Succinct Summations for the week ending November 20th, 2020
1. Pfizer and Moderna vaccine progress teases a return to post-pandemic normal (mid-2021?).
2. Recounts and litigation options all but exhausted, this period of election uncertainty is close to its end.
3. Index of Leading Economic Indicators rose 0.7% 2nd month running.
4. Home mortgage apps rose 4.0% w/o/w.
5. Housing starts rose to an annual rate of 1.530M in October.
6. Existing home sales rose to an annual rate of 6.850M.
7. Industrial production rose 1.1% m/o/m.
1. Failing to concede his loss, the President’s unprecedented attempt to overturn election results is both globally embarrassing and nationally dangerous, a threat to the peaceful transfer of power.
2. Record high covid infections and hospitalizations will lead to higher death counts in 10 days;
3. E-Commerce retail sales fell 1.0% q/o/q.
4. Retail sales rose 0.3% m/o/m.
5. Jobless claims rose 31k w/o/w from 711k to 742k.
S&P500 YTD Percentage Change