The S&P 500 Makes Another Record High Before Hitting the Bricks
Today's financial recap and tomorrow's financial outlook.
There were no domestic economic or earnings reports today, and with a lack of market-moving news, the bulls simply resumed the recent action -- as in, steadily up. But given that the Friday after Thanksgiving is typically low volume, it wouldn't take much to get things moving higher.
Technology was the top-performing sector of the day, driven by Apple (NASDAQ:AAPL). The iPhone maker was boosted by a report from market research firm Kantar Worldpanel ComTech that said Apple accounted for 76% of October smartphone sales in Japan.
However, stocks dipped in the last hour of trading, and the S&P and Dow actually finished lower. At one point in the day, all S&P sectors were in the green, but by day's end, only tech and consumer discretionary were positive.
In terms of holiday retail sales news, IBM's (NYSE:IBM) Benchmark data service said that online sales rose 19.7% on Thanksgiving Day.
We're likely to see more of these types of estimates throughout next week, but it should be noted that they often don't correlate much in terms of actual earnings results for publicly traded companies.
On the international front, the EU said that inflation was 0.9% in October, above expectations but below the 2% target. Eurozone unemployment was below expectations at 12.1%.
And Canada reported that its third-quarter GDP rose by 2.7% vs. the 2.5% consensus.
Monday's Financial Outlook
We may finally get some real market action on Monday as we'll kick off a very busy week for economic data with the important November ISM Index, and the September/October construction spending numbers. We'll also receive the Markit US PMI.
There are also some international data points coming, including China's HSBC/Markit Manufacturing PMI, and PMI numbers from the eurozone, Germany, and Great Britain.
There are no major earnings reports scheduled.
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