MARKET RECAP

• US stocks +1.96%, international stocks +1.01%, bonds +1.08%, bitcoin +4.2%, gold -2.95%.
• Stocks closed at record highs on Friday, as stocks gapped higher.
• Earnings are coming in strong, +9.2% based on 29% reporting, and 87% have beaten estimates.
• Headline CPI was 0.3%, just below the 0.4% consensus. That was deemed sufficient to give the go-ahead for another interest rate cut at the next meeting.
• The government is still shut down with no end in sight, but investors don’t seem to care.

US STOCKS

SCOREBOARD

MARKET RECAP

• SPX +1.70%.
• Trump attempted to downplay the recent trade spat between the US and China.
• Powell indicated that quantitative tightening will possibly end soon and that more interest rate cuts are on the way.
• There were worries about the credit market beginning to breakdown with problems from First Brands and Tricolor. Jamie Dimon said, “When you see one cockroach, there are probably more.”
• The government shutdown continues.

EARNING ESTIMATES OVER TIME

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