Dow dropped 48, decliners over advancers roughly 5-4 & NAZ lost 45. The MLP index went up a fraction to 268 & the REIT index was fractionally higher in the 362s (near its record highs). Junk bond funds were mixed after recent selling & Treasuries declined. Oil inched higher in the 57s & gold fell 2 to 1285.
AMJ (Alerian MLP Index tracking fund)
Consumer sentiment in US unexpectedly fell by the most in a year amid expectations that inflation & interest rates will rise, according to a Univ of Mich report. The sentiment index dropped to 97.8 (est. 100.8) from 100.7. The current conditions gauge, which measures Americans’ perceptions of their finances, fell to 113.6 from 116.5 & the expectations measure decreased to 87.6 from 90.5. Even with the decline, sentiment was the 2nd-highest since Jan, reinforcing other reports that Americans remain optimistic about employment and the economy. Anticipation of a pickup in inflation & higher interest rates weighed on the gauge, although a record number of Americans “spontaneously mentioned” an improving jobs market. Favorable references to more jobs & less unemployment tied the highest level ever recorded, in 1984 & 2012. The results indicate consumers are evaluating whether income gains would be enough to outpace the expected increase in borrowing costs for home and car purchases. “While the majority judged current conditions in the economy favorably and consumers anticipated continued growth on balance, consumers judged the outlook less satisfactory, and were equally divided about whether the expansion would last another five years,” Richard Curtin, director of the consumer survey, said. Consumers expected an annual income gain of 2.1% for the 2nd straight month, the best 2-period average since 2008
Pres Trump set out a strong message on trade at a meeting of Asia-Pacific countries in Vietnam, saying the US could no longer tolerate chronic trade abuses & would insist on fair & equal trade policies. Trump said the US was ready to make a bilateral deal with any country in the Indo-Pacific region, but only on the basis of "mutual respect and mutual benefit." Although he was addressing a meeting alongside the summit of Asia-Pacific Economic Cooperation (APEC) leaders, he repeatedly referred to the Indo-Pacific region & mentioned the importance of India in his speech. Referring to North Korea, he said the region must not be held hostage to a dictator's "twisted fantasies".
JC Penney (JCP) reported an increase in Q3 same-store sales that was twice what was expected. Comparable sales rose 1.7%, compared with the 0.6-0.8% it had forecast last month. Analysts had expected comparable sales to increase 0.7%. JCP last month also slashed its full-year forecast as it sold stagnant apparel inventory at heavy discounts amid an overhaul of its women's section. "We took aggressive actions to clear slow-moving inventory, primarily allowing for an improved apparel assortment heading into the holiday season," CEO Marvin Ellison said. US department stores have worked hard this year to rein in inventory to match declining foot traffic & boost weak margins as shoppers increasingly turn to off-price & online retailers. Rivals said they were entering the most important shopping season of the year in tight inventory positions. The net loss widened to $128M (41¢ per share), from $67M (22¢ per share) a year earlier, partly because of heavy discounting to clear slow-moving inventory. Excluding items, the EPS loss was 33¢, less than the 40-45-¢ loss it had estimated. Analysts expected a 43¢ loss. Net sales fell about 2% to $2.81B but beat the analyst estimate of $2.77B. The stock rose 35¢ (12% for this low priced stock).
If you would like to learn more about JCP, click on this link:
club.ino.com/trend/analysis/stock/JCP?a_aid=CD3289&a_bid=6ae5b6f7
Sec Mnuchin said that corp tax cuts were about jobs. That's the big story for the stock market & the market will respond to favorable & unfavorable word coming from DC. There are numerous worries around the globe, but those are not bothering the bulls. Congress is pretty much closed for the weekend as the year-end gets closer. All eyes are watching those guys in DC to see what tax package they come up with. A weekly decline for stocks will end the 8 week streak of advances.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 57.14 | -0.03 | -0.05% |
| GC=F | Gold | 1,285.00 | -2.50 | -0.19% |
Consumer sentiment in US unexpectedly fell by the most in a year amid expectations that inflation & interest rates will rise, according to a Univ of Mich report. The sentiment index dropped to 97.8 (est. 100.8) from 100.7. The current conditions gauge, which measures Americans’ perceptions of their finances, fell to 113.6 from 116.5 & the expectations measure decreased to 87.6 from 90.5. Even with the decline, sentiment was the 2nd-highest since Jan, reinforcing other reports that Americans remain optimistic about employment and the economy. Anticipation of a pickup in inflation & higher interest rates weighed on the gauge, although a record number of Americans “spontaneously mentioned” an improving jobs market. Favorable references to more jobs & less unemployment tied the highest level ever recorded, in 1984 & 2012. The results indicate consumers are evaluating whether income gains would be enough to outpace the expected increase in borrowing costs for home and car purchases. “While the majority judged current conditions in the economy favorably and consumers anticipated continued growth on balance, consumers judged the outlook less satisfactory, and were equally divided about whether the expansion would last another five years,” Richard Curtin, director of the consumer survey, said. Consumers expected an annual income gain of 2.1% for the 2nd straight month, the best 2-period average since 2008
U.S. Consumer Sentiment Unexpectedly Drops Amid Price Concerns
Pres Trump set out a strong message on trade at a meeting of Asia-Pacific countries in Vietnam, saying the US could no longer tolerate chronic trade abuses & would insist on fair & equal trade policies. Trump said the US was ready to make a bilateral deal with any country in the Indo-Pacific region, but only on the basis of "mutual respect and mutual benefit." Although he was addressing a meeting alongside the summit of Asia-Pacific Economic Cooperation (APEC) leaders, he repeatedly referred to the Indo-Pacific region & mentioned the importance of India in his speech. Referring to North Korea, he said the region must not be held hostage to a dictator's "twisted fantasies".
Trump sets out strong trade message at Asia-Pacific meeting
JC Penney (JCP) reported an increase in Q3 same-store sales that was twice what was expected. Comparable sales rose 1.7%, compared with the 0.6-0.8% it had forecast last month. Analysts had expected comparable sales to increase 0.7%. JCP last month also slashed its full-year forecast as it sold stagnant apparel inventory at heavy discounts amid an overhaul of its women's section. "We took aggressive actions to clear slow-moving inventory, primarily allowing for an improved apparel assortment heading into the holiday season," CEO Marvin Ellison said. US department stores have worked hard this year to rein in inventory to match declining foot traffic & boost weak margins as shoppers increasingly turn to off-price & online retailers. Rivals said they were entering the most important shopping season of the year in tight inventory positions. The net loss widened to $128M (41¢ per share), from $67M (22¢ per share) a year earlier, partly because of heavy discounting to clear slow-moving inventory. Excluding items, the EPS loss was 33¢, less than the 40-45-¢ loss it had estimated. Analysts expected a 43¢ loss. Net sales fell about 2% to $2.81B but beat the analyst estimate of $2.77B. The stock rose 35¢ (12% for this low priced stock).
If you would like to learn more about JCP, click on this link:
club.ino.com/trend/analysis/stock/JCP?a_aid=CD3289&a_bid=6ae5b6f7
J.C. Penney's same-store sales come in above its estimates
Sec Mnuchin said that corp tax cuts were about jobs. That's the big story for the stock market & the market will respond to favorable & unfavorable word coming from DC. There are numerous worries around the globe, but those are not bothering the bulls. Congress is pretty much closed for the weekend as the year-end gets closer. All eyes are watching those guys in DC to see what tax package they come up with. A weekly decline for stocks will end the 8 week streak of advances.
Dow Jones Industrials
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