October 2023 Market Update: Key Insights and Trends to Keep an Eye On
- A Punkrock Capitalist
- Oct 17, 2023
- 1 min read
Markets rallied yesterday after giving back some gains later. Dow ended .93% higher, S&P 500 up 1.06%, and the Nasdaq up 1.20%. Bitcoin was on a wild rollercoaster ride and hit $30k territory after dropping back down to $28k.
Futures are down as the 10 year treasury yields reach 4.80%, making it hard for stocks to compete.
Retail sales rose 0.7% as economists expected a 0.3% increase. Excluding autos sales rose 0.6% vs 0.2% expected. This is a sign of a strengthening consumer and resilient economy. Reason for the Federal reserve to pause on raising rates.
Stocks I am Watching Today
Johnson and Johnson (JNJ) is up on earnings beat.
Lockheed Martin (LMT) is down because it didn't raise full year performance but the company beat earnings.
DR Horton (DHI) gets overweight rating, Lennar (LEN) and KB Home (KBH) gets overweight and equal weight respectively. Homebuilders are bottoming.
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