On Monday the Empire State manufacturing survey for December rose .6 point to 3.5, and the PMI composite flash for December rose .3 point to 52.2. The housing market index for December increased 5 to 76 and 10-year Treasuries climbed six basis points to yield 1.88%. Euphoria from the completed phase I trade deal with China continued and markets rose for the fourth straight day.
On Tuesday housing starts for November rose 3.2% to an annualized 1.365 million units and industrial production for November rose 1.1%, both numbers were stronger than expected. The JOLTS job openings report for October rose 3.3% to 7.267 million jobs and the Dow Industrials, S&P 500, and Nasdaq Composite finished the day with small gains, however, all three indexes closed at record highs.
On Wednesday the EIA petroleum status report for the week ending December 13th saw crude oil inventory decline 1.1 million barrels. Trading volume was light as Congress debated impeachment proceedings against President Trump. Markets ended mixed, although the Nasdaq Composite rose slightly to close at a record high.
On Thursday existing home sales for November declined 1.7% to an annualized 5.35 million units and jobless claims for the week ending 12/14 declined 18,000 to 234,000, higher than expected. Markets ignored the impeachment of President Trump and finished the day modestly higher. All three major exchanges closed at record highs.
On Friday the third estimate for the third quarter GDP was unchanged at 2.1%, and personal income for November rose .5% while consumer spending rose .4%. The PCE price index rose .2% and markets rose modestly at the open. Now let’s take a look at some stocks.
The Boeing Company (NYSE: BA) announced on Monday that it has decided to temporarily suspend the production of its 737 MAX aircraft until January. Boeing shares slipped over 4% at the opening bell on Tuesday. Boeing’s decision comes after the FAA said it won’t likely clear the 737 for flight until after 2020.
Netflix, Inc. (NASDAQ: NFLX) released metrics on Monday revealing how fast the company user base has been growing in international markets. The securities filing disclosed that Europe, the Middle East, and Africa, which were grouped as one large market, had more than doubled its subscribers base since the start of 2017 and is the largest non-U.S. market. Moreover, Latin America has also experienced exponential growth, however, Asia seems to lag behind the other markets.
FedEx Corporation (NYSE: FDX) shares cratered by over 7% on Wednesday morning after the company missed its second quarter earnings and revenue estimates. Additionally, the Company also lowered its 2020 guidance. For the quarter, FedEx reported earnings of $2.51 per share on revenue of $17.3 billion.
Micron Technology (NASDAQ: MU) reported its first quarter results after the closing bell on Wednesday, posting earnings of $.48 per share on revenue of $5.1 billion. Earnings were better-than-expected which sent shares higher by over 2% on Thursday morning. Analysts had predicted earnings of $.47 per share.
NIKE, Inc. (NYSE: NKE) reported its second quarter results after the closing bell on Thursday. Despite beating revenue estimates, shares fell by 2% shortly after reporting. For the quarter, Nike reported diluted earnings of $0.70 per share on revenue of $10.3 billion.