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M Notes:  Mon, 2-8 Thumbnail

M Notes: Mon, 2-8

Week Close:
+ (-)%

Markets rebounded significantly last week.  While economic data was positive last week, it didn’t justify the huge upward move in my view.  It was really a reversal of the Market’s concern over the GameStop situation from the week prior.  

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

ISM:  The Institute for Supply Management gives us two reads each month.   The key number to keep in mind is “50”.   Below 50 means contraction, while above 50 means expansion.  The Manufacturing index dropped from 60.7 to 58.7.  The Services index rose from 57.2 up to 58.7.  Both numbers are good.

Jobs: After last month’s -140,000 jobs number, hope was that we would see more than the +50,000 forecasted.   The actual number came in at only +49,000.  

Jobless claims:  They came in at 779,000.  

Unemployment:  Expectations were for the U3 number to remain at 6.7%.   It dropped to 6.3%.  




Focus of the week:  It’s a quiet economic data week.  Two weeks ago, Markets zoomed down the roller coaster.   Last week they zoomed back up.   Which way will they move this week?   So far this Monday, it would appear we’re moving a bit higher.

Earnings season:  Some of the companies reporting this week:  Cisco, Coca-Cola, Disney, Kellogg, Kraft Heinz, GM, Goodyear, and Twitter.

Indicator focus CPI (Wed); jobless claims (Thu); consumer sentiment (Fri).