*Performance since 7/1/2022. For more details on the performance calculation and methodology of Alpha Picks, click here. |
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► Black Friday fueled record consumer spending in the shortened Thanksgiving trading week, yet major indexes finished in the red on Wednesday; the S&P 500 closed -0.4%, the Dow Jones -0.3%, and the Nasdaq -0.6%.
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► Core PCE increased 0.3% month-over-month in October, matching expectations and September's reading. Core PCE inflation was 2.8% year-over-year vs. 2.7% in September.
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► Proposed tariffs on Mexico and Canada could pose significant risks to key industries, such as the automotive and energy sectors, potentially escalating trade tensions and impacting cross-border supply chains. |
► The crypto correction resulted in significant gains, with Bitcoin approaching an unprecedented $100k, only to pullback near $90k. |
► Geopolitical tensions persist, particularly between Russia and Ukraine. Meanwhile, a temporary ceasefire was announced this week in the Middle East. |
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Global Market Movements and Sector Performance |
Black Friday is All the Craze: Consumer Discretionary Dominates Sectors |
This week, Black Friday was the craze, with U.S. consumer spending experiencing significant growth. Fueled by aggressive marketing strategies and superior online deals, Deloitte's analysis projected that consumer spending between November 28 and December 2 would increase by 15% year-over-year, reaching approximately $650 per shopper. Read More. |
Geopolitical Events: Russia-Ukraine |
A temporary ceasefire was announced between Lebanon and Israel, marking a significant diplomatic development amidst ongoing geopolitical tensions. This ceasefire brings temporary relief to the region. Meanwhile, Russia escalated attacks on Ukraine last week, marking a significant escalation in the conflict and raising concerns about potential NATO involvement and further economic sanctions. Read More. |
This week saw divergent performances across GICS sectors. The technology sector faced significant headwinds, amid the weakening of semiconductor stocks and a rotation into software, as consumer discretionary dominated Black Friday. Read More. |
Growth stocks continued outperforming their value counterparts this week and over the past month despite a broader shift in investor sentiment towards more economically sensitive sectors. Read More. |
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The cryptocurrency market experienced a pullback this week, with Bitcoin (BTC-USD) sliding back near $90,000 after nearly reaching the $100,000 milestone. Read More. |
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After hitting a two-year peak last week, the U.S. Dollar lost some ground this week after eight consecutive weeks of gains. The U.S. Dollar Index (DXY) ended the week down 0.44% at $107.05, a weakness attributed to expectations of a more dovish Federal Reserve. Read More. |
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Incoming U.S. President Donald Trump has pledged to impose 25% tariffs on goods from Mexico and Canada, with an additional 10% increase on existing tariffs on Chinese imports. These measures are expected to take effect as soon as he assumes office. |
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► FOMC: The Federal Reserve held interest rates steady at its November meeting, maintaining the federal funds rate at 5.25%-5.50%. Market expectations for rate cuts in 2025 have increased following Trump's election, with CME's FedWatch tool indicating a 63% chance of a 25 basis point cut in March.
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► Inflation: Inflation continued its downward trend, with the October Consumer Price Index (CPI) showing a 3.2% year-over-year increase, down from 3.7% in September. Core CPI, excluding food and energy, rose 4.0% annually, indicating persistent underlying inflationary pressures.
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► Labor Market: The labor market remained robust, with the October jobs report showing 150,000 new jobs added and the unemployment rate at 3.9%. The upcoming November jobs report, scheduled for release on December 8, will be closely watched for signs of labor market strength and potential wage pressures.
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| BlackRock Enhanced Equity Dividend Fund (BDJ) |
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| JOLTS Job Openings
Salesforce, Inc. (CRM)
Okta, Inc. (OKTA) |
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| Synopsys, Inc. (SNPS)
Dollar Tree Inc. (DLTR) |
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| The Kroger Co. (KR)
Lululemon Athletica Inc. (LULU) |
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*Performance is as of November 29, 2024. Alpha Picks adds two stocks per month - on the closest business day to the 1st & 15th. Alpha Picks removes stocks based on rating thresholds (i.e., when a rating changes to a sell). Performance is calculated and reported daily using time-weighted returns. For more details on the performance calculation and methodology of Alpha Picks, click here.
Past performance is no guarantee of future results. Alpha Picks does not take account of your objectives or your financial situation and does not offer any personalized investment advice. Any content and tools on the platform are offered for information purposes only. Any views or opinions expressed may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker, U.S. investment adviser, or investment bank. |
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