Good morning!

Last week the S&P 500 course-corrected and reversed about half of its Trump-fueled rally, thanks to sharp losses led by tech and a dose of pessimism from the Fed chairman. Here's what's happening...

• Almost 350 companies report earnings this week, with an emphasis on consumer retail. Reporting this morning are Walmart, Lowe's, Medtronic, Burlington Coat Factory, and Keysight Technologies, followed Wednesday by the biggest name of the week, Nvidia, as well as TJ Maxx, Palo Alto Networks, Target, Williams-Sonoma, and Wix.com. On Thursday, numbers are up for Intuit, John Deere & Company, Ross Store, BJ's Wholesale, and Warner Music Group, followed by a relatively light Friday. *

• The National Association of Realtors will release its latest existing home sales update on Thursday. Economists anticipate that sales of previously owned homes increased last month, reaching a seasonally adjusted annual rate of 3.88 million homes. Despite some easing in mortgage rates, the housing market remains tight, with rates still significantly higher than they were three years ago. **

• Last week's economic data included hotter-than-expected readings for consumer inflation. Couple that with hawkish comments about interest rates from Fed Chairman Jerome Powell and you get market angst that President-elect Donald Trump's economic, immigration, and trade agenda could further stroke domestic price pressures. Investors and analysts have now lowered expectations of a December interest-rate cut, a likelihood now pegged at around 62%. *** 

The financial advisors at Miramontes Capital diligently keep up with anything that can impact our clients' finances and tap into more than 175 years of combined investment experience. We do our all to keep your money protected and growing. If you think you might benefit from our financial experience and oversight, contact us today for a FREE, no-obligation consultation. Just call (800) 460-1595. Until next week...

Investment Advisory Services offered through Miramontes Capital, LLC. Securities offered through Balanced Security Planning, Inc. Member FINRA/SIPC. Miramontes Capital, LLC and Balanced Security Planning, Inc. are separate companies affiliated through common control. This newsletter is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Miramontes Capital, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital, LLC unless a client service agreement is in place.