Where’s Santa? – Stocks start December with losses…

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Stock Market Update Monday, December 2nd, 2019

November was one for the record books. But stocks began the month of December with its worst day in 2 months.

Stocks were pretty much unchanged at the open. Then a weaker than expected ISM Manufacturing reading sent stocks to session lows.

The manufacturing data from November dropped to 48.1% which was lower than the 49.2% expected (readings below 50 indicate industry contraction).

There was also news that President Trump announced more tariffs. This time the White House will reimpose tariffs on Brazilian and Argentinian steel and aluminum.

But it was actually tech stocks that were hardest hit today, with the NASDAQ leading the major indices with a 1.1% loss.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.9% loss. Down 27 points, the S&P ended at 3,114.
  • The DOW ended lower by 1.0%. Dropping 268 points, the DOW closed at 27,783.
  • The NASDAQ was down 1.1%. With a 97 point gain, the NASDAQ finished at 8,568.

Crude Oil (CL) bounced back a little after Friday’s huge drop. Up 1.4%, CL ended the day at $55.94 a barrel.

With today’s drop the VIX (aka Fear Index) rose to its highest level since mid-October.

Roku (ROKU) was hammered today, losing 15.1% after a Morgan Stanley downgrade.

Disney (DIS) dropped 0.7% in spite of a record breaking Thanksgiving weekend for “Frozen 2.” The sequel to Disney’s box office hit Frozen brought in $85.3 million 

Investors continue to monitor retail sales numbers. And so far consumers are spending money at record levels. According to Adobe Analytics, Black Friday sales set records with $7.4 billion in online sales (the 2nd biggest U.S online sales day ever to the $7.9 billion in sales last year on Cyber Monday).

Here is the economic calendar for the week:

Real Time Economic Calendar provided by Investing.com.

This Stock Market Update was provided by Rockwell Trading Services LLC.


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