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Rover’s Weekly Market Brief — 10/25/2019


DJIA: 26,958.10 (+0.70%)

NASDAQ: 8,243.00 (+1.90%)

S&P 500: 3,022.55 (+1.22%)


Gold: 1,507.40 (+0.89%)

Copper: 268.40 (+1.82%)

Crude Oil: 56.71 (+5.45%)

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The National Association of Realtors reported [4] that sales of existing homes dropped -2.2% in September to a seasonally adjusted annual rate (SAAR) of 5.38 million, although sales were +3.9% higher than a year ago. The median price for existing homes has been increasing for 91 consecutive months, and was $272,100 in September, up +5.9% for the year. The supply of existing unsold homes at the current sales pace was down from 4.4 months a year ago to 4.1 months in September. The report attributed quickly increasing prices to the lack of inventory and cited price increases as a reason why historically low interest rates have not increased sales as much as expected.

New home sales [5] fell -0.7% in September from August’s 706,000 SAAR to 701,000, but were up +15.5% from September 2018’s 607,000 rate. However, the median sales price dropped -7.9% for the month from $325,200 to $299,400, and was down -8.8% over the year. By region, sales were up for the year in the Northeast (+29.6%), the South (+24.0%), and the West (+11.5%), but fell in the Midwest (-17.3%). The supply of new homes for sale at the current sales rate remained unchanged from August at 5.5 months, or 321,000 homes for sale.

New orders for durable goods [6] were down -1.1% in September after three consecutive monthly increases, including an upwardly revised +0.3% rate for August, and were down -0.8% over the past 12 months. Transportation orders were down -3.6% primarily due to a steep drop in civilian aircraft orders (-39.3%) and a smaller drop in military aircraft orders (-13.0%) which were somewhat offset by a +5.3% increase for motor vehicles. New orders excluding transportation were down -0.3%, with increases in electrical equipment/appliances (+4.3%), communications equipment (+3.3%), and fabricated metal products (+2.1%) offsetting drops for computers (-6.1%), primary metals (-3.7%), and machinery (-0.1%). Core capital goods orders, which exclude both defense and aircraft, were down -0.5% after a downwardly revised -0.6% drop in August, but were up +1.0% compared to September 2018.

Upcoming Economic Reports:

Wednesday October 30 – Q3 2019 GDP First Estimate

Wednesday October 30 – FOMC Meeting Announcement

Earnings Calendar:


Monday Tuesday Wednesday Thursday Friday
Merck & Co