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There's a Stock Market Party, but Some Invitations Were Lost in the Mail


Today's financial recap and tomorrow's financial outlook.

The Dow Jones Industrial Average (INDEXDJX:.DJI), S&P 500 (INDEXSP:.INX), and Russell 2000 (INDEXRUSSELL:RUT) hit new all-time highs today, but there were some dark spots below the bullish surface.

The solid performance of the Russell in particular would typically be considered a good sign for those looking for a "risk-on" environment for stocks.

However, the action in high-beta momentum stocks was quite mixed, with hot speculative names like Twitter (NYSE:TWTR), Yelp (NYSE:YELP), and Tesla (NASDAQ:TSLA) showing notable weakness. And overall, technology was the weakest S&P sector, with all others closing higher on the day.

Economically-sensitive housing stocks also stood out on the downside, with the iShares US Home Construction ETF (NYSEARCA:ITB) dropping 1.14%, representing major underperformance vs. the major averages.

3D-printing stocks were a bright spot today after industry leader 3D Systems (NYSE:DDD) announced a deal to manufacture smartphone enclosures and models for Google's (NASDAQ:GOOG) Motorola unit. Biotechs also looked very strong.

In earnings news, Pandora (NYSE:P) sold off 1.5% on disappointing fourth-quarter guidance, while Foot Locker (NYSE:FL) rose 4.1% on a solid beat.

On the economic front, the JOLTS Job Openings report came out at 10:00 a.m. EST, showing 3.913 million job openings vs. the 3.844 million expected.

We also saw some QE-related news. In a CNBC interview, Atlanta Federal Reserve President Dennis Lockhart said that the Fed will debate a winding down of its $85 billion/month bond-buying program at its next meeting in December. However, he also said that monetary policy will remain accommodative.

US Treasury yields fell today, extending their drop from Thursday morning's high, and sending prices higher.

Tomorrow's Financial Outlook

Pending Home Sales for October will be released at 10:00 a.m. EST on Monday, but those interested in housing are really waiting for Tuesday's Housing Starts, Building Permits, and Case-Schiller Index data.

At 10:30 a.m., the Dallas Fed's Texas Manufacturing Outlook Survey will be issued. Consensus stands at 3.8.

In earnings, Nuance Communications (NASDAQ:NUAN), Workday (NYSE:WDAY), and Palo Alto Networks (NYSE:PANW) will report after the close.

Twitter: @Minyanville

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No positions in stocks mentioned.

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