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“If a business does well, the stock eventually follows.” – Warren Buffett
It’s not looking like a good day for the bulls this morning as the S&P 500 is on pace to open down over 1%. Mixed economic data also hasn’t done much to help. In terms of jobless claims, initial claims came in higher than expected (898K vs 825K) while continuing claims dropped more than expected, falling to 10.018 million versus forecasts for 10.55 million. In terms of manufacturing activity, the Empire report for October missed expectations (10.5 vs 14.0) while the Philly Fed more than doubled expectations (32.3 vs 14.8).
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, economic data out of Europe, trends related to the COVID-19 outbreak, and much more.
The chart below is from page three of our Morning Lineup and shows that through yesterday the S&P 500 was continuing to hold at its uptrend that has been in place for the last three weeks. With today’s weakness in the futures, the S&P 500 will be poised to open below that uptrend. When the S&P 500 last broke this uptrend earlier in the month (when Trump tweeted that he had instructed his team to stop stimulus negotiations) was quickly met with buying. Will the buyers be as quick to step in again? Stay tuned.