Summary
Monday Tee Up: Fed Week All eyes are on the Federal Reserve this week, with expectations very high (100%) for an interest-rate cut. The debate most recently has been whether the cut will be 25 or 50 basis points (bps), and current odds are 50-50. On Wednesday, Wall Street will get the answer. The Dow Jones Industrial Average ended last week higher by 2.6%, the S&P 500 gained 4%, and the Nasdaq was up 5.9%. For the year, the DJIA is higher by 10%, while the S&P 500 and the Nasdaq have popped 18%. On the economic calendar, Tuesday brings updates on Retail Sales, Industrial Production, and Capacity Utilization. On Wednesday, in addition to news from the Fed, Housing Starts and Building Permits will be reported. And on Thursday, Existing Home Sales and Leading Economic Indicators will be refreshed. On the earnings calendar, General Mills reports on Wednesday and FedEx, Lennar, and Darden Restaurants report on Thursday. In the recently-concluded earnings season, overall EPS came in 13% higher than in the same quarter last year, which was better than expected. Information Technology was the winning sector, edging out Financial and Healthcare. All three sectors were up more than 20%. Materials was at the other end, down 6%. Though the results were good, many companies did note that inflation hurt demand. Last week, inflation data reflected prices that remain on a downtrend. CPI came in at 2.5% for August, compared to 2.9% in July. Co
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