M Notes: Mon, 11-18

	Week Close: 11-15-24	+ (-)	%
Dow	43,445	-544	-1.2%
S&P	5,871	-124	-2.1%
Nasdaq	18,680	-607	-3.1%
10-year	4.44	+0.13	+3.0%
Oil	66.99	-3.44	-4.9%

LAST WEEK:

Markets:  The Post-Election Rally… lost a bit of steam last week.  

S&P roller coaster last week:  Up a touch, Down, Up a touch, Down, and Down a lot.  

Fed Balance Sheet:  $6.967 Trillion (last week… down -$27 Billion).  Reminder: their balance sheet was closer to $4 Trillion before the Pandemic.  

Industrial production:  It dropped -0.3% in October (as it did in September). 

Inflation:  Consumer Inflation (the CPI) climbed, as expected, from 2.4% in September to +2.6% Y/Y in October.   Wholesale Inflation’s September number was revised from 1.8%. up to 1.9%.  The October PPI came in at 2.2% Y/Y.  

Jobless claims:  The weekly number came in at 217,000.  The four-week average came in at 227,000.

National Debt:  $36.008 Trillion (last week… up +$727 Billion… an outlier week).

Retail sales:  The October number was revised upward from +0.4% up to +0.8%.  The October number slightly beat expectations, coming in at +0.4%.   Retail sales are up +2.8% Y/Y.  

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THIS WEEK:

Focus of the week:  With a light economic data week, will the Election Rally reengage?  

Calendar:   Housing starts (Tue); existing home sales, and jobless claims (Thu).   

Earnings:  Earnings season is starting to wind down.  Some of the companies reporting this week:   Deere, Intuit, Lowe’s, Medtronic, NVIDIA, Siemens, Target, TJX, and Walmart.