Stocks gained this week with Nasdaq and emerging markets indexes gaining the most. The week saw many earnings announcements with many more upside surprises this week fueling optimism. Also boosting stocks was news of the U.S. and China being close to finalizing portions of the phase one trade agreement. Also, of note the UAW approved a new labor contract with GM Friday, ending a 40 day strike that has rippled through the economy.
In economic numbers this week:
- The National Associate of Realtors reported:
- Existing-home sales fell 2.2% in September from August. From a year ago, existing home sales rose 3.9%. The September decline came despite lower mortgage rates but largely because of low inventory and higher home prices.
- The median sale price of an existing home in September has risen 5.9% from a year earlier.
- IHS Markit reported that the eurozone Composite Purchasing Managers’ Index rose to 50.2 in October from 50.1 in September.
- The Commerce Department reported U.S. Durable goods order fell 1.1% in September from August. This was largely blamed on Boeing’s problems with the 737 max and the GM strike.
- The Labor Department reported first time claims for unemployment declined 6,000 to a seasonally adjusted 212,000. The four week moving average of claims declined 750 to 215,000.
- The EIA weekly oil report is here wpsrsummary (9). Also, the EIA reported in the past week:
- Field production of crude oil was unchanged at 12.6MM barrels per day.
- Natural gas storage increased by 87BN cubic feet and is at the five year average at this time of year.
- Factset reported with 40% of companies reporting Q3earnings, the blended earnings decline was 3.7%. 80% of companies have beaten their estimates which is above the five year average.
- Baker Hughes reported the number of active oil rigs fell 17 to 696 and the number of active gas rigs fell 4 to 133.
Please call us if you have any questions.
Loren C. Rex, CFP®, AIF®, MA Erik A Smith
President Managing Partner
Generations Financial Planning & Wealth Management 269-441-4143
77 E. Michigan Ave, Suite 140
Battle Creek, MI 49017
Carrie Fuce, Assistant 269-441-4091
Toll Free: 800-513-8180
Visit our Website: www.genfinplan.com
Registered Representative of and securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Generations Financial Planning & Wealth Management are separate companies and are not affiliated.
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. The Indices mentioned are unmanaged and cannot be invested into directly.