What happened last week...
The stock market continued to make gains in November as all three major indices notched three consecutive weeks in the green. It marked the first three-week win streak for both the DJIA and the S&P 500 since July, and the first since June for NASDAQ. Furthermore, the S&P 500 continues to impress as it has made gains in 13 of the past 15 trading sessions and is up 7.6% this month, as of November 17.
Beginning in the second half of next year, Amazon (AMZN) will allow auto dealers to sell vehicles through its website, with Hyundai being the first partner. Customers will be able to purchase a vehicle through Amazon and then pick it up or have it delivered by a local dealership.
Exxon Mobil (XOM) plans to produce lithium for electric vehicle batteries at its facility in Arkansas with first production targeted for 2027. The company acquired the rights to 120,000 gross acres of a geological site called the Smackover Formation where it aims to supply the manufacturing needs of more than one million electric vehicles per year by 2030.
The inflation rate year-over-year for October bested expectations (3.3%) as it decreased to 3.2% from 3.7%, which is the first reading in decline since June. The rate peaked last year at 9.1% in June. The coreinflation rate year-over-year for October beat expectations (4.1%) as it decreased to 4.0% from 4.1%, which is the lowest reading since September 2021 (4.0%).
According to FactSet, as of November 17, 94% of S&P 500 companies have reported earnings with 82% having a positive EPS surprise and 62% having a positive revenue surprise. The blendedearnings growth for the S&P 500 is 4.3%, which would be the first quarter of year-over-year growth since Q3 2022. The blended revenue for the index is 2.4%, which would be the 11th straight quarter of growth.
The following companies report earnings this week: LOW, NVDA.
On Tuesday, existing home sales for October are expected to decrease to 3.90 million from 3.96 million, which was the lowest reading since October 2010 (3.83 million) and the fourth straight monthly decline.
On Thursday, the stock market will be closed in observation of Thanksgiving. The following day, Friday, the stock market will close early at 1:00 PM EST.
- The Rockline Team
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