After sharp bounce, market may take a ‘breather’ on lingering election uncertainty, virus outbreak

first_imgThere are a few economic reports in the week ahead, including consumer price index inflation data Thursday and the producer price index Friday. The earnings season is beginning to slow down, but there are still dozens of reports, including from McDonald’s on Monday and Walt Disney, Applied Materials and Cisco on Thursday.“I think next week is just setting up to be a breather. There’s still a lot to figure out here,” said Grohowski. “The equity market’s reaction has been I think understandable and probably better than many might have expected.”Grohowski said there may be uncertainty for awhile. “What I’m thinking about is the Senate races. Part of the market reaction has been relying on this divided government.” After the votes are all in or recounted, “a sweep is unlikely but possible.”“I think the longer this stays uncertain and messy, the more the post-election bounce comes into question,” he said.Different than 2000It would not be unusual for the stock market to sell off before rallying into year end, according to Sam Stovall, chief investment strategist at CFRA. Stovall does not expect the type of turbulence there was in 2000, when former Vice President Al Gore lost to George W. Bush in a tight race that ultimately went to the Supreme Court.“In 2000, they were not expecting hanging chads. But they do expect a contested election this time. I think in many ways the market anticipated this,” said Stovall.But the market, after its election week surge, could pull back. “Historically, the market goes down in the month of November, after a Democratic victory,” said Stovall. Since World War II, Democrats won the White House nine times, and the market fell an average of 0.5% in November in those years, compared to the average gain for all Novembers of 1.4%, he said.After those Democratic victories, stocks then rose 1.9% in December on average, more than the normal 1.5% gain for all Decembers.Strategists said they currently do not expect the kind of lockdowns that states ordered when the pandemic started to spread in March. But there could still be some impact that could be negative for stocks.Grohowski said he sees some signs of optimism for the market. Strong data, like third quarter GDP, October’s drop in unemployment to 6.9%, and the better-than-expected earnings are all positives for the market. Another is that investors are so skeptical.“What does still exist is a great deal of dry powder. There’s $4.3 trillion in money markets alone,” he said. “I can tell you, being in touch with investors of all shapes and sizes this week, there’s still a lot of skepticism. From a contrarian view, high cash and a lot of skepticism is a contrarian indicator.”Week ahead calendarMonday Earnings: McDonald’s, SoftBank, Beyond Meat, Simon Property Group, Ambac Financial, Tilray, ZoomInfo, Occidental Petroleum, Myriad Genetics, Taubman Centers, International Flavors and Fragrances, Norwegian Cruise, Canopy Growth, Aurora Cannabis, Party City 1:30 p.m. Cleveland Fed President Loretta Mester2:00 p.m. Senior loan officer survey Tuesday Earnings: Lyft, Advance Auto Parts, Adidas, D.R. Horton, Rockwell Automation, CyberArk Software, Hain Celestial, Rackspace, Ashland, Rocket Cos 6:00 a.m. NFIB small business survey10:00 a.m. JOLTS10:00 a.m. Boston Fed President Eric Rosengren WednesdayVeterans DayBond market closed, stocks market open regular trading hours Earnings: Air Products, DouYu, Lemonade, Reynolds Consumer, Vroom, Fossil Thursday Earnings: Walt Disney, Palantir Technologies, Applied Materials, Beazer Homes, Cisco Systems, Siemens, Burberry, Brookfield Asset Management, Unity Software8:30 a.m. Jobless claims8:30 a.m. CPI1:00 p.m. Chicago Fed President Charles Evans2:00 p.m. Federal budget2:00 p.m. New York Fed President John Williams Friday Earnings: Manchester United, Draftkings, Vipshop 7:00 a.m. New York Fed’s Williams8:30 a.m. St. Louis Fed President James Bullard8:30 a.m. PPI10:00 a.m. Consumer sentiment – Advertisement – The S&P 500 was up more than 7% in the past week, and the Nasdaq rose nearly 9%. Technology, communications services, health care and discretionary stocks led the rally, after it appeared Democrat Joe Biden could be the next president but with a split Congress.The election was still unresolved heading into the weekend, but even if Biden is declared winner, close votes and lawsuits are likely to result in recounts. The Senate appeared to be in Republican hands, but the margin of control is likely to be tight, and runoff elections are required for two Senate seats in Georgia in early January.“I think the uncertainty is going to catch up the market on a short-term basis,” said Leo Grohowski, BNY Mellon’s Wealth Management chief investment officer. “Perhaps next week could be a drifting lower kind of week.”- Advertisement – Spencer Platt | Getty Images News | Getty Images At the same time, there has been a surge in daily new coronavirus cases to more than 122,000. Economists are concerned that the economic recovery could suffer as some states could restrict activities and consumers may pull back heading into the important holiday season.The Fed, in its post-meeting statement Thursday, repeated that the course of the virus could help determine the path of the economy.- Advertisement – Ahead of the election, the market had been betting on a “blue wave,” where Biden would take the White House and Democrats would get control of the Senate, giving them total control of Congress. But when it appeared the Senate would stay in Republican hands, stocks surged on the idea of gridlock, which would keep Biden from implementing tax increases and lots of new regulations. After an initially exuberant election reaction, stocks may trade more cautiously in the week ahead, as investors watch election developments unfold and track the course of the coronavirus. – Advertisement –last_img read more

