November trading concluded at the end of a Holiday-shortened week for markets. Will holiday cheer propel markets higher in December?
Monday
S&P 500 1.55% | NASDAQ 2.69%
Markets soared at the opening bell with tech stocks leading the way. Even after the data-drought, a Federal Reserve Board Member indicated there was a case for another cut in December. Consumer sentiment increased in November and GDP projections remain strong.
Tuesday
S&P 500 0.91% | NASDAQ 0.67%
Producer prices came at or below expectations, indicating the tariff squeeze may be lighter than expected. Retail sales (less automobiles) showed resilience with non-discretionary purchases coming in strong in September.
Wednesday
S&P 500 0.69% | NASDAQ 0.82%
Markets continued their winning streak before the holiday. More data was released on the job front which showed that less unemployment claims were made in the past week. Equities took note as rate cuts chances have moved from “not a forgone conclusion” to highly probable in just a few weeks.
Thursday
S&P 500 0.00% | NASDAQ 0.00%
Markets Closed – Happy Thanksgiving!
Friday
S&P 500 0.54% | NASDAQ 0.65%
Markets closed early on Black Friday but enjoyed a solid finish to November. Retailers were anticipating a slowing in spending, but shoppers may be undeterred in spending, even if it is “buy-now, pay-later”.
Conclusion
S&P 500 3.73% | NASDAQ 4.91%
November has come and gone and, thanks to improving sentiment, ended the week on a good note. The tech-heavy Nasdaq recovered nicely this week but ended the month down -1.51% while the S&P500 was up .13%. Availability of economic data coupled with comments from Federal Reserve officials helped. Retail Sales were decent, and joblessness was not shown materially in economic data. If projections on spending hold true, especially with Black Friday sales through Cyber Monday, earnings through year-end will be stable. Importantly, tariffs have not shown widespread across prices. With holiday spending expected to be higher than last year, we could see if markets continue to advance.
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