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“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” – Robert G. Allen
It’s a new week, but the headlines remain the same as markets remain focused on the health of the President, possibilities for stimulus, and the election. This week’s calendar is extremely light in terms of both economic data and earnings, so expect news outside of the economy and earnings to be the main driver of movement this week.
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, updates to the latest Services sector data from Markit, trends related to the COVID-19 outbreak, and much more.
Heading into the new week and the first full week of the fourth quarter, all of the major US indices are currently battling with their 50-day moving averages as just one of the 14 major index ETFs is more than 1% above or below it’s 50-day moving average. The S&P 500 has been battling back and forth with closes above and below its 50-DMA over the last week and gone nowhere in the process. Hopefully this week, we’ll get some more clarity over which way the index will break.
Within the eleven S&P 500 sectors, the picture looks a little better. Through Friday’s close, seven sectors finished the week above their respective 50-day moving averages while just four finished below. Not surprisingly, the only one of those four that finished the week more than 2% below its 50-day moving average was Energy.