Weekly Commentary — December 2nd, 2019
The Week on Wall Street
As November wrapped up, U.S. equity benchmarks advanced. Stocks were again aided by a sense of optimism that a preliminary U.S.-China trade deal could be near.
For the week, the Nasdaq Composite added 1.87%; the S&P 500, 1.21%; the Dow Jones Industrial Average, 1.03%. The MSCI EAFE index, which measures the performance of developed stock markets outside North America, gained 0.89%.,
Markets Wait for News of a Trade Pact
Wednesday, a senior White House official told Politico that the U.S. was “millimeters away” from a phase-one trade agreement with China, a deal that might involve the removal of certain tariffs.
Still, friction remains within the Sino-American relationship. Last week, President Trump signed two bills into law backing pro-democracy demonstrators in Hong Kong. China’s Ministry of Foreign Affairs quickly reacted, stating that American lawmakers had “sinister intentions” and adding that China would take “strong counter-measures” in return.,
The Latest on Consumer Spending and Consumer Confidence
Personal spending was up 0.3% in October, according to the Department of Commerce. This happened even with no gain in household incomes.
The Conference Board said its Consumer Confidence Index came in at 125.5 for November. Even though it has declined for four straight months, the index remains well above levels seen during the first half of the decade.,
THE WEEK AHEAD: KEY ECONOMIC DATA
Monday: The Institute for Supply Management provides its latest monthly index of U.S. manufacturing activity (November).
Wednesday: The ISM presents its November Non-Manufacturing Index, and Automatic Data Processing (ADP) publishes its November payrolls report.
Friday: November hiring data arrives from the Department of Labor, and the University of Michigan’s preliminary December Consumer Sentiment Index appears.
Source: Econoday, November 29, 2019
THE WEEK AHEAD: COMPANIES REPORTING EARNINGS
Tuesday: Salesforce (CRM), Workday (WDAY)
Wednesday: RBC (RY)
Thursday: Dollar General (DG), TD Bank (TD)
Source: Zacks, November 29, 2019
“December. A month of lights, snow and feasts; time to make amends and tie loose ends; finish off what you started and hope your wishes come true”
Stay Safe While Shopping Online
It’s the most wonderful time of the year for online shopping! Buy your holiday gifts with ease with these tips on how to protect your data online:
- Don’t enter your credit card information if you’re connected to an unsecure Wi-Fi network.
- Only shop at sites that you know and make sure they have an “https://:” URL (the “s” in the URL means that it’s secure).
- Recognize phishing emails, never click on links you don’t know, and report scams that ask for financial information to the IRS.
- Keep your computer and security software up to date.
- Use strong, long, and unique passwords. Use a combination of letters, numbers, and special characters.
- Use multifactor authentication when available. These sites, like email servers and banking websites, will require a code be sent to your phone number to be able to log in.
- Encrypt sensitive data on your computer.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov
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