Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
David Becker

US stocks were mixed on Friday, with the S&P 500 and Dow finishing the week in the black just shy of the all-time weekly closing highs. The Nasdaq finished in the red. Sectors in the S&P 500 index were mixed, led higher by Healthcare, Energy shares bucked the trend. US retail sales came in stronger than expected, rising nearly 2% month over month. US consumer sentiment was also positive, but the forward-looking subcomponent showed that consumers are getting anxious. The US budget deficit nearly tripled in the fiscal year ending September 30, 2020, as the pandemic generated huge spending.

Retail Sales Comes in Strong than Expected

US retail sales came in strong than expected as consumers accelerated their buying habits. US retail sales increased by 1.9% month over month. Expectations had been for retail sales to increase by 0.7%, up from a 0.6% rise in August. Excluding autos, the gain amounted to 1.5%, which also was better than the 0.4% estimate.

Electronics were the only major sector that was negative, dropping 1.6% from the August levels. Motor vehicle sales were a significant point of strength, rising 3.6% on the month and 10.9% from September 2019. That came as prices for used cars and trucks rose 6.9%, the largest monthly increase since February 1969.


US Consumer Sentiment Rises

The initial consumer confidence index for October edged up to 81.2 this month from 80.4 in September, according to the University of Michigan. That’s the highest level since March, just when the pandemic began to spread. The measures of current conditions slipped to 84.9 from 87.8, indicating Americans are paying close attention to the increase in COVID-19 infections. JPMorgan Chase & Co.’s tracker of credit- and debit-card transactions showed spending was down 5.7% compared with a year ago through the week ended October 12, reflecting a potential slowdown.

US Budget Deficit Tripled

The U.S. deficit tripled to a record $3.1 trillion in the fiscal year that ended September 30, as the government battled a global pandemic that plunged the U.S. into a recession in February according to the U.S. Treasury Department.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.