Weekly Market Snapshot: November 13, 2020
Market related news for the week ending November 13, 2020
- Early Monday European stocks and U.S. stock futures rallied after Pfizer said early results showed its vaccine is more than 90% effective. The news drove the biggest one-day rotation to value stocks since 2008. Pfizer’s CEO also cashed out 60% of his stock as part of a pre-determined trading plan.
- Monday Berkshire Hathaway revealed another $9 billion in stock buybacks in the third quarter to give a nine-month total of around $16 billion.
- Tuesday European regulators announced formal antitrust charges against Amazon in relation to its use of data resulting from its position as a retailer that sells goods, but also acts as a marketplace for third-party vendors.
- Wednesday high profile hedge fund manager Bill Ackman revealed he is again hedging against corporate defaults due to the pandemic. In the spring he made a similar bet and turned $27 million into $2.6 billion.
- Disney rose as much as 6% after the bell Thursday after revealing 73 million subscribers of Disney+, ahead of targets for 60-90 million subscriptions by 2024.
- Friday Cisco was up more than 6% on better-than-expected earnings and guidance that exceeded expectations. Meanwhile shares of Palantir were up 5.5% after the company released its first quarterly earnings results as a public company.
Economic news for the week ending November 13, 2020
- Monday: No announcements.
- Tuesday: JOLTs Job Openings for September showed 6.436 million vacancies, up from 6.352 million in August.
- Thursday: CPI for October came in at 0.0%, down from 0.2% in October. Year-on-year the rate was 1.2%. Core CPI was also 0.0% or 1.6% year-on-year.
- Friday: PPI for October was 0.3%, higher than expected, but down from September’s 0.4%. Core PPI was 0.1%, lower than expected, and down from September’s 0.4%.
- Friday: Michigan Consumer Sentiment for November was 77.0, lower than expected and down from the previous reading of 81.8.
Economic events for the week ending November 20, 2020
(all times listed are Eastern)
- Monday: NY Empire State Manufacturing Index for November at 8.30am.
- Tuesday: Retail Sales for October at 8.30am.
- Tuesday: Industrial Production for October at 9.15am.
- Wednesday: Building Permits for October at 8.30am.
- Wednesday: Housing Starts for October at 8.30am.
- Thursday: Philadelphia Fed Manufacturing Index for November at 8.30am.
- Thursday: Existing Home Sales for October at 10.00am.
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