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

Tuvalu Launches New Coastal Protection Project

first_imgThe Government of Tuvalu has launched a new coastal protection project to bolster resilience to climate change, the United Nations Development Program (UNDP) said in its latest release. UNDP-supported, Green Climate Fund (GCF) financed project will benefit one in three people in one of the world’s most vulnerable Small Island Developing States, the announcement stated.With an average elevation of only 1.83 meters, Tuvalu is distinctly vulnerable to rising sea levels and intensifying tropical storms exacerbated by climate change.The impacts are already being felt by the world’s fourth smallest nation. When Category 5 Cyclone Pam struck in March 2015, the storm surges destroyed homes, crops and livelihoods, displacing 45 percent of the nation’s people. Similar storms are projected to increase in intensity as the air over the planet’s oceans warms.“The protection of our country’s vulnerable coastlines is an urgent priority of the Government of Tuvalu,” said the Prime Minister of Tuvalu, Hon. Enele Sosene Sopoaga. “The project will support integrated coastal resilience for people living on the islands of Funafuti, Nanumea and Nanumaga. These islands have a high concentration of houses, schools and hospitals, and are the important cogs in the social and economic machinery of our nation.”The project will build upon existing initiatives, using a range of measures for coastal protection including ecosystem-based initiatives, and geo-textile and rock revetments.National capacity for resilient coastal management will also be developed and the project will help to catalyze additional coastal adaptation finance, UNDP said.[mappress mapid=”24268″]last_img read more

Syracuse football recruiting: What to know about Syracuse’s Class of 2016

first_img Published on February 3, 2016 at 12:53 am Contact Paul: pmschwed@syr.edu | @pschweds The flipsOf the 17 players that originally committed to Babers’ staff, 13 were recently committed to another school. Two of those 13 — safety Evan Foster and linebacker Andrew Armstrong — were previously committed to Bowling Green, the school where Babers and six assistants previously coached.At his introductory press conference, Babers said he wouldn’t pursue Bowling Green commits unless they first decommitted from BGSU. Both Foster and Armstrong opened their recruitments back up before choosing the Orange.However, running back Jo-El Shaw and defensive end Kendall Coleman flipped from Western Michigan to Syracuse without ever decommitting. Running backs coach Mike Hart and defensive line coach Vinson Reynolds both previously coached at WMU before joining SU.The geographyBabers also said on Dec. 7 that he would focus on local talent and prioritize players from New York. Syracuse only has one player in its 2016 class from New York, preferred walk-on quarterback Tyler Gilfus.Riggins, who attends Aquinas (New York) Institute in Rochester, was the only other 2016 commit from New York.In total, Syracuse has no commits from the states of New York or New Jersey and has just two from Pennsylvania. The Orange has picked up five commits from Florida in the Babers era.“You need to start in your backyard,” Babers said. “We need to take care of the state of New York. We need to get over to New Jersey. We need to start to work near Philly, we need to shoot down that corridor to Pittsburgh, Chicago, Detroit, and then we got to hang down there and go back to Florida and cross our T’s and dot our I’s. But we’re always going to start close to home.”Check out all the committed players here at the Daily Orange recruiting tracker. Comments Facebook Twitter Google+center_img With National Signing Day upon us, it’s time to look back on the ups and downs of Syracuse’s 2016 recruiting cycle. Players that did not enroll for the spring semester can turn their verbal commitment official on Wednesday by signing paperwork to join the Orange.Here are five things to know about Syracuse’s 2016 recruiting class.The shakeupFollowing head coach Dino Babers’ hiring, Syracuse’s 2016 recruiting class shook significantly. At the time of Scott Shafer’s firing, 16 players were committed to the Orange. None decommitted while SU was in search of a new coach, but after Dec. 5, when Babers took over, 11 players left the class. That number includes Sadiq Palmer, whose offer was pulled due to academics, and Taylor Riggins, who was reportedly told the new staff wouldn’t have a spot for him.After Shafer was fired, members of the athletic department told recruits their commitments would be honored by the new staff, but that was only the case for certain players. Only five players who committed to Shafer are left in Syracuse’s current class — quarterback Rex Culpepper, athlete Moe Neal, safety Scoop Bradshaw, offensive lineman Sam Heckel and preferred walk-on quarterback Tyler Gilfus.AdvertisementThis is placeholder textIn a frantic effort to fill the class, the new coaching staff has picked up 17 verbal commitments in the past two months, including nine from players who visited SU during the weekend of Jan. 23. All nine were uncommitted when the visit began and within three days, each had verballed to Syracuse.The rankingsSyracuse’s 2016 class is ranked as the 60th best in the country and 19 of SU’s 21 commits with scholarship offers are ranked with three stars, according to 247Sports.com’s composite rankings. That puts the Orange’s class second-to-last in the Atlantic Coast Conference, ahead of only Boston College.The 5-foot-11, 160-pound Neal is the highest-rated player in the class. He chose SU on Aug. 1, 2015, and stuck with Syracuse despite the coaching change. In his senior year at Forestview (North Carolina) High School, Neal rushed for 1,381 yards on 251 carries and caught 27 passes for 519 yards, per MaxPreps.com. He has enrolled early and could play either running back or wide receiver.last_img read more