Kevin Kroskey's Market Commentary: Market Commentary for the Week of November 2, 2015

After a sharp downturn beginning in April and most acutely experienced in August, markets rebounded sharply in October with the best month for the S&P 500 since 2011.

Our first look at third-quarter economic growth showed that Gross Domestic Product grew a paltry 1.5%. This is just a preliminary report, and economists will revise the data several more times; however, we can see that weak business spending affected growth last quarter.

ECONOMIC CALENDAR:
Monday: PMI Manufacturing Index, ISM Mfg. Index, Construction Spending
Tuesday: Factory Orders
Wednesday: ADP Employment Report, International Trade, Janet Yellen Speaks 10:00AM, ISM Non-Mfg. Index, EIA Petroleum Status Report
Thursday: Jobless Claims, Productivity and Costs
Friday: Employment Situation

HEADLINES:

Consumer spending misses in September. Personal spending data showed that Americans increased their spending at the slowest rate since January, indicating they may be cautious about economic turmoil.⁵

Consumer confidence rebounds in October. After a weak September reading, consumer confidence jumped in October as lower-income households grew more optimistic. Wealthier households were less confident due to concerns about financial markets.⁶

Pending home sales drop in September. The number of contracts on previously owned homes fell unexpectedly in September in a potential warning sign about the housing market.⁷

Best Regards,

Kevin Kroskey

This article adapted with permission from Platinum Advisor Marketing Strategies, LLC