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DAILY MARKET RECAP – November 21, 2017

Markets

• S&P 500 up 0.65% to $2,599.03
• DJIA up 0.69% to $23,590.83
• Nasdaq up 1.06% to $6,862.48
• Russell 2000 up 1.03% to $1,518.89
• U.S. 10-yr down 1 bp to 2.36%
• WTI Oil up 0.83%% to $56.89

U.S. equities rallied to new highs today driven by the technology sector, solid economic data and another batch of strong corporate earnings reports. Existing home sales came in stronger than expected in October on growth of single family and condo sales, pointing to a continuation of the tight housing market. Seasonally, the Thanksgiving week is typically positive for stocks, albeit with less volume, and that trend has continued so far this week.

The 10-year Treasury yield decreased by one basis point to 2.36%. Oil prices posted gains on investor hopes that OPEC will extend output cuts when they meet next week.

Economic Data

Existing Home Sales rose to 5.48 million in October, a 2% increase over September, and higher than the 5.44 million expected. Both single family resales and condos showed strength. Discounting was limited in the month as supply tightened further to 3.9 months following five straight readings of 4.2 months. Regional sales grew in the northeast, the south (due to a rebound from the hurricanes), the midwest and the west. Existing home resales have struggled this year due to lack of supply, but recent reports have been strong and point to a solid year end contribution from housing.

Stock Moves

The Justice Department sued AT&T (T) to block its proposed $85.4 billion acquisition of Time Warner (TWX), claiming that the deal would raise prices for consumers and would slow the transition to other distribution models. AT&T said that the decision is a departure from decades of antitrust regulation and will fight the legal battle. T was slightly down on the news while TWX was up 2%.

Stocks that beat analysts’ earnings estimates today include: Palo Alto Networks (PANW), Medtronic (MDT), Hormel (HRL), Dollar Tree (DLTR), and Urban Outfitters (URBN), with shares of each rising as a result. On the other hand, companies with earnings that were lower than expected include Campbell’s Soup (CPB), DSW (DSW) and Signet Jewelers (SIG). The most punished name in the market today was Signet Jewelers as the company’s same store sales fell 5% in the third quarter compared to an expected drop of 3.3%. The company also cut its full year sales and earnings forecast. The stock closed down 30% on the disappointing news.

Tomorrow

Major Economic Catalysts:

• Durable Goods Orders (October): Consensus 0.4%
• Consumer Sentiment (November) 98.1
• Federal Reserve Open Market Committee Minutes

All estimates come from Econoday’s survey of economists/analysts. Earnings per share estimates are from Factset, are set against year ago results, and represent adjusted earnings.

All estimates come from Econoday’s survey of economists/analysts. Earnings per share estimates are from Factset, are set against year ago results, and represent adjusted earnings.

TODAY’S STOCK TALK

Tuesday, November 21, 2017

  • Intel (INTC)
  • Triton International (TRTN)

-Brian Hamilton of Zacks

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions and should not be construed as a recommendation of any specific security or investment plan. Past performance does not guarantee future results.

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