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Solid Holiday Shopping Season and Daily Market Update

Solid holiday shopping season. Holiday sales grew 3%, beating forecasts for a 2.4% increase according to MasterCard’s SpendingPulse. Online sales rose 49% year over year. These results were impressive for a recessionary period—the comparable figure dropped 3.5% in 2008—and highlight the resiliency of the US consumer and benefits of stimulus.

Daily Insights

Stocks open higher after shortened holiday week. Stocks opened higher after the long weekend and after President Trump signed the coronavirus relief bill, averting a government shutdown.

  • European stocks are higher in midday trading while the United Kingdom (UK) is closed for Boxing Day
  • UK and EU leaders confirm post-Brexit trade deal
  • Asian markets are mostly higher with China the laggard

Week ahead. The economic calendar for the holiday-shortened week includes:

  • Tuesday: S&P/Case-Schiller Home Price Index (Oct.)
  • Wednesday: Wholesale Inventories (Nov.), Chicago Purchasing Managers’ Index (PMI, Dec.), and Pending Home Sales (Nov.)
  • Thursday: Initial Unemployment Claims

January 1, 2021: LPL Financial and the stock and bond markets will be closed January 1.

Technical update. Stocks consolidated in a tight range just below all-time highs last week. The S&P 500 Index has tactical support at 3630, and will look to eclipse record highs at 3725 this week.

COVID-19 news. New COVID-19 cases over the weekend were mostly lower, although fluctuations in testing due to the holiday might skew the data.

  • Near-term concern will be on monitoring for a post-holiday surge
  • Total confirmed infections in the United States surpassed 19 million on Sunday (source: COVID Tracking Project)

IMPORTANT DISCLOSURES

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.

References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

All index and market data are from FactSet and MarketWatch.

This Research material was prepared by LPL Financial, LLC.

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Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL affiliate, please note LPL makes no representation with respect to such entity.

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