M Notes: Mon, 10-28
| Weekly close: 10-25-24 | + (-) | % | ||
|---|---|---|---|---|
Dow | 42,114 | -1,162 | -2.7% | |
S&P | 5,808 | -57 | -1.0% | |
Nasdaq | 18,519 | +30 | +0.2% | |
10-year | 4.24 | +0.16 | +3.9% | |
Oil | 71.38 | +2.34 | +3.4% |
LAST WEEK:
Markets: The Nasdaq hits a new all-time high, while the Dow has a tougher week.
S&P roller coaster last week: Down, Down a touch, Down a lot, Up, and Down a touch.
Durable goods: Orders were down -0.8% in September and are down -2.1% Y/Y.
Fed Balance Sheet: $7.029 Trillion (last week… down -10 Billion). Reminder: their balance sheet was closer to $4 Trillion before the Pandemic.
Housing: Existing home sales were down -1.0% in September and are down -3.5% Y/Y. New home sales were up +4.1% in September and are up +6.3% Y/Y. Two weeks ago: Starts were down -0.5% in September and are down -0.7% Y/Y.
Jobless claims: The weekly number came in at 227,000. The four-week average came in at 238,000.
National Debt: $35.223 Trillion (last week… up +$19 Billion).
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THIS WEEK:
The First Focus of the week: The Fed’s Inflation metric. The PCE comes out Thursday morning. The Y/Y number is expected to drop a tick from 2.2% down to 2.1%.
The Second Focus of the week: Jobs and Unemployment. The October jobs number is expected to drop from 254,000 (in September), down to 125,000. The U3 Unemployment rate is expected to stay at 4.1%.
Calendar: The second read on Q3 GDP (Wed); the PCE, jobless claims (Thu); the ISM manufacturing index, and the new Jobs/Unemployment numbers (Fri).
Earnings: A new Earnings season continues. Some of the companies reporting this week: Advanced Micro Devices, Airbus, Alphabet, Amazon, Amgen, AnheuserBusch InBev, Apple, Berkshire Hathaway, Caterpillar, Chevron, Comcast, ConocoPhillips, Eli Lilly, Exxon Mobil, Mastercard, McDonald’s, Merck, Meta, Microsoft, Pfizer, Shell, Starbucks, Southern Company, and Visa.