Dow fell 32, advancers over decliners 5-4 & NAZ was off 12. The MLP index dropped 2+ to the 285s & the REIT index rose 2+ to the 356s. Junk bond funds slid lower & Treasuries traded higher. Oil went under 51 & gold added 6 to 1295 (best price in more than 2 weeks).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.07991338205445475)
Rising energy costs caused prices at the wholesale level to climb 0.4% in Sep. The Labor Dept said that its producer price index, which measures inflation pressures before they reach the consumer, has risen 2.6% over the past 12 months. This burst of inflation is likely the result of oil refineries shuttering along the Gulf of Mexico due to Hurricane Harvey toward the end of Aug. As a result, gasoline prices surged 10.9% in Sep. Food costs were unchanged last month, motor vehicle costs rose & computer chips fell in price. A less volatile measure of inflation, which excludes food, energy & trade services, rose 0.2% last month. That measure has increased 2.1% over the past year.
JPMorgan Chase (JPM), a Dow stock, led the nation in total US deposits for the first time in Q3, according to CEO Jamie Dimon. The largest US bank by assets topped estimates on both the top & bottom lines. EPS was $1.76 on revenue of $26.2B. Analysts had expected EPS of $1.65 on revenue of $25.23B. “In Consumer & Community Banking, card sales and merchant processing volumes were once again up double digits, while loans and deposits continued to grow strongly,” Dimon said. The stock fell 85¢. If you would like to learn more about JPM, click on this link:
club.ino.com/trend/analysis/stock/JPM?a_aid=CD3289&a_bid=6ae5b6f7
Amazon.com (AMZN) will hire 120K workers in the US this holiday season, same as last year, as the online behemoth prepares for the holiday shopping frenzy. Shoppers this year will shell out more on gifts during the holidays, according to industry surveys, as a tightening job market, rising home prices & stock markets that are hovering at record highs boost consumer confidence, increasing their intent & ability to spend. AMZN said the seasonal jobs will be spread out over more than 75 fulfillment centers countrywide to help pick, pack & ship holiday orders, adding that it expects to convert thousands of these positions to full-time roles. US shoppers will spend between $678-682B on holiday shopping this year, a growth of 3.6-4% over last year, according to the National Retail Federation (NRF). This forecast includes online shopping, which is expected to accelerate its pace of growth to 11-15% to about $140B. As a result, several US retailers have been focusing on their online businesses & have ramped up hiring seasonal workers to man their distribution centers that support online operations. Overall, US retailers are expected to hire 25K fewer workers this holiday season, the NRF said, as current staffing levels are strong, & as companies offer existing workers more hours rather than adding temp workers. The stock shot up 6 to go over 1000. If you would like to learn more about AMZN, click on this link:
club.ino.com/trend/analysis/stock/AMZN?a_aid=CD3289&a_bid=6ae5b6f7
Citigroup (C) Q3 profit rose 2%, as it suffered a drop in trading revenue but was boosted by the performance of its evolving consumer bank. Quarterly revenue was $18.17B, up from $17.76B a year earlier & topping the forecast of $17.9B. Profit was $4.13B, up 8% from $3.84B a year earlier. EPS was $1.42, above the forecast of $1.32. Like its peers, Citi was held back by a drop in trading revenue, which was predicted by numerous banks after another tepid, low volatility qtr in the markets. But it was also buoyed by a rise in its investment bank & was boosted by its consumer banking unit revenue, where Citi has been promising investors a turnaround in performance. The stock has risen 26% this year, by far the best among the 6 biggest US banks, thanks in part to the announcement of a plan to return $60B in capital through 2020. The stock dropped 2.57. If you would like to learn more about Citi, click on this link:
club.ino.com/trend/analysis/stock/C?a_aid=CD3289&a_bid=6ae5b6f7
Initial earnings came in underwhelming. Of course, bank earnings have a bunch of numbers, making it difficult to understand what really happened at the macro level. Initial indications for holiday season retail business looks good, aided by a strong stock market making people feel better about spending. The Dow continues close to its record high made yesterday. Meanwhile gold is strong.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Rising energy costs caused prices at the wholesale level to climb 0.4% in Sep. The Labor Dept said that its producer price index, which measures inflation pressures before they reach the consumer, has risen 2.6% over the past 12 months. This burst of inflation is likely the result of oil refineries shuttering along the Gulf of Mexico due to Hurricane Harvey toward the end of Aug. As a result, gasoline prices surged 10.9% in Sep. Food costs were unchanged last month, motor vehicle costs rose & computer chips fell in price. A less volatile measure of inflation, which excludes food, energy & trade services, rose 0.2% last month. That measure has increased 2.1% over the past year.
