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Nasdaq - The Week on Wall Street

Investing Insights

Earnings helped give the Nasdaq Composite and S&P 500 a slight lift last week, offsetting investor disappointment over the small scope of the preliminary U.S.-China trade deal reached on October 11. Blue chips took a small weekly loss. The Nasdaq and S&P respectively gained 0.40% and 0.54% on the week.

The Dow Jones Industrial Average retreated just 0.17%. Outdoing these three benchmarks, the MSCI EAFE index tracking stocks in developed overseas markets rose 1.35%.1,2

The Early Earnings Picture

According to stock market analytics firm FactSet, 15% of S&P 500 companies had reported results through Friday’s close. Of those companies, 84% announced that net profits topping projections, and 64% said that revenues had exceeded forecasts. One big question is whether overall earnings for S&P 500 firms will show year-over-year growth. There was no year-over-year earnings gain evident in either Q1 or Q2.3

Retail Sales Declined Last Month

Shoppers scaled back their purchases in September. The Census Bureau announced a 0.3% dip for retail sales, the first decrease in seven months. Auto sales can influence this number, and car and truck buying fell 0.9% last month. A fall pickup in that category may help encourage another monthly advance.4

What’s Next

If you buy your own health coverage, note that the open enrollment period for 2020 health insurance plans begins on November 1 in most states. The open enrollment window closes on December 15.5

THE WEEK AHEAD: KEY ECONOMIC DATA

Tuesday: The National Association of Realtors publishes a report on September existing home sales.

Thursday: A report on September new home sales arrives from the Census Bureau.

Friday: The University of Michigan’s final October Consumer Sentiment Index appears, evaluating consumer confidence levels.

Source: Econoday, October 18, 2019

The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize.