Succinct Summations of Week ending October 17th
1. Initial jobless claims came in at 264k, their lowest numbers since 2000.
2. Gasoline prices fell to their lowest levels since 2011.
3. Russell 2000 actually finished up 2.8% on the week.
4. U of M consumer confidence came in at 86.4, the best since 2007.
5. Housing starts rose to 1.017mm, slightly better than expected thanks to strong multi-family starts.
6. Philly Fed index came in at 20.7, the fourth straight month above 4 for the first time since 2004.
7. Refinance applications rose 10.6%, the highest since June.
1. S&P 500 sliced right through the 200-day moving average and took out its August lows.
2. The 10-year yield briefly dipped below 2% as investors panicked into safety — the largest one-day decline since 2011.
3. Retail sales came in weak, core was down 0.1% m/o/m vs expectations for a 0.4% rise.
4. S&P 500 fell as much as 9.8% from its all-time highs set 4 weeks ago
5. The VIX rose to its highest levels since 2011.
6. A really lousy few weeks for European equities. Greek stocks fell 5.7% on Wednesday, the worst day since June 2013.
7. China CPI rose by 1.6% y/o/y, the slowest increase since 2010.
8. NAHB home builder index fell to 54.
9. NFIB small business optimism index fell to 95.3, a 3-month low.