Stocks were mostly lower on Friday morning as coronavirus cases and hospitalizations continued to surge, and states and cities imposed new measures to help control the pandemic. Treasury Secretary Steven Mnuchin's decision not to extend emergency lending programs beyond the end of the year also weighed on sentiment. Two federal unemployment benefit programs, currently providing assistance to more than 12 million workers, are also set to expire at the end of the year. The Dow fell 0.4%, the S&P fell 0.2%, and the Nasdaq rose 0.2%. Crude oil fell slightly to $41.50 per barrel, while gold rose $12 to $1873 per ounce.

Stocks were mixed on Thursday morning amid surging coronavirus cases, as the U.S. pandemic death toll rose above 250,000. On the employment front, first-time claims for state unemployment benefits rose to 742,000 for the week ended November 14, up from 711,000 a week earlier and above the Bloomberg consensus forecast of 700,000. In other data, the National Association of Realtors said that U.S. existing home sales rose 4.3% in October to a seasonally adjusted 6.85 million units, up from 6.57 million in September and above the consensus forecast of 6.45 million. The Dow fell 0.3%, the S&P fell 0.1%, and the Nasdaq rose 0.5%. Crude oil traded near $41.50 per barrel, while gold fell $14 to $1860 per ounce.

Stocks were mostly higher on Wednesday morning amid more positive news from Pfizer, which reported that its coronavirus vaccine was 95% effective in the final results of its late-stage trial, and from Boeing, which received FAA approval to fly its 737 MAX jet after a 20-month review. On the housing front, the Commerce Department said that October housing starts rose 4.9% to a seasonally adjusted annual rate of 1.53 million units, up from 1.459 million in September and above the Reuters consensus forecast. The Dow rose 0.4%, the S&P rose 0.1%, and the Nasdaq was flat. Crude oil traded near $42 per barrel, while gold fell $3 to $1882 per ounce.

Stocks fluctuated on Thursday morning amid mixed earnings reports, new weekly employment data, and diminishing prospects for a pre-election stimulus deal. Tesla shares rose after the company posted stronger-than-expected 3Q earnings and reiterated its full-year forecast of 500,000 vehicle deliveries. Coca-Cola shares also rose following above-consensus results, reflecting strength in at-home sales. On the employment front, the Labor Department said that initial claims for state unemployment benefits fell to 787,000 for the week ended October 17, down from 842,000 a week earlier and below the Bloomberg consensus forecast of 870,000. The Dow rose 0.1%, the S&P rose 0.1%, and the Nasdaq fell 0.2%. Crude oil traded near $41 per barrel, while gold fell $29 to $1900 per ounce.

A dictionary definition of the phrase "a thorn in one's side" is "a constant or persistent cause of annoyance, frustration, or trouble." Well, that's exactly how we feel (and have felt) about market sentiment for several months. The pullback in September alleviated some, but not all, of our sentiment concerns. As well, the recent rally back toward all-time highs was enough to return many indicators back to excessive optimism.