- Dividend-paying shares have been doing a good job battling inflation this year. In the S&P 500, dividend stocks are down just 11%, compared with declines of 23% for non-dividend stocks.
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The S&P 500 has underperformed in the 12 months ahead of the midterms and outperformed in the 12 months following them since 1962. The index averaged a return of -1.1% from November-October before those 15 elections, but then had a return of +16.3% in the following year.
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Meta shareholders are paying for its spending on the metaverse: The Facebook parent’s market value has collapsed by $676 billion this year, forcing it out from the ranks of the world’s 20 largest companies.
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The average U.S. 30-year mortgage rate hit 7.08% on Thursday, the highest level in about 20 years. The impact is large as the pool of potential buyers has shrunk by 47% since December.
Barrons- "Dividend-Paying Stocks Can Help Battle Inflation"
Barrons- "Don't Expect the Stock Market to Rally, Even if GOP Wins Control of Congress"
Bloomberg- "Meta's $676 Billion Rout Boots It Out of World's Top 20 Stocks"
Barrons- "Don't Expect Home Prices to Crash. The Housing Market is More Resilient Than it Looks."
Economic Calendar
Monday:
Chicago PMI (Oct)
Tuesday:
S&P U.S. manufacturing PMI (final) (Oct), ISM manufacturing index (Oct), Jobs openings (Sep), Quits (Sep), Construction spending (Sep), Varies Motor vehicle sales (SAAR) (Oct)
Wednesday:
ADP employment report (level change) (Oct), Rental vacancy rate (Q3), FOMC announcement, Fed Chair Jerome Powell press conference
Thursday:
Initial jobless claims (Oct), Continuing jobless claims (Oct), Foreign trade deficit (Sep), Productivity (SAAR) (Q3), Unit labor costs (SAAR) (Q3), S&P U.S. services PMI (final) (Oct), ISM services index (Oct), Factory orders (Sep)
Friday:
Nonfarm payrolls (level change) (Oct), Unemployment rate (Oct), Average hourly earnings (Oct), Labor-force participation rate (Oct)
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