Stocks rallied on Tuesday after investors digested the first Presidential debate and the latest round of economic data. The S&P Case-Shiller index showed home prices were flat last month, missing estimates for a gain of 0.1%. Meanwhile, year-over-year, home prices rose by 5% which is a decent gain. A few home-builders rallied on the news. Separately, the PMI services flash index came in at 51.9, higher than the last reading of 50.9. Consumer confidence rose to 104.1, beating estimates for 98.8. The Richmond Fed Manufacturing Index fell to -8, which was higher than the last reading of -11. Stanley Fischer, the second in command at the Fed gave a speech which focused on more diversity and steered clear on policy.
Gary’s thoughts: Market gets back almost what it lost Monday but leading growth names set up well in here. Nothing wrong with narrow markets as long as growth leads.
Stocks futures are flat ahead of Wednesday’s open as we approach the last few days of the month and quarter.
Economic Data: We see the head honchos at Wells Fargo are now giving back money…but making $100 million and giving back $15 million will not suffice. Markets almost gets back what it lost on Monday.
- Bank Reserve Settlement
- MBA Mortgage Applications 7:00 AM ET
- Durable Goods Orders 8:30 AM ET
- Neel Kashkari Speaks 8:45 AM ET
- Janet Yellen Speaks 10:00 AM ET
- James Bullard Speaks 10:15 AM ET
- EIA Petroleum Status Report 10:30 AM ET
- Charles Evans Speaks 1:30 PM ET
- Loretta Mester Speaks 4:35 PM ET
- Esther George Speaks 7:15 PM ET
- Blackstone’s Top Dealmaker Says Now Is the Most Difficult Period He’s Ever Experienced
Gary’s Thoughts: Because valuations are a joke.
- More Than 50% of Shoppers Turn to Amazon First When Looking For A New Product
Gary’s Thoughts: Thus the new world.