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Afternoon Note

Positive Rumblings

By Charles Payne, CEO & Principal Analyst
10/2/2020 1:44 PM

More positive rumblings out of Washington on fiscal stimulus has helped the market recover a lot of ground, but I’m not sure what the reaction would be if there is a series of piecemeal deals.  Nancy Pelosi is suggesting an airline package could happen soon, but I think the street wants everything in a nice big box with a silk ribbon and bow.

It’s been a wild session that saw the markets get an extra boost from consumer sentiment, which lifted the S&P to 3,363; and there is still a fair amount of resistance in that area.

S&P 500

The final read on September consumer sentiment came in much better than expected, climbing to its highest level since May.

Percentage point gains from August were impressive with the greatest improvement in expectations six months out.

The biggest takeaway is American consumers expects the reestablishment of financial good times in the overall economy.  The election and vaccine are still sources of uncertainty. The report was completed before the presidential debate, it is likely that the chaotic debate has already added to these uncertainties.

The resolve of the American consumer has carried the day and even when sales are down, they have not been down as much as anticipated (see auto sales)

Monthly Auto Sales

Year to Year 

Sales

Change

Consensus

General Motors

665,192

-9.9

-13.4

Fiat Chrysler

507,351

-10.0

-11.4

Toyota

558,449

-11.0

-13.5

Honda

388,433

-9.5

-10.0

Nissan

221,150

-32.4

-31.8

Ford

551,976

-4.9

-6.7

 

 

We’ll see how the session goes, but there is no need to panic.  Moreover, President Trump coming out of this would be very uplifting the nation. For now, it will be day to day waiting for test and updates on his health.

Have a good weekend.  Stay safe and be well.

 


 

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