Stocks close slightly higher on Friday
22-Nov-19 16:10 ET
Dow +109.33 at 27875.53, Nasdaq +13.67 at 8519.88, S&P +6.75 at 3110.29
[BRIEFING.COM] The stock market closed slightly higher on Friday in an uninspiring session. The Dow Jones Industrial Average (+0.4%) edged above the S&P 500 (+0.2%), Nasdaq Composite (+0.2%), and Russell 2000 (+0.3%).
The market heard from both President Trump and his Chinese counterpart, President Xi, on Friday. Mr. Xi called for mutual respect and equality in talks, but reiterated Beijing is willing to fight back if necessary. Mr. Trump said talks are moving along nicely and closing in on a deal, but the president suggested a deal should not be equal and should favor the U.S. instead.
The takeaway was that the market still doesn't know for certain if a Phase One trade agreement will be signed this year, but talks are ongoing and appear to not be escalating. Separately, an upwardly revised reading in the University of Michigan's Index of Consumer Sentiment for November was supportive for equities today.
Leading the market in gains were the S&P 500 financials (+0.8%), consumer discretionary (+0.7%), and industrials (+0.5%) sectors. The real estate (-0.5%) and energy (-0.4%) sectors were today's laggards.
Nordstrom (JWN 37.95, +3.63, +10.6%) and Gap (GPS 16.94, +0.72, +4.4%) were among the biggest earnings-driven gainers in the consumer discretionary space, while an earnings-driven decline in Intuit (INTU 259.81, -11.34, -4.2%) put some pressure on the information technology sector (-0.1%).
Elsewhere, the futuristic design of Tesla's (TSLA 333.04, -21.79, -6.1%) Cybertruck pickup was met with some confusion and mixed reviews. Ultimately, it appeared to be a sell-the-news case after the stock climbed about 40% in the past month.
U.S. Treasuries ended the week on a flat note. The 2-yr yield increased two basis points to 1.63%, and the 10-yr yield was unchanged at 1.77%. The U.S. Dollar Index increased 0.3% to 98.26. WTI crude declined 1.2%, or $0.70, to $57.88/bbl.
Friday's economic data was limited to the revised reading for the University of Michigan's Index of Consumer Sentiment for November:
- The final November reading for the University of Michigan Consumer Sentiment Index checked in at 96.8 (Briefing.com consensus 94.9), which exceeded the preliminary estimate of 95.7 and the final October reading of 95.5. The November reading is in close proximity to the average level (97.0) since the start of 2017.
- The key takeaway from the report is the acknowledgment that consumers aren't anticipating sizable increases in inflation, unemployment, and interest rates, which suggests consumer spending activity should remain supportive for the U.S. economy.
Investors will not receive any economic data on Monday.
- Nasdaq Composite +28.4% YTD
- S&P 500 +24.1% YTD
- Dow Jones Industrial Average +19.5% YTD
- Russell 2000 +17.8% YTD
Market Snapshot
| Dow | 27875.53 | +109.33 | (0.39%) | | Nasdaq | 8519.88 | +13.67 | (0.16%) | | SP 500 | 3110.29 | +6.75 | (0.22%) | | 10-yr Note | +1/32 | 1.768 |
|
| | NYSE | Adv 1717 | Dec 1152 | Vol 717.7 mln | | Nasdaq | Adv 1778 | Dec 1303 | Vol 1.9 bln |
Industry Watch
| Strong: Financials, Consumer Discretionary, Industrials |
| | Weak: Real Estate, Energy |
Moving the Market
-- Stock market closes slightly higher; close the week lower for the first time in over one month
-- Relative strength in the financials sector
-- Chinese President Xi called for mutual respect and equality in trade talks; President Trump said deal is close but the U.S. should have the better deal
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WTI crude gives up bulk of weekly gains
22-Nov-19 15:25 ET
Dow +109.33 at 27875.53, Nasdaq +11.20 at 8517.41, S&P +6.53 at 3110.07
[BRIEFING.COM] The S&P 500 is on pace to close the session on higher note. The benchmark index is up 0.2%, but is also on pace snap a six-week winning streak.
One last look inside the S&P 500 shows the financials (+0.6%) and consumer discretionary (+0.6%) sectors outpacing the broader market. Conversely, the real estate sector (-0.5%) remains today's laggard.
WTI crude settled down $0.70 (-1.2%) to $57.88/bbl. For the week, the commodity was up just 0.2%. |
