- U.S. – China trade updates were inconsistent. Stocks fluctuated widely on Friday, in large part because of contradictory updates on a potential trade deal between the U.S. and China. President Trump said the two countries are a lot closer to an agreement. Larry Kudlow, Trump’s economic advisor, shared a different perspective, indicating the U.S. is not working out a trade deal with China. These conflicting reports contributed to volatility in the markets as investors tried to determine exactly where we stand. 
- U.S. corporate earnings were strong but imperfect. So far, the 3rd quarter earnings season has been a strong one. Of the 74% of S&P 500 companies that have released their data, 78% have beaten their earnings-per-share estimates, and earnings have grown 24.9% year-over-year. However, concerns for at least one major tech company’s projections affected investor behavior. In addition, analysts predict that in 2019, earnings growth will not match the double-digit results we’ve experienced this year. 
- Labor market growth beat expectations. The economy added 250,000 jobs in October, a stronger increase than expected. Wages also rose, posting 3.1% growth over the prior year, the fastest annual growth since 2009. Investors interpreted these results to mean that the Federal Reserve would continue raising interest rates at its projected pace.
ECONOMIC CALENDARMonday: ISM Non-Manufacturing Index Tuesday: JOLTS Thursday: Jobless Claims Friday: PPI-FD, Consumer Sentiment
Quote Of The Week
“Time well spent results in more money to spend, more money to save, and more time to vacation.” – Zig Ziglar