FYI: This week is gearing up to be quite busy as November comes to an end.
The Thanksgiving holiday-shortened week ended with the S&P 500 (^GSPC) falling 3.79%, while the Dow (^DJI) tumbled 4.26%, and the Nasdaq (^IXIC) closed down 4.26%. This was the worst week for the Dow and Nasdaq in 8 months, and the S&P 500 slipped into a correction on Friday. It was also the worst Thanksgiving week for the stock market since 1939, when President Franklin D. Roosevelt moved the holiday to the third Thursday of November.
Crude oil (CL=F) continued to plunge. The commodity fell 6% to its lowest level in one year on Friday and is currently on pace to have its worst month in 10 years. Continued global supply surplus concerns as well as a slowdown in economic growth continue to weigh on oil prices.
American workers head back to work on Monday to do some Cyber Monday shopping. Traders and investors may or may not decide to trade what they’ve gleaned from the Black Friday shopping data. According to ShopperTrak, in-store traffic was down 1.7% on Thanksgiving and Black Friday as compared to last year. However, according to Adobe Digital Insights, online purchases on Friday were up nearly 24% ($6.22 billion) compared to last year.
This week, the spotlight shifts toward policymakers. On Tuesday, Fed Vice Chairman Rich Clarida speaks in New York at The Clearing House 2018 annual conference. On Wednesday, Fed Chair Jerome Powell speaks at the Economic Club of New York. Rounding out the week, the closely-watched G-20 summit will take place in Argentina from Thursday to Saturday.
Expect Powell and Clarida to ‘strike a more balanced tone’
Regards,
Ted
https://finance.yahoo.com/news/powell-speaks-trump-xi-meet-need-know-week-ahead-194854338.html
