Weekly Economic Summary - 10/22/2018Submitted by Miller Financial Group, LLC on October 22nd, 2018
The past couple of weeks have been a roller coaster ride for U.S. stocks. The S&P500 is down 5% month to date, while the Dow is off 3% and the Nasdaq has led the way in the loss parade with a 7.4% loss so far in the month of October. Last week ended with a glimmer of hope as the S&P500 eked out a weekly rise and the Dow ended a three week losing streak with an advance of 0.4%. The tech-heavy Nasdaq continued to take a beating with its third straight weekly decline. In early trading this morning, U.S. stocks are struggling to find a direction. The focus this week will be on a wave of third quarter earnings reports.
Chinese stocks are on the rise for a second straight day riding momentum on reassuring comments by leaders and regulators following last week’s market rout and discouraging economic data. Over the weekend, China President Xi Jinping emphasized China’s support for the private sector. Both the Shanghai Composite and Shenzhen Composite were up over 4% in today’s session.
In addition to a deluge of earnings reports this week, investors will also have a busy week of economic data to digest. Kicking off the week is a report from the Chicago Fed National Activity Index which showed a decrease from August to September.
Have a great week!