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M Notes:  Mon, 11-16 Thumbnail

M Notes: Mon, 11-16




Weekly Close:
10-19-2020
+ (-)%
Dow29,480+1,157+4.1%
S&P3,585+76+2.2%
Nasdaq11,829-66-0.6%


LAST WEEK:

Markets mixed last week.   The Dow had a big week.  The S&P was up some, but the Nasdaq was negative.  Tech didn’t lead the way up this time, but more companies that had gotten beaten up coming back some.

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

Inflation:   The CPI (consumer) was flat (0%) for October and +1.2% YOY.  The PPI (wholesale) was +0.3% in October and +0.5% YOY.  The PCE (the Fed’s metric) came in two weeks ago at +1.4%.    

Jobless claims:  They came in better than expected.  The prior read was at 751,000.  Expectations were for 737,000, but the actual number came in at 709,000.  That’s the 4th time below 800,000 and the 12th time in the last 14 weeks the number has been below 1,000,000.  It’s still way above the norm, but it’s getting better and continues to go in the right direction.

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THIS WEEK:

Focus of the week:  As I write this (this morning), Markets are solidly up.  It’s all pretty much based on vaccine hopes.  We already know about Pfizer’s drug.  Now Moderna says their prelim trial data shows a 94% effective rate.  

Earnings Season is winding down.  The focus this week will be on Retail.  Some of the companies reporting this week:  Home Depot, Kohl’s, Lowe’s, Macy’s, Target, TJX, and Walmart.   

Indicator focus Retail sales, industrial production, business inventories (Tue); housing starts (Wed); jobless claims, existing home sales, and the Philly Fed index (Thu).