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M Notes:  Mon, 11-7 Thumbnail

M Notes: Mon, 11-7

Wk Close: 10-7-22
+ (-) %Oct %
Dow 32,403 -459 -1.4%+13.6%
S&P 3,770 -131 -3.4%+7.6%
Nasdaq 10,475 -627 -5.6%+1.7%
10-year 4.14 +0.13 +3.2%+6.3%
Oil 92.52 +4.62 +5.3%+11.3%


Markets:   October is normally a tough month, but not this year.  However, the first few days of November were a little rough. 

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

Fed Balance Sheet:   $8.68 trillion (down $4 billion).    

Fed Meeting:  As expected, the Fed raised their interest rate another 75 basis points.  Their rate has gone from 0 at the start of the year, up to 3.75 to 4.00%.  At his press conference Fed Chair Jerome Powell renewed the Fed’s intension to press on with their rate increases (until Inflation is under control).   

ISM:  Their manufacturing index dropped from 50.9 down to 50.2.  Their services index dropped from 56.7 down to 54.4.  Numbers above 50 represent an expansion of the economy.   

Jobs:  The number beat the expectations of 210,000, coming in at 261,000 for October.  

Jobless claims:  The weekly number came in at 217,000.  The four-week average is 219,000. 

Motor vehicle sales:   They rose from 13.5 million in September to 14.9 million in October.   

Radio:  Bill was off last Friday.  You can normally hear Bill and I discuss Markets many Friday mornings at 6:38am, 7:38am, and 8:38am 1100 AM, WTAM.  

Unemployment:  The number ticked up from 3.5% to 3.6% in October.



Focus of the week:  The Mid-Term elections are tomorrow (Tuesday).  Expectations are control of the House will move from the Democrats to the Republicans.  The Senate is up for grabs.  But the likely outcome from the elections tomorrow is a Divided government.  And divided government often brings some form of Gridlock.  Markets normally like Gridlock.  

Inflation:  The update on the Consumer Price Index comes out Thursday morning.  Expectations are for consumer inflation to drop from 8.2% down to 8.0%

Earnings:  Some of the companies reporting this week:  AstraZeneca, Disney, and Siemens.

Economic calendar:  The CPI, and jobless claims (Thu).