The major indices are trading up as we wait for any signs of a stimulus deal from House Speaker Nancy Pelosi and Treasury Secretary Mnuchin, who are once again scheduled to speak at 3 ET. Investors seem to think a deal could actually happen.
FAANG stocks are back in vogue despite the U.S. Justice Department filing an anti-trust suit against Google. Netflix is the lone stock in that group that is down in today’s session.
All 11 S&P sectors are in the green, with cyclically oriented sectors outperforming.
S&P 500 Index | +0.73% |
Communication Services XLC | +0.64% |
Consumer Discretionary XLY | +1.36% |
Consumer Staples XLP | +0.46% |
Energy XLE | +0.42% |
Financials XLF | +0.89% |
Health Care XLV | +0.43% |
Industrials XLI | +1.02% |
Materials XLB | +0.56% |
Real Estate XLRE | +0.62% |
Technology XLK | +0.61% |
Utilities XLU | +0.51% |
Housing
Starts in the U.S. were up 1.9% in September to 1.415 million units, but it was down form August’s revised 1.338 million and fell short of the 1.457 million estimates. Single family was a real winner though, up 8.5% to 1.108 million, as more people seek out the suburbs and give up their apartments and condos. Multi-family dropped 16.3% to 307,000.
Starts
·Northeast +66.7 percent to 145,000
·South +6.2% to 755,000
·West +1.4 percent to 350,000
·Midwest -32.7 percent to 165,000
To see the chart, click here.
Total building permits also took off, up 5.2% from August to 1.533 million.