It was a low volume day on Wall Street as the gubment was closed for Veterans Day and President Trump was out of town at the APEC conference in Da Nang. At the close the Dow fell 39 to 23,422. For the week the Dow was off about 0.49%.
While President Trump was in China, leaders from 37 US businesses including Boeing, GE, Cheniere Energy and the Montana Cattleman’s Association signed $250 billion in business deals with China. Japan is leading an effort at Da Nang to sign what remains of the TPP since the US and China are not part of it. The so called TPP-11 however has stalled out because Canada needs more time to study it. The Trump administration meanwhile has stated that huge multination trade deals are impossible to enforce and that going forward, trade deals will be done on a nation by nation basis based on fairness and reciprocity. The original 12 nation TPP pact would have affected 40% of global trade but with the US out of the picture the TPP - 11 now only represents about 13% of global trade.
US consumer confidence for November slid lower from its recent peak in October. The gurus had expected the figure to come in at 100.7 but the actual reading was 97.8 which is still the second highest level so far this year.
Shares of Disney were higher after the company reported earnings. While the top and bottom lines missed street estimates and layoffs at ESPN are looming, the gurus were excited by the prospect of Disney getting into the TV streaming business and was nearing the launch of a service that is similar to Netflix but only cheaper. Disney reported a 3% revenue decline and a 3% drop in profits.
Today marks the 242nd birthday for the US Marine Corp which came into being on November 10, 1775. Let’s all wish our beloved yet prickly jarheads a happy birthday and say “thanks” to all those who have served and are serving in our armed forces.