Missed It by That Much: SPX Ends Just Shy of 6,000
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Welcome to the show market update podcast.

where each trading day we recap key market results and statistics. I'm a little clear, and here's a summary of what happened today, friday, november eighth, a momentous week ended friday with the S M P five hundred index or the S P X closing just shy of six thousand and all major indexes up sharply since tuesday's election and thursday's federal reserve rate cut, wall streets, party atmosphere got another boost from falling long term treasury yields, volatility and crude oil Prices as election uncertainty dissipated.

Consumer directionally and energy stocks LED the way this week on hopes for economic growth under a republican controlled senate and White house, but all eleven S N P sectors posted weekly gains dated today was light, but included consumer sentiment accelerating to seven months highs. Labor services and productivity numbers looked generally positive earlier in the week thursdays, twenty five basis point fed rate trim reduced the fed funds target range to between four point five percent and four point seven five percent, with policymakers sounding enthusiastic about the economy and indicating on course for more cuts. The fed will take a slow and methodical approach to cutting rates, said Cooper Howard, director, fixed incomes strategy at the swab center for a financial research.

The destination continues to be a lower fed funds rate, but how much lower and how quickly we get there is still up for debate. The devil will be in the details regarding what was proposed on the campaign trail versus what actually comes to fruition. So it's difficult to model out the impact of some proposals, but we expect the long term rate to be in the three point five to four point zero percent area.

Two inflation reports to do next week and a jobs report early next month could guide policymakers thinking. Wednesday brings the october consumer Price index, or C, P, I, and thursday features the producer Price index, or P, P, I. The CPI will likely get more attention after september's report came in slightly above expectations.

October retail sales data next friday is also a major report following septembers solid outing, early expectations are for zero point two percent headline monthly C P, I growth and zero point three percent core monthly CPI growth. According to trading gyn omics, core excludes water, food and energy Prices. The september figures, or zero point two percent and zero point three percent, respectively, inflation data from china this weekend proceeds next week's U.

S. numbers. China's closely watched budget meeting ended today without any major economic stimulus and docks. They are closed lower friday, though up for the week monday as veteran sa, meaning the treasury market is closed. However, the new york stock exchange will trade Normal hours. Years where the major benchmark ended, the S P X rose twenty two point four four points, zero point three eight percent, to five thousand nine hundred ninety five point five four, to end the week up four point six six percent.

The dow Jones industrial average added two hundred and fifty nine point six five points, or zero point five nine percent, to forty three thousand nine hundred eighty eight point nine nine, to end the week up four point six one percent, and the aza composite climbed seventeen point three one points, or zero point zero nine percent, to one two thousand two hundred eighty six point seven eight, to end the week up five point seven four percent. The ten year treasury no yelled fell four basis points to four point three one percent, but the two year yield added three basis points to four point two five percent. Shorter term yells, which are more closely connected to near term y policy, gained on longer term ones.

This week, the sea volatility index of the vx fell to fourteen point nine nine near a two month low. As for stocks on the move today, today's biggest sector winners were defensive ones like utilities and staples, possibly lifted by falling long term treasury yields. Info tech and communication services lagged, perhaps a sign of profit taking after their big relies.

The S, P, X climbed above six thousand at times today, but finished just below that round number when the S P X first pierce five thousand earlier this year. IT did a little back and fourth for a while, which is an uncommon at such junctions. The following companies had stark Price moves driven by analysts ratings, quarterly earnings or other news.

Airbnb tumble almost nine percent following and earnings report yesterday afternoon that fell short of analysts earnings per share, or ebs estimates. Revenue did surpass wall streets thinking, rising ten percent year over year, and guidance for this quarter looked in line. Strong growth in the key nights and experiences booked category looked positive.

Home dep gained one point six two percent following an upgrade from the telsey advisory group to outperform from market perform. The firm expects market share gains due to home depot, best in class execution and digital promise. Tesla charged eight point one nine percent higher, continuing its robust gains after the election, in part related to CEO elon mosques relationship with president elect trump.

This time, another evy company ribbon also saw buyers despite a worse than expected quarterly loss, hopes for improved margins appeared to help shares. Home builders toll brothers in K B home posted Better than two percent gains after falling earlier this week. Better consumer sentiment data may have helped palencia rose four point five percent as shares continue to see enthusiasm following earnings earlier this week.

Today's weekly update from fact, pick third quarter S M P five hundred E P S growth at five point three percent year over year, up from five point one percent a week ago, with ninety one percent of companies reporting, seventy five percent have delivered a positive earnings surprise and sixty percent have reported a positive revenue surprise, both a bit below average, even with projected E P S growth. The S M P five hundred Price to earnings are P E ratio remains lofty at twenty two point two as p continues to output e the ten year average is eighteen point one, given the historically high forward P E of twenty two on the S N P five hundred. Corporations will need to deliver on the bottom line.

And so far they have, said neth and Peterson. Capture of derivatives analysis at the swab center for financial research, communication services, health care and consumer discretion are the leading E P S growth sectors to date. Analysts expect fourth quarter earnings to rise twelve point four percent and twenty twenty five earnings to climb to fourteen point eight percent.

Fact that said, earnings are thinner next week. But while disney is on the markey thursday morning, disney beat earnings s expectations last quarter and raised guidance the week ahead. Also includes applied materials, a key supplier in the semiconductor arena.

Home depot kicks off big box results tuesday in a housing market that continues to drag due to low supplies and weak renovation demand. Last quarter homework, bo told cnbc that home owners are deferred projects due economic uncertainty. Technically, it's a mixed picture.

New all time highs are bullish, and we haven't yet seen any evidence that the post election rally is exhausted, at least not yet such jobs. Peterson, the bearish view would likely set a near term overboard. Technical status and evaluation that has become even more stretch while the S P X relative strength dex or R S, I isn't flashing and over about signal, generally, anything above seventy is considered over bot.

This momentum indicator moved from mid forties on monday to the current level of sixty nine, which is a considerable move. Back home, preliminary november U. S.

Consumer sentiment data from the university of michigan came in at a seven month tie with a headline of seventy three. The briefing 点 com consensus was seventy point six。 Little changed from seventy point five in october.

The expectations index climbed to seventy eight point five, the highest since july twenty twenty one, trading economics noted. And when your inflation expectations slipped to two point six percent for the year ahead from two point seven and the lowest in nearly four years, the data reflect sentiment before the election results. Consumer sentiment and confidence reports in coming weeks and months could be interest resting to follow for how they track consumer thinking.

After the election, trun selector al college Victory was decisive, which could reflect many voters on happiness with current economic conditions despite strong recent growth and low unemployment. For more thoughts on possible market and economic ramifications of the election, check the latest on investing podcast from liza Sanders and Kathy Jones, chief investment strategist and chief fixed income strategies to chop with today's well telegraph twenty five basis point fed rate cut out of the way fed speakers return to their podiums next week and could provide early indications of fed thinking as inflation and retail sales data hit the tape. The fed has suggested IT favors a more measured and careful approach to rate cuts moving ahead, said swab thunders in her post meeting analysis, which you can see on swab a con.

It's also clear the food continues to lean a bit more into its full employment Mandate over its Price stability Mandate. A lean toward full employment over Price stability would indicate more cuts ahead, and that's what the market expects with futures trading backing in high odds of another cut next month. As ably today, trader see sixty five percent chances, rates will fall twenty five basis points at the conclusion of the federal open market committee meeting december seventeen.

The and a thirty five percent chance of no move based on the C M. I fedor's tool. This has been the swap market update podcast to stay informed.

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