Price Return Last Week
S&P 500 (2.1%) S&P Mid Cap (2.7%) Russell 2000 (4.0%)
MSCI EAFE (2.6%) MSCI EM (4.5%)
10 Yr US Treasury Rate – rose from 4.34% to 4.43%
Source: Refinitiv Eikon
Recent News
Core CPI – Oct: 0.3% (Reuters Poll est. 0.3%) Sep: 0.3%
Inflation readings were reported exactly in-line with economists expectations. In contrast to September when energy costs fell 1.9% month-over-month, the October reading was flat versus the previous month. This was offset by a moderate decline in the price of food. Shelter price increases remain stubbornly high, increasing at 0.4% month-over-month and 4.9% year-over-year.
Source: Refinitiv Eikon, U.S. Bureau of Labor Statistics
Q3 Earnings – 93% of companies in the S&P 500 have reported earnings thus far. Of those that have reported, the blended year-over-year earnings growth rate is 5.4%. This compares to estimates at the beginning of the quarter of 4.2%. Analysts currently estimate year-over-year earnings growth for Q4 to be 12.1% and 15.0% for 2025.
Source: FactSet
Fed Chair Speech – Federal Chairman, Jerome Powell said that the Federal Reserve does not need to rush rate cuts in the current environment. Powell remarked, “if the data let us go a little slower, that seems a smart thing to do.” When asked about what impact the Trump administration’s proposals may have, Powell deferred, stating “the answer is not obvious until we see the actual policies.” The odds of an interest rate cut in December have fallen in the last week from over 80% to just under 60%.
Source: Thomson Reuters
One Million Miles – As a promotion to advertise their recent addition to the SkyTeam Airline Alliance, Scandinavian Airlines (SAS) is offering one million miles to anyone who completes at least 15 qualifying flights with 15 different SkyTeam members by the end of the year. With only 17 airlines available to select from, participants will have to become familiar with airlines such as Garuda Indonesia, China Eastern, and Kenya Airways to be able to complete the challenge. Employees at SAS have been placing bets on how many complete the challenge with estimates ranging from 5 to 500.
Source: FrequentMiler.com, The Wall Street Journal
Upcoming Events
11/19 – Housing Starts, Notable Earnings Reports: Walmart, Lowe’s, Medtronic
11/20 – Notable Earnings Reports: Target, TJX, Palo Alto Networks, NVIDIA, Snowflake
11/21 – Existing Home Sales, Notable Earnings Reports: Deere & Co, Copart
11/22 – Consumer Sentiment
Source: Refinitiv Eikon
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