Markets
Stocks pushed higher over the holiday week as investors’ hopes for a Fed rate adjustment drove bullish sentiment.
The Standard & Poor’s 500 Index rose 3.73 percent, while the Nasdaq Composite Index rallied 4.91 percent. The Dow Jones Industrial Average advanced 3.18 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 3.15 percent.1,2
AI Powered…
A rebound rally began on Monday as the artificial intelligence (AI) business strategy of one of the largest megacap tech stocks reignited positive sentiment in the AI trade. The enthusiasm broadened out to a number of AI-related names, lifting the S&P 500 by 1.5 percent and the Nasdaq by 2.7 percent—its biggest one-day gain in more than six months.3
Stocks rose again on Tuesday and Wednesday—the third and fourth consecutive trading days of gains, respectively, for all three major averages.
Overall bullish holiday sentiment, positive news on a handful of AI-related megacap tech names, and continued investor optimism for the Fed to adjust rates at its next meeting powered the advances.
Markets continued their rise after the Thanksgiving holiday, with stocks rounding out the shortened trading session with a fifth consecutive day of gains.4,5
Keeping Score on the Consumer (us)
As we move full steam ahead into the holiday shopping season, investors are closely watching consumer data.
The fresh consumer spending data released last week was the first update. The delayed report showed the pace of retail sales in September cooled slightly over the prior month, just shy of expectations.
Next up was the Conference Board’s November survey, which showed that consumer confidence dropped to 88.7 from 99.5 in October.6
Investors may be anxiously awaiting the October retail sales report and closely monitoring other consumer data points for clues about the future direction of the economy.
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