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The S&P 500 Index closed November +3.6%, its best monthly performance since June. Investor confidence in a healthy consumer, low inflation, and optimism on U.S.—China trade talks continue to buoy stocks.
With only a month left in 2019, there are a few remaining milestones to monitor as we move into the end of the year. The final Employment Report of 2019 will be released on December 6th. The Federal Open Market Committee meets on December 10th and 11th. Based on Fed Funds futures, there is a 95.6% probability the Fed holds interest rates steady at the meeting. The remainder of investor attention for the month is likely centered on updates on the holiday shopping season and any progress on U.S.—China trade talks.
In our Dissecting Headlines section, we update the progress of holiday shopping over the Thanksgiving Weekend.
Financial Market Update
Dissecting Headlines: Black Friday and Cyber Monday
Thanksgiving marks the traditional start of the holiday shopping season. Given the late Thanksgiving on the calendar this year, the shopping season is a little more compressed than usual.
With many retailers open for shopping on Thanksgiving Day and online 24/7, the kickoff period now lasts between Thursday and Monday. Early estimates have the combined period with sales in excess of $30 billion. Thanksgiving saw $4.2 billion in spending and Black Friday saw $7.4 billion. Cyber Monday is expected to surpass $9.4 billion, a 19% year-over-year increase.
The mobile phone continues to be an important tool for consumers with $2.9 billion of Friday’s spending coming from online purchases via a smart phone.
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Want a printable version of this report? Click here: NovaPoint December 2, 2019
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