Weekly Market Update

Last Week Recap:


Stocks were up big with renewed optimism on stimulus talks. The S&P 500 was up 3.84%, Dow 3.3%,Nasdaq 4.6% and the Russell 2000 rallied 6.38%. All 11 S&P 500 Sectors were higher on the week. Initially Trump tweeted that stimulus bill would be held off on until after the elections. However, he quickly reversed course saying that he would still support specific forms of stimulus. The election is now just over three weeks away and the most recent polls showing Biden having his largest lead in recent weeks. Last week we saw a record surge in the IBD/TIPP poll, a poll on the future economic outlook, showing optimism over the possibility of a vaccine and possibly more election clarity. Lastly, congratulations to the L.A. Lakers for winning their 17th Championship over my Miami Heat and giving Lebron his 4th ring.


The Week Ahead:


The elections will still continue to dominate the headlines but investors are becoming more optimistic that regardless of the outcome that a new stimulus bill should be coming no matter what. This week we will also begin to dive into third quarter earnings. Of course earning are expected to be 20% - 25% lower than last year but any surprises to the upside could move markets higher. Also, this week we have Amazon Prime Day as well as other events from their competitors Walmart, Best Buy, Target all trying to compete for this years holiday shopping dollars. Apple will also be unveiling it's new Apple 12.


Sources: Seeking Alpha, TD Ameritrade, Stocktwits,

 

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