In a brief yet notable week for the U.S. stock market, the S&P 500 gained 1.06%, the Nasdaq Composite rose 1.13%, and the Dow Jones Industrial Average ascended 1.39%. These increments contributed to a remarkable month of gains after Donald Trump’s win in the 2024 presidential election. The Dow marked a monthly increase of 7.54%, its best performance since November 2023, while the S&P 500 grew by 5.73% and the tech-focused Nasdaq climbed 6.21%.
Despite these advances, the holiday-shortened week saw more subdued returns as Wall Street assessed President-elect Trump’s second-term proposals, including tariffs on imports from Canada, Mexico, and China, and considered his Treasury Secretary pick, hedge fund manager Scott Bessent. Mixed corporate earnings also affected trading, with Best Buy posting disappointing results and CrowdStrike experiencing volatility despite strong quarterly performance.
Significant economic reports highlighted the week, including the core PCE price index’s 2.8% annual rise, which aligns with inflation expectations, and a largely stable U.S. third-quarter GDP growth of 2.8%. The October new home sales report fell short of predictions, while pending home sales exceeded expectations with a 2% increase. The consumer discretionary sector led the S&P 500, and the energy sector was the only one to close lower.
Looking forward, upcoming key reports include the November nonfarm payrolls and updates on the job market. Economists expect 200,000 new payrolls and a slight uptick in the unemployment rate. Manufacturing data suggests a slowdown in sector contraction, while the services industry continues to expand. Anticipated corporate earnings from Salesforce and others will also capture investor attention.
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Original Story https://www.cnbc.com/2024/11/30/here-are-4-things-were-watching-closely-in-the-stock-market-this-week.html
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