Succinct Summation of Week’s Events 10.23.20

Succinct Summations for the week ending October 23rd, 2020

Positives:

1.  Markets find their footing as stimulus talks continue;
2. Jobless claims fell 55k w/o/w from 842k to 787k.
3. Housing market index stands at 85 for October, above expectations.
4. Existing home sales came in at 6.540M in September, above expectations.
5. PMI Composite stands at 55.5 for October, above expectations.

Negatives:

1. National infection Covid-19 rate is spiking, especially in rural areas.
2. Home mortgage apps fell 2.0% w/o/w, the fourth straight weekly decline.
3. Housing starts came in at 1.415M for September, below expectations.
4. Index of leading indicators rose 0.7% m/o/m, previous increase.

Thanks, Matt!

 

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