DAILY MARKET RECAP – November 13, 2018
• S&P 500 down 0.15% to 2,722.10
• DJIA down 0.40% to 25,286.49
• NASDAQ unch at 7,200.88
• Russell 2000 down 0.26% to 1,514.80
• U.S. 10-yr down 5 bp to 3.14%
• WTI Oil down 7.93% to $55.18
Market volatility continued today as stocks struggled to bounce back after Monday’s sell-off. The Dow Jones Industrial Average fell 142 points, while the S&P 500 dipped 0.2 percent. The Nasdaq Composite traded just along the flatline. Stocks were trading higher after the Trump Administration’s Senior Economic Adviser Larry Kudlow revealed that trade talks have been renewed between the United States and China. Meanwhile, energy was the worst performing sector on the day, as crude prices fell to their lowest level so far this year.
• Treasury Budget
The Treasury revealed fiscal year 2019 is expected to begin with a Treasury deficit of $111.8 billion for October. Fiscal year 2018 concluded with a 17 percent increase in the government’s deficit to $779 billion.
General Electric ended the day as one of the S&P 500’s biggest movers; however this time in the green. The Boston-based conglomerate made headlines after the firm revealed it would sell roughly $4 billion worth of its holding in oil services company in Baker Hughes. This marks the first major portfolio move by new CEO Larry Culp since taking over the company on October 1st. Shares in GE climbed by about 8 percent higher on the news, trading at $8.61 a share.
• Consumer Price Index – Analysts anticipate a moderate but noticeable pressure for October’s consumer price index at an estimated gain of 0.3 percent compared to a 0.1 percent rise in September.
• Federal Reserve Chair Jerome Powell due to discuss national and global economic issues in Dallas, TX at 5:00 PM ET.
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.