The Market Bull – November 4, 2019
Despite generally disappointing economic data and yet another mirage trade deal with the Chinese. The major averages began the week with modest gains.
Agricultural Prices posted their largest decline in 8-months during September slipping 3.9%. Livestock and related products were particularly weak falling 6.8% for the month. Commercial vegetable prices fell again and have fallen for 5 of the last 6 months. On a year ago basis this series is down 1.6%. Difficult growing conditions and the trade war with China has been particularly hard on the agricultural sector this year.
Auto sales missed expectations significantly in September falling 3.5% to 16.6 million units annualized, per AutoData. This sales rate is well below the 2019 average and 4.3% below the year ago figure. Chrysler, GM and Nissan all reported declines.
Global Semiconductor Billings advanced 4% in September to 35.6 billion a 3rd consecutive advance after a period of considerable weakness dating to November of last year. All regions increased with the Americas, Europe and Asia Pacific showing strong gains. That said sales are lower than a year ago as the trade war continues to pressure this sector, as it has many others.
Standard and Poors 500 Index closed at: 3,078.27 up 11.36
NASDAQ finished the day: 8,433.20 up 46.80
Gold ended trading at: $1,512.80 up $1.40