6 things we’re thankful for this week
Dear Eagle Wealth Community,
We're thinking a lot about gratitude this week, even though Thanksgiving will not be the same this year.
The Eagle Wealth team has chosen to have quiet Thanksgiving celebrations instead of our boisterous family gatherings, friendsgivings, and bustling travel we usually enjoy.
It’s different, but we're adapting.
In these challenging times, it’s easy to feel like we’re alone. Especially if we can’t gather with our loved ones or follow our usual traditions. Others may prefer to avoid holidays all together — and that's okay too. Whether you celebrate or not, there's no time like the present to think about what you're thankful for.
- We're thankful for our spouses and partners, who have been our constant companions during our time at home.
- We're thankful for our beautiful children, nieces, and nephews, who fill us with awe at their resiliency and joy.
- We're thankful for the amazing people in Central Oregon who have come together and supported each other in incredible ways this year.
- We're thankful for our team. We’ve had to learn how to work together closely even when we’re physically far away.
- We're thankful for work that lets us help our wonderful clients fulfill their dreams (even when some of those dreams get deferred).
- We're thankful for you for being on this journey with us.
What are you thankful for? Will you hit “reply” and let us know?
May you and your loved ones enjoy a warm, safe, happy, blessed Thanksgiving this year.
Your Eagle Wealth Team
P.S. Our (home) offices will be closed Thursday 11/27 and Friday 11/28. We'll return all voicemails and emails on Monday 11/30.
The Week on Wall Street
Despite news of another COVID-19 vaccine candidate, stocks were mixed amid investor anxiety over an increase in new infections and economic lockdowns.
The Dow Jones Industrial Average fell 0.73%, while the Standard & Poor’s 500 declined 0.77%. The Nasdaq Composite index rose 0.22% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, gained 1.42%.[i],[ii],[iii]
The announcement of another potential COVID-19 vaccine ignited strong gains to begin the week. But, like the week that preceded it, the gains sparked by the vaccine news were eroded in the following days as worries over the economic impact of new infections moved to the fore.
The market has been grappling with conflicting narratives. One is the optimistic view that, with COVID-19 vaccines apparently near at-hand, the return to economic normalcy grows ever closer. That hopeful outlook has been offset by anxiety over new infections, rising hospitalizations, and some local and state lockdowns.
These crosscurrents kept stocks range bound for the week, with the technology sector and small and mid-size stocks lending support to the overall market.
Powell Sounds a Warning
In a speech last week, Federal Reserve Chairman Jerome Powell warned that the nationwide increase in COVID-19 cases could hamper economic activity in the upcoming months. He expressed concern that consumer spending may trend lower despite efforts to control the spread of infections.[iv]
Powell once again voiced his support for additional fiscal stimulus to assist small businesses, state and local governments, and the unemployed. He also said that even after full economic recovery, some businesses and workers may wrestle with an economic landscape altered by the coronavirus.
THIS WEEK: KEY ECONOMIC DATA
Tuesday: Consumer Confidence.
Wednesday: Durable Goods Orders, Gross Domestic Product (GDP), Jobless Claims, Consumer Sentiment, New Home Sales.
Thursday: Jobless Claims.
Source: Econoday, November 20, 2020
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
THIS WEEK: COMPANIES REPORTING EARNINGS
Tuesday: Best Buy (BBY), Medtronic (MDT), Dollar Tree (DLTR), Dell Technologies (DELL), VMware (VMW), Analog Devices (ADI)
Friday: Deere & Company (DE)
Source: Zacks, November 20, 2020
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.