Telemus Weekly Market Review December 2nd - December 6th, 2019

    | May 14, 2021

    December 2 - December 6 Week in Review

    It was a mixed bag for the markets last week. The S&P 500 increased 0.2% and the Russell 2000 rose 0.6% in choppy trading. Meanwhile the Dow Jones Industrial Average, down 0.1%, and the Nasdaq Composite, also down 0.1%, were unable to recoup their losses from earlier in the week.

    This week's sector leaders included the S&P 500 energy, consumer staples, health care, and financials sectors. The industrials, consumer discretionary, information technology, and real estate sectors finished lower.

    Video 12.09.2019

    Last week began with the S&P 500 dropping about 70 points, or 2.3%, in less than two sessions. The two primary catalysts were a weaker-than-expected ISM Manufacturing Index for November and President Trump suggesting that a trade deal with China might be better if it waited until after the 2020 election.

    The news might have been good excuses to take some profits after a great month of November (and year), but an opportunistic mindset quickly took hold. Risk sentiment was first supported by reports that trade talks are nearing a deal and was later buoyed by a stronger-than-expected November employment report.

    Nonfarm payrolls climbed 266,000, firmly beating expectations and coming in above the upwardly revised readings for October and September. The unemployment rate ticked down to 3.5%, and average hourly earnings increased 0.2%.

    On Friday, China added to the upbeat trade mood after it said it began to exempt some U.S. agricultural purchases from tariffs. On a related note, tariffs on steel and aluminum imports from Argentina and Brazil were restored after the countries devalued their currencies, while $2.4 billion of French imports may be taxed up to 100% after France passed a digital tax law that allegedly targets U.S. tech companies.

    U.S. Treasuries had some big swings but ultimately finished near their unchanged marks from the prior week. The 2 year yield increased two basis points to 1.63%, and the 10 year yield increased one basis point to 1.84%.

    In other markets the U.S. Dollar Index fell 0.6% to 97.68. WTI crude climbed 7.3% to $59.20 a barrel, as OPEC agreed to cut oil production by 500,000 barrels per day during the first quarter of 2020.

    December 9 – December 13 Economic Calendar

    • Monday
    •                             TD Ameritrade IMX
      12:30 PM ET

    • Tuesday
    • FOMC Meeting Begins 
    • NFIB Small Business Optimism Index
      6:00 AM ET
    • Productivity and Costs
      8:30 AM ET

    • Redbook
      8:55 AM ET

    • Wednesday
    • MBA Mortgage Applications
      7:00 AM ET
    • CPI
      8:30 AM ET
    • Atlanta Fed Business Inflation Expectations
      10:00 AM ET
    • Quarterly Services Survey
      10:00 AM ET
    • EIA Petroleum Status Report
      10:30 AM ET

    • FOMC Meeting Announcement
      2:00 PM ET
    • Treasury Budget
      2:00 PM ET
    • Fed Chair Press Conference
      2:30 PM ET
    • Thursday
    • Jobless Claims
      8:30 AM ET
    • PPI-FD
      8:30 AM ET
    • EIA Natural Gas Report
      10:30 AM ET
    • Fed Balance Sheet
      4:30 PM ET
    • Money Supply
      4:30 PM ET

      • Friday
      • Retail Sales
        8:30 AM ET
      • Import and Export Prices
        8:30 AM ET
      • Business Inventories
        10:00 AM ET
      •                      Baker-Hughes Rig Count
        1:00 PM ET






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