Dow finished up 35, advancers over decliners about 2-1 & NAZ advanced 139. The MLP index fell 1+ to the 106s & the REIT index went up 5+ to 353. Junk bond funds remained slightly higher & Treasuries were steady. Oil dropped 1+ to the 38s (more below) & gold 18 to 1912.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
General Motors' Q3 total auto sales fell 10%, but the company said
there were "signs of recovery" in the auto industry & highlighted its
Sep sales. GM delivered 665K vehicles in the qtr, a
10% drop compared with the year-ago period, but sales improved each
month within the 3-month span. The industry & GM sales "rebounded
significantly in September, finishing the month with year-over-year
sales increases," the company said. Retail sales also were a reason for
optimism & GM said its pickup trucks & SUVs "are selling extremely
fast." GM "remains focused on producing the right mix of vehicles to
meet demand. Large pickup and full-size SUV plants are all operating on
three shifts and at maximum overtime," it said.
The stock rose 80¢.
If you would like to learn more about GM, click on this link:
club.ino.com/trend/analysis/stock/GM?a_aid=CD3289&a_bid=6ae5b6f7
Homebuyers hoping that a seasonal slowdown in the housing market would dampen rising prices can forget about it. More buyers piled into the fray in Sep, spurred by record-low mortgage rates & a pandemic-induced stay-at-home culture, pushing sales to an even faster pace. In the first read on Sep demand, homes sold 12 days faster than they did a year ago, according to realtor.com. Homes usually sell 25% faster in Sep than at the start of the year, but this year they sold 39% faster. It took just 54 days to sell a home during the month. That is the shortest time since realtor.com began tracking this metric in 2016. Back then it took 78 days. The median price of a home sold in Sep was $350K, up just over 11% annually.
Homes sold two weeks faster in September due to unusual surge in demandPepsico (PEP), a Dividend Aristocrat, forecast full-year profit above market expectations after a rebound in soda sales & increased demand for the company's snacks during the
COVID-19 crisis helped drive quarterly sales higher. The
company beat revenue & profit estimates for Q3. People
spending more time working from home & taking online classes has led
to a rise in demand for company products from households across North America. Sales
of snacks under the Frito-Lay North America unit, rose 7% in
the qtr, while higher demand for breakfast foods led to a 6% rise at
its Quaker Foods business. "Both FritoLay and Quaker Foods continued to deliver robust growth as at
home consumption trends have remained strong despite the measured
reopening of economies and activities in certain areas, since May,"
CEO Ramon Laguarta. Higher demand for Starbucks branded coffee & energy
drinks as well as low calorie versions of Gatorade, Mountain Dew &
Pepsi helped boost revenue of PepsiCo's North America beverage business
by 6%. That helped offset a slump in sales at restaurants,
theaters & stadiums, which has been hurting the unit since
the start of the pandemic. Overall
net revenue rose more than 5% to $18.1B, beating expectations of $17.2B. Its forecast full-year core EPS of $5.50, above expectations of $5.36. Net EPS attributable to the company rose 9.1%
to $1.65. Excluding items, the EPS was $1.66 per share, beating expectation of $1.49.
The stock went up 2.20.
If you would like to learn more about PEP, click on this link:
club.ino.com/trend/analysis/stock/PEP?a_aid=CD3289&a_bid=6ae5b6f7
PepsiCo sees strong annual profit as snacks, sodas thrive in pandemic
House Speaker Nancy Pelosi & Treasury Secretary Steve Mnuchin will try to scrape together a coronavirus stimulus deal later today as more trouble spots emerge in the US economic recovery. The pair spoke by phone for about 50 minutes in the last hour & plan to talk again later in the day, Pelosi's spokesman Drew Hammill said. They aimed to clarify both the amount of money to put into a potential bill & the language of the legislation, “but distance on key areas remain,” he added. After Pelosi & Mnuchin met in person yesterday but did not reach a deal on a 5th coronavirus relief package.
Oil futures were sharply lower, with prices logging their lowest settlement since mid-Sep, as worries about rising cases of COVID-19 worldwide fed expectations for a slowdown in energy demand. Crude oil investors have closely followed the spread of the disease because it can have a detrimental impact on appetite for oil as economies stall. Europe was implementing or planning to reinstitute new social-distance restrictions as COVID-19 cases climb. West Texas Intermediate crude for Nov dropped $1.50 (3.7%) to settle at $38.72 a barrel. Prices for the US benchmark, based on the front-month contracts, saw monthly fall of 5.6%, but ended 2.4% higher for the qtr. Oil prices in Sep suffered their first monthly decline since Apr. Dec Brent crude shed $1.37 (3.2%) at $40.93 a barrel after trading as low as $39.92.
Oil settles at lowest price in more than 2 weeks
The Dow had been in the black until the last 2 hours when sellers took it into the red. But buying at the close gave it a small gain Investors are nervous anout the fate of the stimulus bill. Time is running out before the guys in DC go on vacation again. Prospects for a bill are dim. On the positive sign, the Dow is near its record just 1700 away.
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