Markets had a terrible holiday week. The FAANG downturn continued, with continued concerns over Fed interest rate policy and trade concerns over China also weighing down the markets.
Housing news: Starts were up 1.5% in October (right at consensus); but are down -2.9% year-over-year. Existing home sales were up +1.4% in October; but are down -5.1% year-over-year.
Durable goods orders missed expectations for October. The consensus was for a drop of -2.6%, but the actual decline was -4.4%. Year-over-year orders, however, are up +6.7%.
The U.S. stock market was closed all of Thanksgiving Day, and closed early on Black Friday.
The economic focus of the week: Cyber Monday. Shoppers braved the crowds last Friday, and now look to get great deals on-line.
The 2nd read on Q3 GDP comes out on Wednesday morning. The 1st read came in at +3.5%, and expectations are the revised number will remain there.
Earnings season is over. A couple of the companies reporting this week that might be worth noting: Dicks Sporting Goods, HP, and Smuckers.
Indicator focus: The revised read on Q3 GDP, and October’s international trade numbers (Wed).
Have a great week.
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