Weekly Market Snapshot1

News Last Week

  • Minutes from the September Federal Reserve Open Market Committee meeting revealed that many members believe inflation will remain below the Federal Reserve’s target of 2% for longer.
  • JPMorgan Chase and Citigroup reported better-than-expected earnings Thursday. Both stocks sold off however as they failed to deliver on a number of fundamental areas such as loan growth and loan quality.
  • Wells Fargo delivered an earnings result that fell short of expectations. Third-quarter revenue and profit dropped due largely to a $1 billion mortgage litigation accrual. The bank also announced they may struggle to hit expense targets for next year.
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  • A merger between Sprint and T-Mobile will most likely be blocked by the Justice Department according to Reuters. The deal would create a company that controls more than half the market for pre-paid plans, popular with people who have poor credit.
  • Bitcoin hit a record high, breaking the $5,000 level.
  • Snap hit a three-month high, rallying 3.35% on Thursday.
  • Wednesday: JOLTS (Job Openings and Labor Turnover Survey) came in at 6.082m job openings and 5.430m hirings for August. The spread between openings and hirings is one of the widest on record.
  • Thursday: PPI Final Demand for September was 0.4%, as expected.
  • Friday: September retail sales excluding autos and gas were a strong 0.5%. The headline gain was for 1.6% due to higher auto sales demand in the wake of hurricanes Harvey and Irma. Similarly, gas sales were affected by the spike in pump prices following Harvey.
  • Friday: Core CPI (excluding food and energy) for September came in at a lower-than-expected 0.1%. Including food and energy, the number was 0.5% due to a hurricane– driven spike in these areas.
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News Next Week

  • Monday: Empire State Manufacturing Survey for October at 8.30am
  • Tuesday: Industrial Production for September at 9.15am
  • Wednesday: Housing Starts for September at 8.30am
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  • Thursday: Philadelphia Fed Business Outlook Survey for October at 8.30am
  • Friday: Existing Home Sales for September at 10am
  • Friday: Janet Yellen to deliver a lecture at the NEC Herbert Stein Memorial Lecture and Annual Members Dinner

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