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M Notes: Mon, 10-11 Thumbnail

M Notes: Mon, 10-11



Week Close:
10-8-21
+ (-)%
Dow
34,746
+420
+1.2%
S&P
4,391
+34
+0.8%
Nasdaq
14,579
+12
+0.1%
10-year1.61+0.14+9.5%


LAST WEEK:  

Markets:  A volatile week finished a touch higher.

The S&P roller coaster last week:  Down a lot, up, up, up, and down.

Autos:   Last month’s report showed 13.1 million autos sold.   The consensus for the September number was 13.4 units.  The actual number came in at 12.2 units.  Supply chain issues.  

ISM:  the Institute for Supply Management gives us two updates each month.   The first of those, Manufacturing, came in last week at 61.1.  That’s up from the 59.9 a month ago.  The Services index came in at 61.9, up from 61.7 last month.  Context:  a number over 50 suggests the economy is expanding. 

Jobs:  Coming off 235,000 jobs last month, the consensus was for 475,000 in this month’s report (for September).  The actual number missed significantly, coming in at only 194,000.

Jobless claims:  The weekly number came in at 326,000 (better than expectations). 

Radio:  Bill wasn’t on the air last Friday.  You can normally hear us most Fridays at 6:38a, 7:38a, and 8:38a on 1100AM.  

Unemployment:  Coming off a rate of 5.2% last month, the consensus was for it to drop a touch to 5.1% in this month’s report (for September).  The actual number dropped down to 4.8%.  

   

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THIS WEEK:

Focus of the week:  We get two inflation updates this week.  Consumer inflation (currently 5.3%) gets updated on Wednesday, while Wholesale inflation (currently 8.3%) gets updated on Thursday.  

Earnings season:  It gets underway once again, with the focus this week on financials.  Some of the companies reporting this week:  Bank of America, Citigroup, Delta, Goldman Sachs, JP Morgan, Morgan Stanley, UnitedHealth, Walgreens, and Well Fargo.

Indicator focus:  The CPI, Fed minutes from their September meeting (Wed); the PPI, jobless claims (Thu); and retail sales (Fri).