It was a mixed week for US equity indexes, with net weekly changes ranging from +0.8% (Nasdaq comp'), +0.2% (SPX), +0.1% (Dow), -0.2% (Trans), to -0.6% (NYSE comp').
Lets take our regular look at five of the main US indexes
sp'500
Nasdaq comp'
Dow
NYSE comp'
Trans
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Summary
Three US equity indexes were net higher, with two net lower.
The Nasdaq comp' was most resilient, with the NYSE comp' lagging.
The Transports broke a new historic high.
More broadly, all five indexes are holding above their respective monthly 10MA, and I see the m/t trend as bullish.
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Looking ahead
Q3 earnings will continue to pour in, whilst mainstream attention will be naturally focused on the looming election.
Earnings:
M - HAL, PHG, LOGI, IBM, STLD
T - PG, LMT, PM, TRV, NFLX, SNAP, TXN, TER, NAVI, IBKR
W - ABT, VZ, ERIC, TMO, WGO, BIIB, NEE, TSLA, CMG, LRCX, XLNX, WHR, ALGN, CSX, NTGR, DFS
T - KO, T, AAL, LUV, FCX, NOC, PHM, INTC, COF, MAT
F - CLF, AXP
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Econ-data/events
M - NAHB home builders index
T - Housing starts
W - EIA Pet' report, Fed Beige book (2pm)
T - Weekly jobs, existing home sales, leading indicators
F - PMI manu/serv' flash.
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Final note
As of Saturday, we're just 17 days from the election.
Best guess...
The above is subject to (minor) revision/update, but I remain pretty certain that US President Trump is on track for a second term. I could reel off many reasons, but I'll save those for another time.
It should be clear, the US equity market would be pleased, if its best ever cheerleader is reelected. Regardless of who wins though, that sure won't change the economic horror that remains the case for tens of millions.
Between now and early November, the societal tension can only be expected to heighten. If you can stay at least partially mentally balanced during this time... congratulations, as we're now entering an even more bizarre part of... the twilight zone.
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Have
a good weekend
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*the next post on this page will likely appear 5pm EDT on Monday.
