SCHWAB MARKET UPDATE

PGWM, LLC

SCHWAB MARKET UPDATE

Stocks Close Out October on a Sour Note

U.S. equities closed out the month of October by posting solid losses, while notching a second-straight week of declines in the process. The uneasiness surrounding the impact of a resurgence in new COVID-19 cases here and in Europe persisted, exacerbated by festering uncertainty ahead of next week's presidential election. Earnings season hit its apex, headlined by Dow members Apple and Honeywell International, as well as Amazon.com, Twitter, Google's parent Alphabet and Facebook. News on the economic front was mostly positive, with personal income and spending, consumer sentiment and regional manufacturing reports all coming in stronger than expected. Treasury yields were higher as bond pric

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PGWM, LLC

Oct 23
9 min

Stocks Close Mixed, and Snap Weekly Run of Gains

U.S. stocks finished the day mixed and snapped a three week run of gains, as key earnings announcements yielded varied results. Political uncertainty remained in focus as the highly-contentious presidential election moved closer, while hopes for the much talked about fiscal relief deal continued to languish. However, October reads on domestic manufacturing and services activity offered support to recent data that suggests the economic recovery continues. Moreover, the FDA's approval of Gilead Sciences' COVID-19 treatment remdesivir offered some relief to the recent spike in new virus cases in the U.S. and Europe. Dow members Intel and American Express saw pressure after their earnings report

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PGWM, LLC

Oct 16
10 min

Stocks Close Mixed but Post Another Week of Gains

U.S. equities finished mixed, but were still able to string together a third consecutive week of gains despite an up and down week of trading. Optimism surrounding the potential for a fiscal relief package reemerged, while a surprising jump in retail sales and a rise in consumer sentiment also helped the markets climb higher. The renewed optimism on additional stimulus was jumpstarted by yesterday’s comments from Treasury Secretary Mnuchin who indicated that he may cede some ground in the negotiations, as well as President Trump’s comments that he would raise his offer. On the virus front, Pfizer announced that its vaccine candidate being developed in conjunction with BioNTech may soon be re

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PGWM, LLC

Oct 9
9 min

Stocks Finish Higher, Posting a Second Consecutive Week of Gains

U.S. stocks closed higher, helping the markets reach back-to-back weekly gains after a tumultuous September. The on-again, off-again fiscal stimulus negotiations were again in focus, as fresh headlines suggested that the White House is prepared to make a larger relief offer, spurring some optimism. However, uncertainty surrounding the timing and likelihood of any potential deal is still giving investors pause. Further progress on the COVID-19 treatment/vaccine front continued to provide markets with a boost, as Gilead Sciences announced constructive data on its investigational antiviral treatment known as remdesivir. Semiconductors also aided the positive backdrop, with the Wall Street Journ

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PGWM, LLC

Oct 2
9 min

President's COVID-19 Diagnosis Hampers Stocks

U.S. equities finished lower, but still managed to post weekly gains, amid ramped-up concerns about COVID-19 after President Donald Trump and First Lady Melania Trump tested positive for the virus. Moreover, the September employment report suggested the job recovery has slowed. A glimmer of hope that lawmakers may be able to come to an agreement on a new fiscal relief package was renewed to help stocks pare some of the losses after House Speaker Pelosi hinted that aid for the airline industry could be coming soon. However, tech stocks kept the Nasdaq well entrenched in the red. In other economic news, September consumer sentiment improved much more than projected and factory orders rose for

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PGWM, LLC