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“If people knew how hard I worked to get my mastery, it wouldn’t seem so wonderful at all.” – Michelangelo Buonarroti

There are less than 45 trading days left in the year, and the major US averages are looking to pick up in November where they left off at the end of October.  Today’s economic data includes the ISM Manufacturing report and Construction Spending at 10 AM.  In addition to another busy week of economic data and Friday’s employment report, the key event of the week will be Wednesday’s FOMC policy statement and Powell press conference.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

The S&P 500 rallied more than 1% last week but at the sector level just over half of the eleven S&P 500 sector ETFs actually finished the week lower.  None of the sector declines were more than 1%, but it does show that last week’s rally wasn’t a tide that lifted all boats.  The two worst performing sectors on the week were Financials (XLF) and Energy (XLE), but they are still easily the top-performing sectors YTD and still two of six sectors that head into the new week at overbought levels.

Even in the top-performing sector last week – Consumer Discretionary (XLY)- the rally was far from even.  The sector’s 4.36% surge was primarily all due to the rally in Tesla (TSLA) which surged over 20%.  On an equal-weighted basis, the sector’s performance was much more muted at just 0.45%.

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