M Notes: Mon, 11-3
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Week Close: 10-31-25 | + (-) | % | Sep % |
|---|---|---|---|---|
| Dow | 47,563 | +356 | +0.8% | +2.5% |
| S&P | 6,840 | +48 | +0.7% | +2.3% |
| Nasdaq | 23,725 | +520 | +2.2% | +4.7% |
| 10-year | 4.10 | +0.10 | +2.5% | -1.2% |
| Oil | 60.98 | -0.46 | -0.7% | -2.2% |
LAST WEEK:
Markets: Markets continue to shrug off the Government Shutdown.
S&P roller coaster last week: Up significantly, Up, Flat, Down a lot, and Up.
Durable Goods Orders: Delayed due to the Shutdown.
Fed Balance Sheet: $6.587 Trillion.
Fed Meeting: The FOMC cut the Federal Reserve’s interest rate 0.25%. No surprise there. The surprise came during Fed Chair Jerome Powell’s press conference when he said a cut at their next meeting (December) was not a forgone conclusion… “far from it”.
GDP: The numbers were not reported, due to the Government Shutdown.
Inflation: The Personal Consumption & Expenditures index (the PCE) was not reported, due to the Government Shutdown.
Jobless Claims: The numbers were not reported, due to the Government Shutdown.
National Debt: $37.947 Trillion.
Shutdown: I heard a stat last week… that a one-year extension of the subsidies for Obamacare (the ACA) was $40 Billion. And yet it’s widely acknowledged the package Senator Schumer required Republicans to pass was $1.5 Trillion in additional spending… for a seven week extension. If both of those numbers are true, then I would submit the argument by Democrats that this Shutdown it about Healthcare isn’t really true. Certainly, a one-year extension of Obamacare would allow plenty of time for both sides to discuss the future of Obamacare. So, if Healthcare isn’t really the issue, what is?
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THIS WEEK:
Focus of the week: Few economic numbers are being updated. So, the Focus remains the Shutdown. A month… and counting.
Calendar: ISM Manufacturing index (Mon); the Trade Deficit (Tue); Jobless Claims (Thu); and the new Jobs & Unemployment numbers (Fri).
Earnings: Some of the companies reporting this week: Advance Micro Devices, Amgen, AstraZeneca, Berkshire Hathaway, BP, ConocoPhillips, Eaton, Ferrari, HSBC, KKR, McDonald’s, Nintendo, Palantir, Parker Hannifin, Pfizer, Qualcomm, Spotify, Toyota, and Uber.
* The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. Yahoo! Finance, the Wall Street Journal, Investor’s Business Daily and Barron’s are several of the sources used for financial information.
* The National Debt figure comes from usdebtclock.org.
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