Market Brief November 25 2019

Market Brief November 25 2019

Happy Thanksgiving! A quick market brief for your reading pleasure before you pay the annual homage and devour a bird later in the week! Speaking of turkeys, the market was acting like one last week responding to continued political and trade news. The Dow, S&P, and Nasdaq indexes all finished down last week; Dow down 0.5%, S&P 0.3%, and Nasdaq 0.2%. The indexes briefly touched new highs before retreating by the end of the week. The drop ends the 6 week win streak. Despite concern overseas, notice that the U.S. is not alone in the stock market rally. The Euro Stoxx 50 index is up 19.4% in dollar terms so far this year (as of last Friday close) while Japan’s Nikkei is up 18.2%.

Reaction sentiment indicates there is a stabilization of U.S. manufacturing data, German manufacturing is still in contraction but at a 5-month high, and despite new orders falling, business confidence has turned positive for the first time in 4 months. Housing remains strong. Existing home sales climbed again, home building permits and housing starts posted their best gains in 2019. The building permits surged to the highest levels since August 2007. Overall, easier financial conditions, low unemployment, wage growth, and housing are all supporting the stability of the current economy.

Upcoming week highlights include consumer confidence report on Tuesday, which is expected to rise, and Wednesday’s preliminary Q3 Gross Domestic Product report. Year-to-date index performance; Dow up 19.5%, S&P up 24.1%, and Nasdaq up 28.4%. What else? I feel like a broken record in holiday snowstorms as Colorado is bracing for another storm. So, if you were dreaming of a white Thanksgiving, you might get it this year! Great match-up on MNF tonight, for entertainment purposes to keep the pick ’em streak alive its the high flying Ravens over the Rams!

Safe travels and good times this Thanksgiving week!

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