower on a stronger yen. Toshiba, Panasonic and Canon declined while Sony edged upward. Toyota and were down. Mitsubishi UFJ Financial and Sumitomo Mitsui Financial declined. Inpex and JXTG Holdings were lower after crude oil prices plunged overnight. The S&P/ASX declined 0.7 percent and the All Ordinaries was down 0.6 percent. Oil stocks declined after crude oil prices fell overnight. Oil Search, Santos and Woodside Petroleum retreated. Also lower were BHP Billiton, Rio Tinto and Fortescue Metals. Banks including ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac were down. For the week, both stock indices were up 0.4 percent. The Kospi was up 0.5 percent on the day and 2.9 percent on the week. The Sensex climbed 0.9 percent Friday and was up 1.8 percent for the week. Looking forward Central Bank activities May 31 United States Federal Reserve Publishes Beige Book The following indicators will be released this week... Europe May 30 Eurozone EC Consumer & Business Confidence France Gross Domestic Product (Q preliminary) Consumption of Manufactured Goods (April) May 31 Eurozone Harmonized Index of Consumer Prices (May flash) Unemployment Rate (April) Germany Retail Sales (April) June 1 Eurozone

3 Germany France UK Italy Unemployment Rate (April) Gross Domestic Product (Q1.2017) Asia Pacific May 30 Japan Household Spending (April) Unemployment (April) Retail Sales (April) May 31 Japan Industrial Production (April) China CFLP June 1 Japan China Americas May 30 Canada Industrial Product Price Index (April) United States Personal Income & Spending (April) Consumer Confidence (May) May 31 Canada Gross Domestic Product (Q1.2017) Monthly Gross Domestic Product (March) United States Chicago PMI (May) Pending Home Sales (April) June 1 United States Initial Unemployment Claims (week ending prior Saturday) ADP Private Employment (May) ISM Manufacturing Index (May) Construction Spending (April) June 2 Canada International Trade (April) United States International Trade (April) Employment Situation (May) Global Stock Markets End Daily Percent Change Index 2016 May 25 May 26 Change Daily 2017 Yr/Yr North America United States Dow NASDAQ S&P Canada S&P/TSX Comp Europe UK FTSE France CAC Germany XETRA DAX Italy MIB Spain Ibex Sweden OMX Stockholm * Switzerland SMI *

4 Asia/Pacific Australia All Ordinaries Japan Nikkei Topix Hong Kong Hang Seng S. Korea Kospi Singapore STI China Shanghai Comp Taiwan TAIEX India Sensex *Markets closed Data Source Haver Analytics Bond markets 10-Yr Govt Bonds Closing Yield Change Yield (bp) US 2.25% 0 UK 1.01% -3 Germany 0.33% -3 Japan 0.03% -1 Australia 2.41% -3 Currencies and commodities Currency May 25 May 26 Change (%) Japanese yen % Australian dollar % Yuan % Euro % British pound % Swiss franc % Canadian dollar % Commodities May 26 Change Brent Spot $ % Gold (PM fixing) $1, $8.10 Thompson-Reuters/ Jeffreys Commodity index % Important Information The content of this material is intended to be viewed for informational purposes only and cannot be construed as an offer or solicitation to purchase any investment fund or product of Fidelity, or an offer or solicitation to engage the investment management services of Fidelity. This material may not be circulated or reproduced without the written consent of Fidelity.

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