US Stock Markets Ended Nov. 29, 2019

Equities moved higher for the holiday-shortened week amid economic data-points and strength within the consumer discretionary sector. In economic news, U.S. gross domestic production growth for the third-quarter was revised higher to 2.1% versus a preliminary reading of 1.9%. In addition, durable goods orders grew by 0.6% versus an expected decline of 0.9%, while new homes sales fell. Retail stocks were boosted by a strong earning's report from Best Buy Co Inc. after the consumer-electronics retailer increased its forecast for the Christmas shopping season. Dick's Sporting Goods Inc. also beat expectations on strong same-store-sales growth and an improvement in margins. Both stocks gained over 10% for the week. In other stock news, Deere & Co. shares fell after a depressed 2020 outlook that called for agriculture-related sales to fall by 5-10% and construction sales to fall by 10-15%. The large equipment maker is feeling adverse effects from tariffs on farmers and weakening global growth. Looking ahead to next week, investors will be focused on commentary around Black Friday and Cyber Monday to gauge the strength of the consumer. Additionally, continuing trade negotiations with China will remain on investors' minds, especially with the Hong Kong Human Rights and Democracy Act being signed into law by President Trump. Longer term, the recent uptick in economic data bodes well for markets and could be the catalyst the market needs to continue to hit new highs.
Posted on Monday, December 2, 2019 @ 8:27 AM

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.