I Read The News So You Don’t Have To – Market News (Nov. 08, 2018)

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by ogordained

UNITED STATES

  • The market sprung 2% following the midterm elections with the VIX deeply dropping off
    • Healthcare stocks may benefit with Democrats in control of the House and Medicaid expanding in Idaho, Nebraska, and Utah
  • The 10-year treasury yield is back up near multiyear highs
  • New mortgage applications have continued their downward spiral 
  • Expect a pullback this morning, futures are down ahead of the Feds latest policy announcement at 2PM today
  • Support for marijuana legalization continues to trend upward with over half of Republicans now in favor, up from a third just 4 years ago. Nearly 80% of Democrats support it, up from two thirds 4 years ago.
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OTHER

  • Robyn Denholm replaced Elon Musk as Chairman of Tesla
  • The sell-off in oil continues and the US stockpile of oil is on the rise again
  • Industrial production in Germany improved slightly (Actual 0.8% | Expected 0.5%)
  • The European Commision released forecasts for the eurozone in 2019
    • Growth is predicted to slow from 2.1% to 1.9%
    • Q3 GDP growth was at its slowest rate since 2014
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CHINA

  • Exports were a pleasant surprise (Actual 15.6% Expected 11.7%)
    • Probably because companies were rushing to ship orders before tariffs hit
    • But a cheaper yuan and diverse trading partners outside of the US also helped
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