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Bob Carey
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  US Stock Markets Ended Nov. 1, 2019
Posted Under: Weekly Market Commentary

 
U.S. stocks moved higher for the week amid solid economic data, improving trade sentiment and upbeat earnings reports. Positive macro releases include a strong jobs report that added 128,000 jobs in October and 3Q GDP growth of 1.9%, above the 1.6% estimate by economists. By contrast, the ISM manufacturing index came in below expectations at 48.3. Readings above 50 signal an expansion in manufacturing activity, while readings below 50 signal contraction. This was the third consecutive month with a reading below 50, increasing concern of an economic slowdown in manufacturing. Turning to earnings, Apple Inc. climbed to new highs after reporting strong iPhone revenues, robust growth for AirPods and 18% growth in service revenue. Shares of Facebook Inc. jumped after announcing a beat on the top-line, lower expenses and robust active user growth. Royal Caribbean Cruises Ltd. missed estimates on a worse-than-expected impact from Hurricane Dorian, although booking trends and onboard spending remain positive. Grubhub Inc. shares tumbled after missing on both the top and bottom lines due to intensifying competition in mature markets and less accretive agreements with chain restaurants. With many large-cap stocks reporting results, earnings season has provided a catalyst for stocks as expectations were dire coming into the quarter. Looking ahead, investors will remain focused on changes in economic activity, geopolitical risk, Fed moves and trade negotiations. If corporate fundamentals continue to show signs of strength, equity markets could continue to climb the wall of worry and post new highs.
Posted on Monday, November 4, 2019 @ 8:04 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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