Sprint Series of Oklahoma ready for Pat Suchy Memorial

first_imgBy David Smith Jr.OKLAHOMA CITY, Okla. – What is sure to be highlighted on every race fan and sprint car driver’s schedule for years to come, the inaugural Pat Suchy Memorial featuring the Sprint Series of Oklahoma IMCA RaceSaver Sprint Cars, will take place this coming Saturday night at Brill Motor Speedway in Meeker, Okla.This event honors the long-time Oklahoma City car owner who owned everything from jalopies, super modifieds and championship dirt cars at Fairgrounds Speedway in Oklahoma City from the 1960’s to the late 1980’s. The Suchy’s Transmission and Auto Repair owner fielded cars for such drivers as Benny Taylor, Aaron Madden Harold Leep and Shane Carson – just to name a few.This event will pay $800 to win and $275 to start the 20-car feature finale. Heat race money will also be paid as well as all drivers competing in the night’s “B” feature who do not transfer into the night’s championship finale. The trophy will be presented by Suchy’s daughter, Janelle (Flatt), with many of Suchy’s grandchildren and great grandchildren also expected to be on hand.Pit gates open at 5 p.m. with racing slated for a 7:30 p.m. start time. Grandstand admission is $15 for adults ages 16 and up; $13 for ages 12-15 and all seniors while all pit passes are $30.Brill Motor Speedway is located off of I-40 to exit 186 then sixteen miles north on State Highway 18.last_img read more

McIlroy wins PGA Tour award

first_imgWorld number one Rory McIlroy has been voted PGA Tour player of the year for the second time in three seasons. Press Association McIlroy won the Open Championship, WGC-Bridgestone Invitational and US PGA Championship in consecutive appearances and did not finish outside the top 25 in any of his 17 PGA Tour events in 2014. The 25-year-old had already claimed the Arnold Palmer Award as the tour’s leading official money winner (£5.1million) and won the Byron Nelson Award for adjusted scoring average (68.83). center_img “It means a lot to win it for the second time in three years,” McIlroy said. “Being voted player of the year by your peers is something that’s very important. “They are the guys you are trying to beat week in, week out and if they appreciate what you have done over the year, see the hard work that you’ve put in and the golf that you’ve played and think that’s been the best of the season that means a lot to me. ” I would like to win a lot more in my career and even though the last year wasn’t what I wanted, the last three or four years have been very, very good and it gives me even more motivation to go on and work harder and try to win more tournaments, more majors and be involved in more Ryder Cups like last week.” PGA Tour members who played in at least 15 official money events were eligible to vote for the award and that of rookie of the year, which went to American Chesson Hadley. Hadley, 27, won the Puerto Rico Open and was the only rookie to advance to the BMW Championship, the third of the four FedEx Cup play-off events. last_img read more

Coláiste Dún Iascaigh retain Munster PPS Senior A title

first_imgLast year’s Senior A Champions, Colaiste dun Iascaigh, Cahir took on the Senior B Champions from 2013/2014, Scoil Mhuire, Carrick on Suir. Coláiste Dún Iascaigh Cahir won the Senior A Champions title for the second year in a row. They overcame Scoil Mhuire Carrick on Suir on a scoreline of 4-8 to 2-9.last_img

SUV with trailer rolls on I5 near Battle Ground

first_imgA Vancouver woman was injured in a single-vehicle crash Saturday morning on Interstate 5 southbound near the exit to Battle Ground.Marcia Grubb, 69, was pulling a trailer with her Izuzu Rodeo sport utility vehicle on I-5 when she made a lane change and the trailer started oscillating. The SUV and trailer rolled over, coming to rest on their sides in the right and center lanes, according to a memo from the Washington State Patrol. The crash was reported at 10:47 a.m. Grubb was injured and transported to Legacy Salmon Creek Hospital. Her SUV was totaled and towed from the scene.The state patrol said the crash was caused by Grubb driving too fast.last_img