Last week, stocks were up and down, mostly down - the S&P 500 lost 1.4%, the Nasdaq slid 1.5% and the Dow Jones inched down 0.2%. Microsoft and Facebook slumped, while Amazon and Intel popped, following their corporate earnings releases. This week, investors are eagerly awaiting two huge events, 1.) the presidential election on Tuesday and 2.) the Federal Reserve's next interest rates decision on Thursday, likely a 0.25% decrease in rates.
Economic reports from last week came back mixed:
•Manufacturing (Dallas) - higher than expectation
•Single-Family Home Values - higher than expectation
•Pending Home Sales - higher than expectation
•Gross Domestic Product - lower than expectation
•Employment (Private) - higher than expectation
•Employment (Total) - lower than expectation
•Construction Spending - higher than expectation
•Personal Income - lower than expectation
•Job Openings - lower than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like Vehicle Sales, Labor Productivity, Consumer Credit, Consumer Sentiment and Jobless Claims.
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