11/6/19 Market Notes
The Dow Jones Industrial Average gained 30 points to close at a record high, while the S&P 500 declined 0.12% after hitting a new intraday high.
The sectors comprising the S&P were mixed, with six of the eleven gaining ground, while the Real Estate, Utilities, Communication Services, Health Care and Technology sectors declined. U.S. Treasury yields climbed slightly, as the dollar strengthened as a result of rising expectations of a Sino-American trade deal.
Overseas markets were mixed overnight, as trade tensions and mixed earnings are keeping investor sentiment subdued. Geopolitics, specifically Brexit, are also weighing on investor’s minds, as Britain is preparing for a snap election that most view as simply another delay to an inevitable no-deal Brexit.
Productivity and Unit Labor Costs are the key economic reports being released today, as the end of the third quarter earnings season nears with nearly 400 companies reporting today and tomorrow. CVS Health (CVS), Qualcomm (QCOM), Baidu (BIDU), and Disney (DIS) are amongst the widely held stocks reporting over the next two days.
As of 7:00 AM (EST), premarket equity futures are pointing to another higher open.
The 1879 Advisors Investment Committee
Disclosures: This market commentary is written by the 1879 Advisors Investment Committee and represents the views of 1879 Advisors. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.