The Morning View: October 25, 2019

  • October 25, 2019

Senior Vice President / Portfolio Manager

As we continue through third quarter earnings reports, results have been mixed to incrementally positive when compared to benign expectations. In addition, individual companies have provided optimistic comments as well as realistic challenges in the current environment. For example, on the positive side JP Morgan exceeded earnings estimates citing a strong U.S. consumer and Intel exceeded expectations on strong demand for chips in data centers. Meanwhile, Amazon missed earnings for the first time in almost two years as they are spending money to ramp up one day delivery and 3M Company discussed softness in most of their global markets. The U.S. dollar index has weakened recently, falling from 99.7 at the end of September to 97.3 earlier this week. Should this trend continue, it may help Emerging Markets, U.S. companies with a global presence, and potentially companies in the energy sector. In all, bond yields have ticked lower this morning and equity futures are lower heading in the market open.

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