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“My model for business is The Beatles. They were four guys who kept each other kind of negative tendencies in check. They balanced each other and the total was greater than the sum of the parts. That’s how I see business: great things in business are never done by one person, they’re done by a team of people.” – Steve Jobs
Investors had been looking warily forward to last night’s earnings reports for several days now as several of the largest companies in the world reported their Q3 results. While the reaction to the reports hasn’t been positive, it could have been worse. Futures are indicating a decline of almost 1% at the open, but that is actually more than 1% off the lows.
On the data front, both Personal Income (0.9% vs 0.4% est) and Spending (1.4% vs 1.0% est) topped expectations, while the Employment Cost Index came in right in line with forecasts (+0.5%).
Given it’s month-end, there could be some volatility today, but don’t expect much in the way of news to clear the haze regarding any of the short-term issues facing investors.
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, key earnings data from the US and Europe, economic data, trends related to the COVID-19 outbreak, and much more.
With futures currently indicating a decline of over half of one percent today, the S&P 500 is on pace for a decline of 5% this week. For the year so far, this would rank as the worst week since March and the fourth-worst week of the year. Between rising COVID cases around the country, next week’s election, and lackluster reactions to solid earnings reports, there are more than a few concerns on the minds of investors heading into the last two months of the year.