Weekly Market Update
By Michael McKeown, CFA, CPA - Chief Investment Officer
Chart of the Week
After falling 61% in 2020, the energy sector staged a comeback for the ages. Readers may recall oil prices fell negative for a trading day in April 2020. The sector now is the top performer since the start of 2020. It just surpassed the technology sector, which was the winner during the work-from-home stage of this recovery.
What We’re Reading
Consumer Checkpoint: Real Time Data on Spending Trends – Bank of America
Little Rules About Big Things – Morgan Housel
The COVID-19 Baby Bump – National Bureau of Economic Research
US Chip Sanctions ‘Kneecap’ China’s Tech Industry – Wired
Quarterly Economic and Interest Rates Commentary – Hoisington
Podcast of the Week
This Is What the US Just Did to China on Semiconductors – Odd Lots, Bloomberg
The Past Week
Last week higher industrial production and lower jobless claims were both better than expected. On the downside, reports from the New York and Philadelphia Fed offices showed declining economic activity. The homebuilder survey surprised on the downside and was confirmed with less existing home sales in September.
The Week Ahead
Monday started with a disappointing report on services and manufacturing data from S&P. This week we will see how durable goods orders are holding up along with GDP for the third quarter, with economists expecting growth of 2.4%. We will also get the Case-Shiller report on home prices, with estimates for another monthly price decline.
Talk to you next week.
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