The four-day weekend is so close I can almost smell the turkey.
This week the S&P 500 closed at 3,557.54, a loss of 0.77%, the NASDAQ finished at 11,854.97, a gain of 0.22%, and the Dow ended at 29,263.48, a loss of 0.73%.
Summary
Overall, it was a choppy week that started out with news from Moderna, announcing their vaccine is 94% effective. Also related to vaccines, Pfizer asked for emergency authorization of its vaccine from the FDA. And as we head into Thanksgiving week, cases continue to surge, keeping investors worried.
Worth Mentioning
- Tesla’s stock was up big this week on news that it will join the S&P 500
- China and 14 other Asian-pacific nations signed a major trade deal to gradually reduce tariffs between one another
- US retail sales rose 0.3% in October. That is lower than the expected growth of 0.5%
- Amazon is now entering the pharmacy business with Amazon Pharmacy. They will allow customers to order prescription medications for home delivery. CVS and Walgreen were down this week from the news
- Costco declared a special cash dividend of $10 per share
- Home Depot announced it is buying industrial goods wholesaler HD Supply Holdings, decades after spinning off the company
- SpaceX launched four astronauts from Florida to the International Space Station
- First-time filings for unemployment claims were 742,000, well above estimates and filings from last week
- US housing starts totaled 1.53 million in October, versus 1.46 million expected. Also in housing, existing home sales grew 4.3% last month, the fifth straight month of increase
- Nvidia reported earnings beating analyst expectations on both earnings and revenue. Revenue was up 57% from the same period last year
Retailer Earnings
- Walmart reported earnings Tuesday, beating on EPS, revenue, and same-store sales growth estimates. They reported same-store sales growth of 6.4% and e-commerce sales growth of 79%
- Home Depot saw sales increase 24% compared to a year ago. They beat EPS and revenue estimates and saw digital sales grow 80% year over year. The stock was down this week as analysts do not think this stay at home surge in home improvements will continue
- Lowe’s shares were down this week as earnings were below estimates, due to higher labor costs and investments in e-commerce
- Kohl’s stock was up this week as they laid out plans to expand into activewear and beauty products. They reported a 13.3% decrease in net sales and same-store sales
- Target was up this week, after crushing estimates for EPS, revenue, and same-store sales growth. Same-store sales were up 20.7% and digital sales grew 155%
- L Brands shares were up this week after handily beating on EPS and revenue estimates
- TJX reported beating on EPS and revenue estimates
- Macy’s reported same-store sales dropped 20% while digital sales grew 27%. The stock was up this week as it beat EPS and revenue estimates
Looking Ahead to Next Week
- Markets are closed Thursday for Thanksgiving
- The stock market closes at 1 PM Friday
- Notable earnings include Deere & Co., Best Buy, Dollar Tree Stores, Medtronic, Burlington Stores, and J.M. Smucker, among others
- Economic data released this week includes consumer confidence, personal spending, initial jobless claims, and new home sales
Weekly Change In Each Sector:
| Price, 11/13 | Price, 11/20 | Change | |
| XLC — Communications Service | $64.11 | $63.88 | -0.36% |
| XLY — Consumer Discretionary | $153.45 | $153.69 | 0.16% |
| XLP — Consumer Staples | $67.53 | $66.50 | -1.53% |
| XLE — Energy | $33.88 | $35.81 | 5.70% |
| XLF — Financials | $27.03 | $27.18 | 0.55% |
| XLV — Health Care | $112.12 | $108.80 | -2.96% |
| XLI — Industrials | $85.76 | $86.66 | 1.05% |
| XLK — Information Technology | $121.20 | $120.11 | -0.90% |
| XLB — Materials | $69.01 | $69.76 | 1.09% |
| XLRE — Real Estate | $37.51 | $36.94 | -1.52% |
| XLU — Utilities | $66.09 | $63.54 | -3.86% |
Treasury Yield Rates
The 10-Year ended the week at 0.83%, compared to last week’s end of 0.89%
The 2-Year ended the week at 0.16%, compared to last week’s end of 0.17%