Seleccionar página

Week of October 21st – 25th

  • The S&P 500 index flirted with an all-time closing high on Friday, but came up just short. It closed at 3022.55, up 1.2% for the week. The index did trade a little above 3025.86, its record close on July 26, but finished the day a tad below there. Among the 11 S&P 500 sectors, the top performer was energy, up 4.3% for the week, followed by technology (up 2.49%), industrials (up 2.16%), and financials, which gained nearly 2%. The Dow Jones Industrial Average rose 0.7% for the week, to close at 26958.06, 1.5% below its record close set on July 15. The index has moved higher in two of the past three weeks. The Russell 2000, which tracks small-cap shares, finished the week at 1558.7, with a 1.5% gain
  • Brexit: another waisted week, however the GBP still holds on.
  • Chile, the riots are taking a toll on the local market.
  • Chevron and others got the Veny exception extended another three months and also PDVSA 2020  got frozen until Jan 22, in effect no allowing the seizure of Citgo Assets in case of default on the $918mm payment due on October 28th. 
  • Tesla jumped 17% pre-market after delivering a quarterly profit few saw coming. Elon Musk peppered investors with positive updates: The new factory in China has started production and the Model Y crossover will launch earlier than planned. Even so, revenue fell for the first time since 2012 and Tesla’s been here before, posting the occasional profit it’s been unable to sustain.
  • Paypal the company’s total payment volume, a closely watched metric, reached $179 billion in the third quarter, up 25% from a year ago.
  • Microsoft beat
  • Amazon tumbled after profit shrank for the first time in more than two years and its fourth-quarter sales forecast missed. Higher spending to speed deliveries and boost capacity for cloud-computing hit the bottom line. And the spending binge isn’t over. The costs of its one-day delivery push will be about $1.5 billion during the holiday quarter. The shares were down 5.6% pre-market.
  • Intel boosted its sales and profit forecasts for the year, citing improved demand for semiconductors that power cloud-computing data centers. It also shrugged off concerns about trade tensions and said its new $20 billion buyback shows confidence in its growth plan. Third-quarter adjusted EPS and revenue also beat. Shares rose 4% in early trading
  • The Bad:  Twitter, Nokia, IBM.
  • Elections in Argentina.
  • Coming Reports
    1. Monday: Alphabet, AT&T, Enterprise Products Partners, Spotify Technology
    2. Tuesday: Advanced Micro Devices, BP, Chubb, ConocoPhillips, Electronic Arts, General Motors, Mastercard, Merck, and Pfizer. The Conference Board releases its Consumer Confidence Index for October. Consensus estimates are for a 127 reading, up from September’s 125.1.
    3. Wednesday: Apple, Automatic Data Processing , CME Group , Facebook , General Electric , McKesson, Sony , and Starbucks report quarterly results. The Bureau of Economic Analysis reports its advance estimate for GDP in the third quarter. Economists forecast a 1.8% annual rate, below the second-quarter’s 2% figure.
    4. Friday: The Bureau of Labor Statistics releases the jobs report for October. Expectations are for a 90,000 gain in nonfarm payrolls, after a 114,000 rise in September. The headline unemployment rate is seen ticking up to 3.6%, still near half-century lows.