Monthly Archives: October 2016

Utilities Help Push Stocks Higher

U.S. equities traded mostly higher on Monday, led by utilities, following a slew of corporate news and the release of solid economic data, but an investigation into new Hillary Clinton emails kept investors on edge.

That said, Raymond James Chief Investment Strategist Jeffrey Saut said he still expects stocks to end the year at all-time highs. “Fundamentals have changed. GDP has come in better than expected and … earnings have improved,” he said. Saut added that stocks weren’t trading much more lower on Monday because Clinton is “still the odds-on-favorite” to win.

The U.S. economy grew 2.9 percent in the third quarter, according to Commerce Department data released Friday.

U.S. stock futures rose slightly before the bell, as investors parsed through corporate earnings, a merger announcement between Baker Hughes and General Electric, and economic data.

In economic news, consumer spending rose more than expected in September as households boosted purchases of motor vehicles and inflation increased steadily, which could bolster expectations of an interest rate hike from the Federal Reserve in December.

The Commerce Department said on Monday that consumer spending, which accounts for about 70 percent of U.S. economic activity, increased 0.5 percent after a downwardly revised 0.1 percent drop in August.

Coming Up:

Monday:

9:45 a.m. Chicago PMI

Tuesday:

Fed meeting begins
Monthly vehicle sales
9:45 a.m. Manufacturing PMI
10:00 a.m. ISM manufacturing
10:00 a.m. Construction spending

Wednesday:

8:15 a.m. ADP employment
2:00 p.m. FOMC statement

Thursday:

8:30 a.m. Initial claims
8:30 a.m. Productivity and costs
9:45 a.m. Services PMI
10:00 a.m. ISM nonmanufacturing
10:00 a.m. Factory orders

Friday:

8:30 a.m. Employment report
8:30 a.m. International trade

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Stocks Mixed On Huge Earnings Day

U.S. stocks traded mixed on Tuesday as one of the busiest days of the earnings season got under way.

The Dow Jones industrial average traded slightly lower, with Procter & Gamble contributing the most gains to the tune of 20 points, but Home Depot shaved off approximately 20 points. The S&P 500 fell 0.1 percent, with consumer discretionary leading decliners. The Nasdaq composite held around breakeven.

More than 90 companies were scheduled to post quarterly results on Tuesday. Dow components 3M, Caterpillar and DuPont reported earnings before the bell. Caterpillar and 3M posted mixed results, as both beat estimates on the bottom line, while missing on revenues. Caterpillar also lowered its 2016 earnings per share guidance.

Coming Up:

Tuesday

Earnings:

ATB: Apple, AT&T, Chipotle Mexican Grill, Capital One, Discover Financial, Express Scripts, Juniper Networks, Vertex Pharma, iRobot, Pandora Media, Panera Bread, Owens-Illinois

9 a.m.: Case-Shiller Home Price Index

9 a.m.: FHFA Home Price Index

10 a.m.: Consumer confidence

1 p.m.: $26 billion two-year Treasury note auction

Wednesday

8:30 a.m.: U.S. trade deficit

9:45 a.m.: Markit services PMI

10 a.m.: New home sales

1 p.m.: $34 billion five-year Treasury note auction

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Stock Market Higher on Positive Banking Earnings

U.S. equities rose on Friday as investors parsed through quarterly results from several big banks and economic data.

The Dow Jones industrial average rose more than 150 points before holding about 110 points higher, with Goldman Sachs contributing the most gains. The S&P 500 rose approximately 0.4 percent, with information technology and financials leading advancers.

The Nasdaq composite gained 0.4 percent.

JPMorgan Chase, Wells Fargo and Citigroup all posted better-than-expected quarterly results, beating estimates on both the top and bottom lines.

In economic news, U.S. retail sales rose 0.6 percent in September, matching expectations. Meanwhile, the Labor Department said its producer price index for final demand increased 0.3 percent after being unchanged in August.

Other data released Friday included business inventories, which rose 0.2 percent in August. Meanwhile, October consumer sentiment came in at 87.9, well below an estimate of 92, as concerns over the U.S. presidential election weighed.

Investors have been heavily scrutinizing U.S. economic data recently, trying to gauge the likelihood that the Federal Reserve raises interest rates later this year. According to the CME Group’s FedWatch tool, market expectations for a December rate hike are more than 60 percent.

The dollar rose 0.43 percent against a basket of currencies, with the euro near $1.099 and the yen around 104.18.

In oil markets, U.S. crude traded about 1 percent lower at $49.96 per barrel.

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Stocks Lower After Data

MONDAY – U.S. stocks traded lower on Monday, the first trading day of the fourth quarter, as investors digested key economic news and kept an eye on oil prices.

The Dow Jones industrial average fell about 100 points in midmorning trade before holding about 50 points lower, with UnitedHealth contributing the most losses. The S&P 500 fell 0.25 percent, with real estate and utilities leading decliners, as both fell 1 percent. The Nasdaq composite slid approximately 0.1 percent.

In economic news, the September Markit Manufacturing PMI came in at 51.5, a three-month low. “U.S. manufacturers signalled another moderate upturn in both production volumes and incoming new work during September, but the latest survey indicated a further loss of growth momentum from July’s recent peak,” Markit said.

The ISM Manufacturing index for September came in at 51.5, up from 49.4 in the previous month. Construction spending fell 0.7 percent in August, with analysts expecting a 0.2 percent increase.

This Week:

Monday

Auto sales

Wednesday

8:15 a.m.: ADP payrolls
8:30 a.m.: Trade deficit
9:45 a.m.: Markit services PMI
10 a.m.: ISM non-manufacturing
10 a.m.: Factory orders

Thursday

8:30 a.m.: Jobless claims

Friday

8:30 a.m.: Employment report
10 a.m.: Wholesale trade
3 p.m.: Consumer credit