Indices
- Dow 42,114, -1161or -2.68%.
- Nasdaq 18,518, +29 or +0.20%.
- S&P 5,808,-56 or-0.96%.
- MSCI EAFE 2361.47, -47.89 or -1.99%.
- USD10Y 4.233%, +15.9bp or +3.90%.
- WTI Crude $71.69 bbl, +$2.35or +3.34%.
Dow Falters, Nasdaq Treads Water, Big Week Ahead
The Dow struggled this week as Boeing (BA) announced a $6 billionquarterly loss and was unable to settle its labor issues with its machinist's union. Likewise, GE Aerospace (GE), 3M (MMM), and Honeywell (HON) all posted disappointing results while McDonald’s was hit with an e-coli scare. The tech heavy Nasdaq was largely unchanged as Tesla (TSLA) provided ballast after reporting an unexpectedly good quarter (although their carbon offset credit sales and battery business buoyed otherwise declining prices of their primary auto business). One aside that was fascinating; General Motors reported a fantastic quarter and noted that their average vehicle sale is now above $49,000.00!
The Upcoming Week: Oct 28 – Nov 1
Two weeks of light economic data come to an abrupt end. This week will see Consumer Confidence, Job Openings and Labor Turnover Survey (JOLTS), ADP Private Payrolls, Q3 GDP, Personal Consumption Expenditure (PCE) and that is just between Tuesday and Thursday. Friday is gangbusters with October Non-Farm Payrolls, the U.S. Unemployment Rate, U.S. Hourly Wages, and the manufacturing data from S&P and the ISM surveys!
The Q3 earnings season also explodes with five of the Magnificent Seven (Apple, Microsoft, Alphabet, Meta, Amazon) on the calendar as well as numerous other important consumer (McDonalds, Chipotle, DoorDash, Visa and Mastercard), manufacturing (Ford, Caterpillar) and energy (Chevron and Exxon) names reporting.
Economic Calendar
- Monday – N/A.Earnings: Ford Motor (F).
- Tuesday – October Consumer Confidence, September JOLTS. Earnings: McDonalds (MCD), Alphabet (GOOGL), Chipotle Mexican Grill (CMG), Visa (V).
- Wednesday – October ADP Private Payrolls, Q3 GDP. Earnings: Caterpillar (CAT), Meta (META), Coinbase (COIN), DoorDash (DASH), Microsoft (MSFT).
- Thursday – Initial Jobless Claims, October Personal Consumption Expenditure (PCE) Earnings: Ferrari (RACE), Mastercard (MA), Uber (UBER), Amazon (AMZN), Apple (AAPL).
- Friday – October Non-Farm Payrolls, October U.S. Unemployment Rate, U.S. Hourly Wages, October S&P U.S. Manufacturing PMI, October ISM Survey. Earnings: Chevron (CVX), Exxon Mobile (XOM).
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