New record highs! – Here’s what traders are focusing on right now…

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Stock Market Update Sunday, November 10th, 2019

The S&P finished higher for the 5th week straight, after another record-setting week of trading.

On Monday, stocks got off to a strong start and ended the day with new record highs.

But things didn’t look too hot on Tuesday. After a gap higher, stocks pulled back to end the day with a small loss.

On Wednesday, stocks pulled back again but eventually finished with a small gain.

And on Thursday, stocks opened higher, rallied to record highs, then finished just below the day’s open.

On Friday, things were a little rocky after tariff concerns. But after trading at session lows, stocks rallied and the major indices finished the week with a new record close.

Here’s what traders are focused on:

  • Trade – Optimism over trade was a big reason for last week’s rally. On Thursday, there were reports out of China claiming that the U.S. agreed to cancel existing tariff increases. But on Friday, President Trump contradicted the reports, saying that he hasn’t agreed to roll back tariffs. Stocks dropped to session lows after news then slowly worked their way back higher throughout the day.
  • Earnings – Earnings season is winding down, but earnings continue to beat expectations. According to FactSet, 452 of the companies in the S&P 500 have reported quarterly earnings. And 74% have beaten expectations.

Here’s where the major indices ended the week:

  • The S&P finished with a 0.9% gain. Up 26 points, the S&P ended at 3,093.
  • The DOW ended higher by 1.2%. Adding 334 points, the DOW closed at 27,681.
  • The NASDAQ was up 1.1%. With an 89 point gain, the NASDAQ finished at 8,475.

Crude Oil (CL) finished the week with its best close since mid-September. Up 1.9%, CL ended at $57.27 a barrel.

Disney (DIS) jumped 3.8% on Friday. The move came after Disney reported better than expected revenue, largely due to the popularity of its remake of The Lion King. 

Monster (MNST) was a winner as well, up 2.7% after better than expected earnings.

But Gap (GPS) lost 7.6% after weaker than expected future guidance and surprise news that its CEO is leaving the company.

This week, we’ll see earnings reports slow down.  A few of the more popular names reporting include Cronos Group (CRON), Tilray (TRLY), Cisco (CSCO), NVIDIA (NVDA) and JC Penney (JCP).

We also have a bank holiday on Monday (Veterans Day). Major exchanges will be open but bond markets will be closed.

Looking at the economic calendar, CPI Data on Tuesday, Fed Chair Powell’s testimony on Wednesday and Thursday, and Retail Sales on Friday are all items to keep an eye on.

Here is the economic calendar for the week:

Real Time Economic Calendar provided by Investing.com.

This Stock Market Update was provided by Rockwell Trading Services LLC.


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