The Week on Wall Street
News of a COVID-19 vaccine ignited a rally in economically sensitive stocks and a broad retreat in technology companies last week, though enthusiasm was tempered by reports of rising new infections and fresh lockdowns.
The Dow Jones Industrial Average surged 4.08%, while the Standard & Poor’s 500 rose 2.16%. The Nasdaq Composite index fell 0.55% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, jumped 4.01%.
Reports of an effective COVID-19 vaccine sent stocks soaring on Monday as the end to economic uncertainty appeared to be in sight. Stocks that had been pummeled by economic lockdowns surged on the news, while the stay-at-home stocks suffered steep declines. Bond yields and oil prices both moved higher on expectations of increased economic activity.
Market enthusiasm evaporated in the days that followed, however, as higher COVID-19 infections, new lockdowns, and low expectations for a new fiscal stimulus package dampened the optimism brought on by the pending vaccine.
Stocks closed the week on a higher note, with cyclical stocks adding to their gains and technology companies shaving part of their losses.
Clouds Over Chinese Capitalism?
The market was caught by surprise last week when Chinese regulatory authorities issued draft guidelines to address concerns over abusive monopolistic practices. Shares in some of the biggest Chinese technology companies dropped on the news. This follows the prior week’s suspension of a listing of a large initial public offering for one of the country’s leading fintech companies.
It’s difficult to say whether Chinese regulators are acting on concerns that western nations have with the dominance of Big Tech companies, or if they are attempting to rein in the power and influence of privately owned corporations. An answer may not be clear anytime soon, but investors will be watching.
THIS WEEK: KEY ECONOMIC DATA
Tuesday: Retail Sales.
Wednesday: Housing Starts.
Thursday: Existing Home Sales, Jobless Claims, Index of Leading Economic Indicators.
THIS WEEK: COMPANIES REPORTING EARNINGS
Monday: Palo Alto Networks (PANW), Tyson Foods, Inc. (TSN), JD.com, Inc. (JD)
Tuesday: Walmart (WMT), The Home Depot (HD)
Wednesday: Nvidia Corp. (NVDA), Target Corp. (TGT), Lowe’s Companies (LOW), The TJX Companies (TJX)
Thursday: Workday, Inc. (WDAY), Ross Stores (ROST), Intuit (INTU), Netease, Inc. (NTES)
“The most beautiful discovery true friends make is that they can grow separately without growing apart.”
Recipe of the Week
- 1 can of chickpeas
- 1 can unsweetened pumpkin puree
- 2 garlic cloves
- ¼ cup tahini
- 2 tablespoons adobo sauce from chipotle chiles canned in adobo
- ¼ cup lemon juice
- 2 tablespoons olive oil
- 2 tablespoons salt
- ½ cup pepitas (hulled roasted pumpkin seeds)
- ¼ cup feta
- In a food processor, mix together the chickpeas, pumpkin puree, garlic, tahini, adobe sauce, lemon juice, olive oil, and salt until smooth. Add salt and lemon juice to taste.
- Transfer the hummus to a bowl and garnish with the pepitas and crumbled feta cheese. Serve with pita bread.
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DIY Rain Harvesting
- You can calculate how much rainwater you’ll harvest by using data points like how much it rains where you live and the length and width of your roof.
- Rainwater tanks can be as small as 55 gallons.
- Make sure to place your rainwater reservoir underneath a downspout.
- The main components of a rainwater harvesting system are a barrel, a transportation system for the water, and a filter.
- Even if you’re not the handiest, some rain catchers are as simple as a garbage bin, a lid, and a filter.
 Myrecipes.com, November 13, 2020