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Bob Carey
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  US Stock Markets Ended November 6, 2020
Posted Under: Weekly Market Commentary

 
Last week the S&P 500 Index had its best performance since early April returning 7.36%, as it rallied back from the previous week's loss and worst performance since late March. The week started with much uncertainty for investors with the US presidential election on Tuesday and third quarter earnings announcements for several companies expected to be released during the week. Though the next US President had yet to be determined, equities pushed higher throughout the week as the increased possibility of policy gridlock with the House and Senate remaining split between the two parties became more apparent to investors. Positive economic news this week included the ISM Manufacturing Index reporting its highest value since September 2018 and the continuation of the declining unemployment rate which currently stands at 6.9%. U.S. initial jobless claims of 751K were higher than the consensus estimate of 735K, but similar to the previous week's claims. Crude oil closed at $37.14 per barrel on Friday climbing 3.77% for the week. All sectors were positive last week with the top sector being information technology. Technology company Arista Networks Inc. returned 25.90% last week. The stock jumped on Tuesday after a positive earnings announcement, beating expectations. Other outperforming technology companies included semiconductor stocks Lam Research Corp, Microchip Technology Inc., Applied Materials Inc., QUALCOMM Inc., KLA Corp, and NVIDIA Corp. Biotechnology company Biogen Inc. posted the best performance in the index last week, returning 30.48%. The stock jumped Wednesday on the expectation the FDA advisory committee would recommend approval of its Alzheimer's drug. On Friday, however, trading was halted premarket on reports the committee had voted against recommending approval. The stock is expected to decline Monday morning when trading resumes. Earnings announcements expected this week include The Walt Disney Company, McDonald's Corp, Cisco Systems Inc., Applied Materials Inc., and many others.
Posted on Monday, November 9, 2020 @ 9:06 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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