The Financial sector continued to move higher supported by some of the lowest valuations in the market and a steepening of the yield curve. International markets also performed well with what looks like a bottoming in global manufacturing. Some of the strongest growth rates remain in emerging markets, where we have a strong overweight position in the International ADR portfolio relative to its benchmark.
| Event | Period | Estimate | Actual | Prior | Revised |
|---|---|---|---|---|---|
| ISM Manufacturing | Oct | 48.9 | 48.3 | 47.8 | — |
| ISM Non-Manf. Composite | Oct | 53.5 | 54.7 | 52.6 | — |
| Change in Nonfarm Payrolls | Oct | 85k | 128k | 136k | 180k |
| Unemployment Rate | Oct | 3.60% | 3.60% | 3.50% | — |
| Average Hourly Earnings YoY | Oct | 3.00% | 3.00% | 2.90% | 3.00% |
| JOLTS Job Openings | Sept | 7063k | 7024k | 7051k | 7301k |
| PPI Final Demand MoM | Oct | 0.30% | 0.40% | -0.30% | — |
| PPI Final Demand YoY | Oct | 0.90% | 1.10% | 1.40% | — |
| PPI Ex Food and Energy MoM | Oct | 0.20% | 0.30% | -0.30% | — |
| PPI Ex Food and Energy YoY | Oct | 1.50% | 1.60% | 2.00% | — |
| CPI MoM | Oct | 0.30% | 0.40% | 0.00% | — |
| CPI YoY | Oct | 1.70% | 1.80% | 1.70% | — |
| CPI Ex Food and Energy MoM | Oct | 0.20% | 0.20% | 0.10% | — |
| CPI Ex Food and Energy YoY | Oct | 2.40% | 2.30% | 2.40% | — |
| Retail Sales Ex Auto and Gas | Oct | 0.30% | 0.10% | 0.00% | -0.10% |
| Industrial Production MoM | Oct | -0.40% | -0.80% | -0.40% | -0.30% |
| Building Permits | Oct | 1385k | 1461k | 1387k | 1391k |
| Housing Starts | Oct | 1320k | 1314k | 1256k | 1266k |
| New Home Sales | Oct | 705k | 733k | 701k | 738k |
| Existing Home Sales | Oct | 5.49m | 5.46m | 5.38m | 5.36m |
| Leading Index | Oct | -0.10% | -0.10% | -0.10% | -0.20% |
| Durable Goods Orders | Oct P | -0.90% | 0.60% | -1.20% | -1.40% |
| GDP Annualized QoQ | 3Q S | 1.90% | 2.10% | 1.90% | — |
| U. of Mich. Sentiment | Nov F | 95.7 | 96.8 | 95.7 | — |
| Personal Income | Oct | 0.30% | 0.00% | 0.30% | — |
| Personal Spending | Oct | 0.30% | 0.30% | 0.20% | — |
| S&P CoreLogic CS 20-City YoY NSA | Sept | 2.01% | 2.10% | 2.03% | 2.02% |
Source: Bloomberg
Past performance is not indicative of future results. This is not financial advice or an offer to sell any product. Clark Capital Management Group, Inc. reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. It should not be assumed that any of the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.
Clark Capital Management Group, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Clark Capital’s advisory services can be found in its Form ADV which is available upon request. Material presented has been derived from sources considered to be reliable, but the accuracy and completeness cannot be guaranteed. Nothing herein should be construed as a solicitation to buy, sell or hold any securities, other investments or to adopt any particular investment strategy or strategies. For educational use only.
The Dow Jones Industrial Average indicates the value of 30 large, publicly owned companies based in the United States.
The NASDAQ Composite is a stock market index of the common stocks and similar securities listed on the NASDAQ stock market.
The S&P 500 measures the performance of the 500 leading companies in leading industries of the U.S. economy, capturing 75% of U.S. equities.
The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 2000 Index is a small-cap stock market index that represents the bottom 2,000 stocks in the Russell 3000.
The Russell 2000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 2000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower expected growth values.
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
The MSCI Emerging Markets Index is used to measure large and mid-cap equity market performance in the global emerging markets.
The MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 developed market countries and 24 emerging market countries, covering approximately 85% of the global equity opportunity set outside of the U.S.
Bloomberg Barclays U.S. Aggregate Bond Index: The index is unmanaged and measures the performance of the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries and government-related and corporate securities that have a remaining maturity of at least one year.
The Bloomberg Barclays U.S. Corporate High-Yield Index covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.
The Bloomberg Barclays U.S. Credit Index measures the investment grade, U.S. dollar denominated, fixed-rate taxable corporate and government related bond markets.
The Bloomberg Barclays US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury.
ISM Manufacturing Index – A widely-watched indicator of recent U.S. economic activity. The index is often referred to as the Purchasing Manager’s Index (PMI). Based on a survey of purchasing managers at more than 300 manufacturing firms by the Institute for Supply Management (ISM), the index monitors changes in production levels from month to month. The index is the core of the ISM Manufacturing Report.
The ISM Non-Manufacturing Index is an index based on surveys of more than 400 non-manufacturing firms’ purchasing and supply executives, within 60 sectors across the nation, by the Institute of Supply Management (ISM). The ISM Non-Manufacturing Index tracks economic data, like the ISM Non-Manufacturing Business Activity Index. A composite diffusion index is created based on the data from these surveys, that monitors economic conditions of the nation.
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