Market roundup for Nov. 17
The U.S. stock market ended the session lower Tuesday after hitting a record high Monday, as it seems investors began rotating stocks further, with technology stocks leading the parade.
Fundamentally, the investment sentiment continues to be positive; however, an uptick in volatility must be on your horizon.
As the market changes direction and dynamic rotation becomes a more prominent theme, we note that financial cyclical small-caps, industrials and energy became the latest targets.
While we continue to play our optimistic tune for an economic rebound in 2021, we see the vaccine developments as a definite game-changer and a more permanent solution, especially with the recent rise in COVID-19 cases and the potential impact on economic recovery.
Four critical economic indicators were reported Tuesday:
- U.S. Retail and Food Services Sales fell to 0.25%, compared to 1.57% last month, retail sales rose only half of the estimated 0.5% rise.
- U.S. Retail Sales year-over-year also fell to 8.5%, compared to 8.81% last month.
- U.S. Business Sales rose to $1.465 trillion, up from $1.456 trillion last month, a change of 0.63%.
- U.S. Business Inventories rose to 0.67%, compared to 0.3% last month, higher than the long term average of 0.26%.
Wall Street Summary for November 17, 2020:
- The Dow Jones Industrial Average closed at 29,783.35, down 167.09 points, or 0.56%
- The Standard & Poor’s 500 closed at 3,609.53, down 17.38 points, or 0.48%.
- The Nasdaq Composite Index closed at 11,899.34, down 24.79 points, or 0.21%.
- The Birling Puerto Rico Stock Index closed at 1,971.81, up 62.81 points, or 3.29%.
- The U.S. Treasury 10-year note closed down at 0.87%
- The U.S. Treasury 2-year note closed down at 0.18%