November Opens with Stocks at Record Highs on the Close, Economy Expands
#stocks #economy
"Senator Manchin (D-WV) said he will not support the budget reconciliation bill without further clarity on its economic impacts"-- Paul Ebeling
DJIA +94.28 at 35913.84, NAS Comp +97.53 at 15595.91, S&P 500 +8.29 at 4613.67
The S&P 500 (+0.2%), NAS Comp (+0.6%), and DJIA (+0.3%) rose modestly on Monday and each set intraday and closing record highs. The small-cap Russell 2000 (+2.7%) and iShares Micro-Cap ETF (IWC 151.65, +4.11, +2.8%) played catch-up with gainers over 2.5%.
S&P 500 +22.8% YTD
NAS Comp +21.0% YTD
Russell 2000 +19.4% YTD
DJIA +17.3% YTD
Reviewing Monday's US economic data:
The October ISM Manufacturing Index checked in at 60.8%, down from 61.1% in September. A number above 50.0% is indicative of expansion. October marked the 17th month running of expansion for the manufacturing sector.The Key takeaway from the report is the same. Demand is strong, but manufacturers and suppliers continue to struggle to meet increasing demand levels due to a range of factors that includes record-long raw material lead times, shortages of basic materials, transportation difficulties, worker absenteeism, and difficulty filling positions.
Total construction spending declined 0.5% month-over-month in September following an upwardly revised 0.1% increase (from 0.0%) in August. Total private construction declined 0.5% M-M while total public construction spending decreased 0.7%.The Key takeaway from the report is the continued decline seen in new single family and multifamily construction. That is most likely the consequence of ongoing supply chain pressures and higher costs for builders that are standing in the way of building more affordable homes.
The final IHS Market Manufacturing PMI for September checked in at 58.4, down from 60.7 in the preliminary reading.
Looking Ahead: There are is no US economic data of note scheduled Tuesday.
Have a prosperous day, Keep the Faith!
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