Indices
- Dow 47,147, +160 or +0.34%.
- Nasdaq 22,900, -104 or -0.45%.
- S&P 6,734, +6 or +0.09%.
- MSCI EAFE 2819.42, +45.30 or +1.63%.
- USD10Y 4.148%, +4.7bp or +1.15%.
- WTI Crude $57.37 bbl, -$2.38 or -3.98%.
Government Open, No December Rate Cut?
After the longest shutdown in U.S. history, the government reopened on Thursday. September economic reports will be released this week, but the President’s Press Secretary, Karoline Leavitt, announced that October’s reports may never be published. That news, along with hawkish comments from Minneapolis Fed Governor Neel Kashkari and Boston Fed President Susan Collins, sent markets sharply lower on Thursday.
The CME FedWatch tool now assigns a 43.9% probability of a December rate cut, down from 66.9% a week ago.
Looking Ahead: November 10 – 14
With the government reopened, September economic data will be released on Thursday, including non-farm payrolls, the unemployment rate, and average hourly earnings.
Earnings season is winding down, but key reports remain. Nvidia (NVDA) leads the week, along with major retailers Walmart (WMT), Home Depot (HD), Lowe’s (LOW), and Target (TGT).
Economic Calendar
- Monday – N/A. Earnings: N/A.
- Tuesday – N/A. Earnings: Home Depot (HD).
- Wednesday – October FOMC meeting minutes. Earnings: Lowe’s (LOW), Target (TGT), TJ Maxx (TJX), Nvidia (NVDA).
- Thursday – Initial Jobless Claims, September Non-Farm Payrolls, September U.S. Unemployment Rate, September Average Hourly Wages. Earnings: Walmart (WMT), Ross Stores (ROST).
- Friday – November S&P Flash Manufacturing and Services PMI. Earnings: N/A.
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Disclaimer: This is not a recommendation to buy or sell any of the securities listed above. I personally, or a family member whose account I control, have positions in the following securities/assets...Bitcoin, Ethereum, Solana, ACHR, BITB, HPE, IBIT, NVDA, and RIVN.