Weekly Market Snapshot1

News Last Week

  • Cyber Monday sales were up 16.8% compared to last year at $6.59 billion. This was the biggest online shopping day in history according to data from Adobe Systems Inc.
  • Bitcoin hit $11,000 for the first time on Wednesday after rallying more than 1,000 percent this year. It then plunged by more than $2,000 before recovering above $10,000.
  • Shares in technology companies fell sharply Wednesday with the FANG stocks (Facebook, Amazon, Netflix and Google-parent Alphabet) among the hardest hit.
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  • The Dow Jones Industrial Average soared above 24,000 as non-tech stocks rallied on growing optimism the Senate would approve the tax cuts bill.
  • An announcement could come as soon as Monday regarding CVS’ $66 billion deal to buy Aetna. Talks are advanced and could place Aetna’s value at between $200 and $205 per share.
  • Sears posted a better-than-expected loss of $558 million, prompting investors to send the company’s stock up 30% in Thursday’s pre-market trading. Those gains were then wiped out hours later.
  • Fast-food chain Arby’s Restaurant Group said Tuesday it had reached a deal to acquire Buffalo Wild Wings for $2.4 billion in cash.
  • U.S media company Meredith announced it will buy Time Inc, in a $1.84 billion all cash deal.
  • The British Pound rallied in response to a report that the UK had agreed to a Brexit bill.
  • Monday: New home sales for October rose 6.2 percent to a 685,000 annualized rate. Supply fell to 4.9 months and the median price fell 3.7 percent to $312,800, or a year-on-year gain of 3.3 percent. September’s 18.9 percent monthly gain was revised down to 14.2 percent.
  • Tuesday: October’s international trade in goods deficit was much higher-than-expected at $68.3 billion. This represented a $4.2 billion increase from September. Exports were down 1 percent and imports rose by 1.5 percent.
  • Wednesday: The second estimate for third quarter GDP came in stronger than the first at 3.3 percent, an upward revision of 0.3 percent.
  • Thursday: Personal income and outlays for October showed that the core PCE price index rose 0.2 percent. This is the inflation measure most closely followed by the FOMC members. September’s reading was also revised higher by 0.1 to 0.2 percent. The personal income component rose 0.4 percent, 0.1 above expectations. However, the wages and salaries portion was only up 0.3 percent, down 0.2 from September.
  • Friday: ISM Manufacturing Index for November produced very strong readings across the board. The composite was down 0.5 to 58.2, however new orders were 64.0, backlog orders 55.0, production 63.9 and employment 59.7.
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News Next Week

  • Monday: Factory Orders for October at 10.00am
  • Tuesday: International Trade for October at 8.30am
  • Tuesday: PMI Services Index for November at 9.45am
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  • Tuesday: ISM Non-Manufacturing Index for November at 10.00am
  • Friday: Employment Situation for November at 8.30am
  • Friday: Consumer Sentiment for December(p) at 10.00am

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