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Afternoon Note

Waiting on Stimulus Decision

By Charles Payne, CEO & Principal Analyst
10/20/2020 1:31 PM

The major indices are trading up as we wait for any signs of a stimulus deal from House Speaker Nancy Pelosi and Treasury Secretary Mnuchin, who are once again scheduled to speak at 3 ET. Investors seem to think a deal could actually happen.

FAANG stocks are back in vogue despite the U.S. Justice Department filing an anti-trust suit against Google. Netflix is the lone stock in that group that is down in today’s session.

All 11 S&P sectors are in the green, with cyclically oriented sectors outperforming.

S&P 500 Index


Communication Services XLC


Consumer Discretionary XLY


Consumer Staples XLP


Energy XLE


Financials XLF


Health Care XLV


Industrials XLI


Materials XLB


Real Estate XLRE


Technology XLK


Utilities XLU



Starts in the U.S. were up 1.9% in September to 1.415 million units, but it was down form August’s revised 1.338 million and fell short of the 1.457 million estimates.  Single family was a real winner though, up 8.5% to 1.108 million, as more people seek out the suburbs and give up their apartments and condos.  Multi-family dropped 16.3% to 307,000. 


·Northeast +66.7 percent to 145,000

·South +6.2% to 755,000

·West +1.4 percent to 350,000

·Midwest -32.7 percent to 165,000

Total building permits also took off, up 5.2% from August to 1.533 million.


Hello Charles. Thank you for sharing today about your family history. I love hearing the story about your dad and some of the huge challenges he had in Alabama. I can hardly imagine. Then at some point your family moved to the NYC metro area. You have shared with us the story of your mom and childhood in the Bronx...or Harlem. Your hard work. Your wife's illness. Glad you're on Fox Biz. It's been a joy. God bless you and your family. I am so happy for you. If I ever get back to NYC area I would love to make your acquaintance and take you to lunch or...if you're in the Wichita, KS metro area ditto. I live in Andover near 159th St. E & Hwy 400.

James Carr on 10/20/2020 3:11:15 PM

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