US producer prices rose 0.4% in September
JPMorgan Chase (JPM), a Dow stock, led the nation in total US deposits for the first time in Q3, according to CEO Jamie Dimon. The largest US bank by assets topped estimates on both the top & bottom lines. EPS was $1.76 on revenue of $26.2B. Analysts had expected EPS of $1.65 on revenue of $25.23B. “In Consumer & Community Banking, card sales and merchant processing volumes were once again up double digits, while loans and deposits continued to grow strongly,” Dimon said. The stock fell 85¢. If you would like to learn more about JPM, click on this link:
club.ino.com/trend/analysis/stock/JPM?a_aid=CD3289&a_bid=6ae5b6f7
JPMorgan leads banks in total US deposits: Jamie Dimon on 3Q earnings
Amazon.com (AMZN) will hire 120K workers in the US this holiday season, same as last year, as the online behemoth prepares for the holiday shopping frenzy. Shoppers this year will shell out more on gifts during the holidays, according to industry surveys, as a tightening job market, rising home prices & stock markets that are hovering at record highs boost consumer confidence, increasing their intent & ability to spend. AMZN said the seasonal jobs will be spread out over more than 75 fulfillment centers countrywide to help pick, pack & ship holiday orders, adding that it expects to convert thousands of these positions to full-time roles. US shoppers will spend between $678-682B on holiday shopping this year, a growth of 3.6-4% over last year, according to the National Retail Federation (NRF). This forecast includes online shopping, which is expected to accelerate its pace of growth to 11-15% to about $140B. As a result, several US retailers have been focusing on their online businesses & have ramped up hiring seasonal workers to man their distribution centers that support online operations. Overall, US retailers are expected to hire 25K fewer workers this holiday season, the NRF said, as current staffing levels are strong, & as companies offer existing workers more hours rather than adding temp workers. The stock shot up 6 to go over 1000. If you would like to learn more about AMZN, click on this link:
club.ino.com/trend/analysis/stock/AMZN?a_aid=CD3289&a_bid=6ae5b6f7
Amazon to hire 120,000 workers in the US for holiday season
Citigroup (C) Q3 profit rose 2%, as it suffered a drop in trading revenue but was boosted by the performance of its evolving consumer bank. Quarterly revenue was $18.17B, up from $17.76B a year earlier & topping the forecast of $17.9B. Profit was $4.13B, up 8% from $3.84B a year earlier. EPS was $1.42, above the forecast of $1.32. Like its peers, Citi was held back by a drop in trading revenue, which was predicted by numerous banks after another tepid, low volatility qtr in the markets. But it was also buoyed by a rise in its investment bank & was boosted by its consumer banking unit revenue, where Citi has been promising investors a turnaround in performance. The stock has risen 26% this year, by far the best among the 6 biggest US banks, thanks in part to the announcement of a plan to return $60B in capital through 2020. The stock dropped 2.57. If you would like to learn more about Citi, click on this link:
club.ino.com/trend/analysis/stock/C?a_aid=CD3289&a_bid=6ae5b6f7
Citigroup's results climb, buoyed by consumer bank
Initial earnings came in underwhelming. Of course, bank earnings have a bunch of numbers, making it difficult to understand what really happened at the macro level. Initial indications for holiday season retail business looks good, aided by a strong stock market making people feel better about spending. The Dow continues close to its record high made yesterday. Meanwhile gold is strong.
Dow Jones Industrials
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