Cyber Monday kicks off December after signs of solid weekend sales performance
Key manufacturing data ahead later this morningHappy Cyber Monday and welcome to the final month of 2019.
Initially, markets looked ready to rebound slightly on Monday from Friday’s losses, but the overnight rally faded a bit amid news that President Trump is reinstating tariffs on steel from Brazil and Argentina. Some key stocks to consider watching this Cyber Monday include Walmart , Amazon , and Target as sales news starts to flow in later today. Black Friday was the second-largest online shopping day ever.
Last year, December saw some indices fall into bear-market territory as rate fears pressed Wall Street. The situation could hardly be more different as we enter this December, with rates down more than 100 basis points since then and the Fed funds level taking a 75-basis point drop since July as the Fed loosens policy.
Black Friday will probably be eclipsed by Cyber Monday, according to Adobe, when it forecasts sales will reach $9.4 billion. That Cyber Monday figure would be up nearly 19% from last year. Treasuries did move a little lower early Monday, with the benchmark 10-year yield scooting up to 1.83%. That was despite some trade-related concerns after President Trump signed legislation supporting the Hong Kong protesters, which seems to have angered Beijing. It’s actually a little bit of a head scratcher why the yield is moving up, unless it’s a sign of optimism around the Chinese data and trade talks.
Looking back, the month of November was pretty triumphant for the markets. The SPX climbed 3.4% to notch its biggest one-month gain since June, when it rallied more than 6%. The Dow Jones Industrial Average and Nasdaq gained 3.7% and 4.5%, respectively, while the Russell 2000 gained 4%. Friday’s losses looked like some investors simply taking a bit of money off the table to end the month.... [+]
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