Your Monday Blip 10/12/20

Your Monday Blip 10/12/20

Corporate earnings and stimulus talks pushed markets higher at the opening. At the close the Dow was higher by 250 points to 28,837. Trading volume was lower due to bond markets and banks being closed for Columbus Day. The NASDAQs was up big on strong volume ahead of Amazon’s Prime Day and Apple’s latest product launch.
With third quarter earnings season set to begin this week the gurus are expecting S&P 500 earnings to be down 20% from 2019 marking an improvement from the 25% expected decline at the end of June. The big banks will post results this week with JP Morgan reporting tomorrow and Bank of America on Wednesday. Wall Street will be watching the results from these banks in order to better gauge the pace of the economic recovery. Banks are dealing with low interest rates, a massive increase in deposits and elevated mortgage defaults all while housing markets remains strong.
Amazon shares were higher today ahead of Prime Day which starts at midnight tonight. Experts are reporting the company could post sales close to $10 billion over the two day period. While the company does not break out sales figures it is estimated that last year’s Prime Day yielded just over $7 billion in global sales.
The scouts are moving ahead with our annual Christmas tree sale which will be held in the parking lot at St. Alphonsus Church in Ballard beginning after Thanksgiving. There are many challenges this year but the lunkheads are up to the task. Troop meetings have been held on Zoom and several of the older scouts are “zoomed out” and not attending. They would rather be hiking or out doing something. We have completed several Eagle projects lately and these have been well attended with kids eager to get their hands dirty. There seems to be pent up demand for a return to regular meetings

Comments are closed.