October 7, 2020 Headlines

Financial markets have been whipsawed by conflicting tweets by President Trump regarding additional fiscal aid. The Dow fell nearly 600 points late in yesterday’s session when the president tweeted that he had instructed his representatives to end negotiations with Congress for another round of stimulus until after the election. Seven hours later, Trump tweeted that he would immediately sign a bill supporting airlines, additional $1,200 individual checks, and additional PPP funds for small business. Equities have recovered somewhat on this news that negotiations may not be stymied after all, and Treasuries are back close to yesterday’s levels prior to the president’s initial tweet. In a speech yesterday, Fed Chair Powell once again emphasized the need for additional fiscal aid for the sake of the current recovery, and the minutes of September 16 FOMC meeting will be released this afternoon, which could shed more light on the debate surrounding the Fed’s new guidance.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
10/7/20MBA Mortgage Applications—4.60%-4.80%—
10/7/20FOMC Meeting Minutes————
10/7/20Consumer Credit$14.000b—$12.250b—
10/8/20Initial Jobless Claims820k—837k—
10/8/20Continuing Claims11400k—11767k—
10/8/20Bloomberg Consumer Comfort——49.3—
10/9/20Bloomberg Oct. United States Economic Survey
10/9/20Wholesale Inventories MoM0.50%—0.50%—
10/9/20Wholesale Trade Sales MoM——4.60%—

 

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Subscribe
ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.