||Week Close: 11-10-23
Markets: Even though Fed Chair Powell warned Inflation hasn’t been tamed enough, Markets moved higher last week. (Listen to the second radio segment below.)
S&P roller coaster last week: Up slightly, Up, Up slightly, Down, and Up a lot.
Fed Balance Sheet: $7.861 trillion (down -$6 billion). Reminder: their balance sheet was closer to $4 trillion before the Pandemic.
Jobless claims: The weekly number came in at 217,000. The four-week average came in at 212,000.
Radio: Bill and Chris chatted about a couple of things this past week. First, they spoke about a study comparing the most/least Charitable States. Here’s the link: https://parker-wealth.com/bill-and-chris-podcasts/bill-and-chris-fri-11-10-part-1 . Then they spoke about a comment from Fed Chair Jerome Powell that has received a bit of attention. Here’s the link: https://parker-wealth.com/bill-and-chris-podcasts/bill-and-chris-fri-11-10-part-2 . You can hear Bill and I talk about Markets and the Economy most Friday mornings at 6:40am, 7:40am, and 8:40am on WTAM 1100 AM.
Trade deficit: It grew from $58.3 billion in August to $61.5 billion in September. Exports were up $5.7 billion, while Imports were up $8.6 billion.
Focus of the week: Inflation. Again. Why? Because it remains the focus of the Federal Reserve. Expectations are the Consumer Price Index (CPI) will drop from 3.7% down to 3.3% on Tuesday. The wholesale index, the Producer Price Index (PPI), is expected to drop from 2.2% down to 2.0% on Wednesday.
Earnings Season is starting to wind down. Some of the companies reporting this week: Applied Materials, Cisco, Home Depot, Siemens, Target, TJX, and Walmart.
Economic calendar: CPI (Tue); PPI, retail sales (Wed); industrial production, jobless claims (Thu); and housing starts (Fri).