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WEEKLY UPDATE - NOVEMBER 4, 2019
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The Week on Wall Street
A better-than-forecast jobs report prompted a stock market rally Friday, two days after traders witnessed another interest rate cut by the Federal Reserve.
Both the S&P 500 and Nasdaq Composite ended the week at historic peaks, while the Dow Jones Industrial Average settled less than 12 points under its all-time record close. The Nasdaq rose 1.74% for the week; the S&P gained 1.47%. The Dow added 1.44%. MSCI's EAFE benchmark, which measures developed stock market performance outside the U.S. and Canada, improved 0.58%.[1][2][3]
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Economy Adds 128,000 Jobs in October
This net increase far surpassed the gain of 85,000 projected by a Bloomberg poll of economists. These job gains occurred even as last month's General Motors strike impacted hiring in the manufacturing sector.
Unemployment rose slightly to 3.6% in October, an effect of more people entering the job market. Likewise, the U-6 rate, counting both unemployed and underemployed, Americans ticked up to 7.0%.[4]
The Fed's Latest Interest Rate Decision
Last week, the central bank made its third quarter-point rate cut since July, leaving the target range for the federal funds rate at 1.50-1.75%.
Something was missing from the latest Fed policy statement. Since June, a passage had noted that the Fed was ready to "act as appropriate to sustain the expansion." In the latest statement, that language disappeared. At a press conference Wednesday, Fed Chair Jerome Powell commented that Fed officials "see the current stance of monetary policy as likely to remain appropriate."[5]
Where Trade Talks with China Stand
There were further negotiations between U.S. and Chinese officials Friday, and China's commerce ministry announced that both sides had "reached consensus on principles" integral to the first phase of a new trade pact. U.S. Trade Representative Robert Lighthizer noted only that the latest round of conversation had brought "progress in a variety of areas."[6]
THE WEEK AHEAD: KEY ECONOMIC DATA
Tuesday: The Institute for Supply Management presents its latest Purchasing Managers Index for the U.S. service sector, gauging business activity and new orders.
Friday: The University of Michigan's preliminary November Consumer Sentiment Index appears, measuring consumer confidence levels.
Source: Econoday, November 1, 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: Marriott International (MAR), Sysco (SYY), Uber (UBER)
Tuesday: Allergan (AGN), Toyota (TM)
Wednesday: CVS Health (CVS), Qualcomm (QCOM)
Thursday: Booking Holdings (BKNG), Walt Disney Co. (DIS)
Friday: Duke Energy (DUK), Enbridge (ENB), Honda (HMC)
Source: Zacks, November 1, 2019
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Any investment should be consistent with your objectives, time frame and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
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"When you start seeing your value, you'll find it harder to stay around people who don't"
-
Unknown
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Frittatas are one of the most versatile brunch dishes because you can make them any way you want. They are surprisingly easy and will fill up even the hungriest guests. Here's our favorite frittata recipe:
[6 servings]
Ingredients:
- 8 large eggs
- ⅓ cup heavy cream
- 1 cup mozzarella, shredded
- A sprinkle of salt and pepper
- A pinch of red pepper flakes
- 2 Tsp. olive oil
- 1 green onion, minced
- 3 cloves of garlic, minced
- 8 oz. mushrooms, sliced
- ½ cup ricotta
- 3 cups baby spinach
- Any other toppings you want, such as bacon, ham, broccoli, etc.
Directions:
- Preheat the oven to 375° F.
- Whisk together the eggs, heavy cream, and cheese. Season with salt, pepper, and red pepper flakes.
- Cook the green onions and garlic in the olive oil until soft, then add the mushrooms, spinach, and any other toppings you're using.
- Pour the egg mixture into the skillet and dollop with the ricotta on top (pro tip: the crust of the frittata will get crispier if you use a cast iron skillet).
- Bake for 12 minutes.
Recipe adapted from Delish
[7]
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Forget the Score and Just Play
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When you're having a bad game, it can be hard to think of anything else besides the ball you just shanked, your double bogey, or the slow, chatty group in front of you. So, here's a tip: for the rest of the game, forget the score and just play.
There are so many things to love about golf, even when you're having an off day. You're with your buddies enjoying time outside, you're getting some exercise in, and you're practicing your game. So, if you find yourself getting frustrated, tuck the score card away and just play. You might find that your posture improves, your grip loosens, and you might even start parring some holes. You could also spend this time really focusing on your technique and perfecting it where you can.
The game isn't always about the number on the scorecard. Sometimes you just need a round or two of pure enjoyment.
Tip adapted from Golf Tips Magazine[9]
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Thanksgiving Day - Offices Closed & Reduced Hours
Our offices will be closed on Thursday, November 28,
in observance of the Thanksgiving Day Holiday
We will have reduced hours on
Friday, November 29, from 8:00 am - 12:00pm Central.
We will return to normal business hours
on Monday, December 2, at 8:00 am.
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Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
Diversification does not guarantee profit nor is it guaranteed to protect assets.
International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors.
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The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. The DJIA was invented by Charles Dow back in 1896.
The Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of stocks of technology companies and growth companies.
The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets as represented by 21 major MSCI indices from Europe, Australia, and Southeast Asia.
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Consult your financial professional before making any investment decision.
Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
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Broker dealer or Investment Advisor and should not be construed as investment advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial advisor for further information.
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[1] www.reuters.com/article/us-usa-stocks/sp-500-nasdaq-set-records-on-jobs-data-trade-headway-idUSKBN1XB3ZD
[2] www.wsj.com/market-data
[3] quotes.wsj.com/index/XX/990300/historical-prices
[4] time.com/5716189/us-adds-128000-jobs-october-2019/
[5] www.cnbc.com/2019/10/30/fed-decision-interest-rates-cut.html
[6] www.foxbusiness.com/markets/us-china-trade-talks-reach-consensus-on-principles?cmpid=prn_investors
[7] www.delish.com/cooking/recipe-ideas/a24229816/frittata-recipe/
[8] www.irs.gov/newsroom/seven-tips-to-protect-your-computer-online
[9] www.golftipsmag.com/forget-the-golf-score-and-just-play/
[10] www.nutritionaustralia.org/national/resource/eat-rainbow
[11] www.onegreenplanet.org/lifestyle/10-eco-friendly-toys-for-dogs/
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