The Week on Wall Street
The S&P 500 came within 0.1% of a record close
Friday. Stocks were lifted last week by positive news on U.S.-China trade negotiations, plus earnings
announcements.
The Nasdaq Composite posted the largest weekly gain of the three major U.S. stock indices. It rose 1.90%. Last week also brought gains of 0.70% for the Dow Jones Industrial Average and 1.22% for the S&P. The MSCI EAFE, a benchmark for developed stock markets outside the U.S., rose 1.14%.[1][2][3]
Another Hint of Progress in Trade Talks
Friday, the Office of the U.S. Trade
Representative stated that parts of a new trade deal with China were near completion. No specifics
were given as of Friday's close, but the USTR noted that negotiators had "made headway" on key issues.
Analysts think both sides may cancel certain tariffs as part of a deal. President Trump has said that he would like to sign a new trade accord with China's President, Xi Jinping, next month.[4]
A Gain for Consumer Sentiment
Rising to a final October mark of 95.5, the
University of Michigan's Consumer Sentiment Index advanced 2.3 points month-over-month. During August
and September, the index's level varied from 89.8 to 93.2.[5]
What's Next
The Federal Reserve meets this week. Will it make another interest rate cut? And if it does, could that be the last rate cut for a while? Traders will study the language of the statement and listen carefully to Fed chair Jerome Powell's Wednesday press conference for clues.
THE WEEK AHEAD: KEY ECONOMIC DATA
Tuesday: The Conference
Board presents its October Consumer Confidence Index.
Wednesday: The Federal
Reserve makes its latest statement on monetary policy, and Automatic Data Processing (ADP) publishes
its October private-sector payrolls report.
Thursday: The Department of Commerce
offers September consumer spending data.
Friday: November begins with the
Department of Labor's October jobs report and the Institute for Supply Management's newest Purchasing
Managers Index for the factory sector, a gauge of U.S. manufacturing activity.
Source: Econoday, October 25, 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. The forecasts also are subject to revision.
THE WEEK AHEAD: COMPANIES REPORTING EARNINGS
Monday: AT&T
(T), Alphabet (GOOG), HSBC (HSBC)
Tuesday: Amgen (AMGN), BP (BP), Mastercard
(MA), Merck (MRK), Pfizer (PFE)
Wednesday: Apple (AAPL), Facebook (FB),
GlaxoSmithKline (GSK), Starbucks (SBUX)
Thursday: Altria (MO), Bristol-Myers
Squibb (BMY), Sanofi (SNY)
Friday: AbbVie (ABBV), Alibaba (BABA), Berkshire
Hathaway (BRK.B), Chevron (CVX), ExxonMobil (XOM)
Source: Zacks, October 25, 2019
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