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Morningstar Indexes: Weekly Market Report

Week ending Nov. 3: Surprise drop in unemployment rate stokes inflation concerns.

Morningstar Indexes, 11/06/2006

A surprising drop in the unemployment rate renewed concerns about inflation, as wages bid up during tightening labor markets eventually translates into higher prices. At the same time, reports of soft retail sales in October and a decline in manufacturing activity suggest the economy might be slowing too quickly. The Morningstar US Market Index closed down 0.94% for the week ending Nov. 3.

The Morningstar Market Barometer reflected investors' pessimism as all nine Morningstar style indexes finished in the red for the week. In spite of stellar year-to-date performance, the Morningstar Small Core Index dropped 1.6%, making it the worst performer for the week. Meanwhile, despite shedding 0.7% for the week, the Morningstar Mid Value Index claimed the top spot.
 
Tenet Healthcare THC, the second largest hospital chain in the United States, plunged 17.6% after reporting disappointing third-quarter results. Suffering a similar fate was IT consulting firm Computer Sciences CSC, which dropped 6.2% after the firm announced dismal results and delayed a full filing because of a stock options probe.

Entegris ENTG, a semiconductor equipment provider, and Technitrol TNL, an electronic component producer--both part of the Morningstar Small Core Index--saw their stocks drop by 12.9% and 13.9%, respectively, after disappointing third-quarter earnings reports.

For a more in-depth look into market performance, view the PDF report U.S. Market Overview. Daily updates of index returns are available here.

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