Dow, S&P 500 Extend Win Streaks

Weekly Commentary — November 11th, 2019

The Week on Wall Street

Domestic and international stocks rose last week. Risk appetite outweighed concerns about the state of U.S.-China trade discussions.

The Dow Jones Industrial Average, Nasdaq Composite, S&P 500, and MSCI EAFE all ended the week with gains. Blue chips led the way, as the Dow added 1.22%. The Nasdaq improved 1.06%; the S&P, 0.85%. The EAFE index, tracking developed stock markets away from North America, was up 0.76%. The Dow recorded its third straight weekly gain; the S&P, its fifth.[i],[ii],[iii]

Will Tariffs Phase Out or Remain? 

Thursday, a spokesman for China’s commerce ministry said that U.S. and Chinese trade representatives had “agreed to remove” existing tariffs in “phases,” while working toward a new trade deal.

On Friday morning, President Trump told the media that he had not agreed to any such condition. President Trump and Chinese President Xi Jinping are still expected to sign off on “phase one” of a new bilateral trade agreement.[iv]

Service Sector Activity Picks Up

A closely watched index of U.S. business activity posted an October gain. The Institute for Supply Management’s Purchasing Managers Index for non-manufacturing firms rose nearly two points last month to 54.7. ISM also noted an October increase for new orders.

As most U.S. companies provide services rather than manufacture products, this news is encouraging and suggests more momentum in that sector.[v]

Final Thought

Monday is Veterans Day; the stock market will be open, but the bond market, plus all federal government offices, will be closed.

 

THE WEEK AHEAD: KEY ECONOMIC DATA

Wednesday: Federal Reserve Chairman Jerome Powell begins two days of testimony on the country’s economic outlook in Congress, and the Bureau of Labor Statistics presents new inflation data in the October Consumer Price Index.

Friday: October retail sales figures arrive from the Census Bureau.

Source: Econoday, November 8, 2019

 

THE WEEK AHEAD: COMPANIES REPORTING EARNINGS

Tuesday: Praxair (LIN), Tyson Foods (TSN)

Wednesday: Cisco (CSCO)

Thursday: Applied Materials (AMAT), Nvidia (NVDA), Walmart (WMT)

Source: Zacks, November 8, 2019

Indices as of 11:8:19.png

 

 

“Brave men rejoice in adversity, just as brave soldiers triumph in war.”

– Lucius Annaeus Seneca

You’re Not Alone: The Many IRS Resources Available 

The thought of filing taxes might be overwhelming to some, but the IRS has many resources available to help make it easier. These include their Frequently Asked Questions page, some basic tools about PTIN requirements, contact information, disaster relief resources, and more. In addition, they also make it easy to access some of their most popular publications, including:

If you have questions before, during, or after filing your tax return, the IRS is happy to help. You can also reach out to enrolled agents and find out more information about what EAs are and how you can become one.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov[vi]

 

Share the Wealth of Knowledge!
Please share this market update with family, friends, or colleagues.

 

If you have any questions or would like to learn more about developing strategies to pursue a prosperous and safe future, contact me today at Derek.Merkler@Parsonex.com! You can also visit my website to learn about how I help our service members and veterans plan for and achieve financial independence.

My blog discusses a myriad of financial topics and challenges, book reviews, and commentary on current events in the financial world to benefit our military and veteran community.  I attempt to be as thorough as possible when examining each subject but can never account for every possible scenario.  Please remember to consult with your advisers for advice on your particular situation.  Thank you for reading!

Advisory Services offered through Parsonex Advisory Services, Inc. 8310 S. Valley Highway, Ste. 110, Englewood, CO 80112 (303) 662-8700.


[i] https://www.wsj.com/market-data

[ii] https://quotes.wsj.com/index/XX/990300/historical-prices

[iii] https://www.marketwatch.com/story/stock-futures-bounce-around-as-wall-street-weighs-china-us-tariff-rollback-talk-2019-11-08

[iv] https://www.cnbc.com/2019/11/08/trump-says-he-has-not-agreed-to-roll-back-tariffs-on-china-after-week-of-trade-optimism.html

[v] https://www.briefing.com/Investor/Calendars/Economic/Releases/napmserv.htm

[vi] https://www.irs.gov/newsroom/irsgov-has-many-resources-for-tax-preparers

Leave a Reply