The infamous Friday after Thanksgiving. Does your employer give you the day off? If not, should it be a federal holiday?
This week the S&P 500 closed at 3,638.35, a gain of 2.27%, the NASDAQ finished at 12,205.85, a gain of 2.96%, and the Dow ended at 29,910.37, a gain of 2.21%.
Summary
Markets were closed Thursday and the stock market closed early Friday in observation of Thanksgiving. While there wasn’t any life-altering news, the DOW hit an all-time Tuesday when it broke above 30,000 for the first time ever.
Worth Mentioning
- Joe Biden picked former Federal Reserve Chair Janet Yellen as Treasury Secretary
- AstraZeneca released data from their potential vaccine, showing an average effectiveness of 70%
- Tesla stock has continued its great year, up more than 15% this week after last week’s news it would be included in the S&P 500. Elon Musk is now the world’s second-richest person, after passing Bill Gates
- Weekly jobless claims totaled 778,000 last week, higher than estimates. This was the second straight week it has increased
- Home prices saw their biggest spike in years due to Covid-induced demand
- US consumer confidence dropped from October, and the drop was greater than analyst’s expectations
- Consumer spending rose 0.5% for October
- Best Buy reported same-store sales growth of 23% and online sales growth of 174% this past quarter. They beat EPS and revenue estimates. The stock was down this week as they warned of lower-margin holiday sales
- HP’s stock was up this week after reporting beating analyst estimates on EPS and revenue as well as announcing forecasts for next quarter higher than expectations
- Dell reported quarterly EPS and revenue above estimates as it saw greater demand for its desktop and laptop computers
- Burlington Stores beat EPS and revenue estimates for the quarter, but comparable-store sales dropped 11%
- J.M. Smucker reported beating quarterly estimates for EPS and revenue while raising its full-year earnings forecast. They have benefited from more cooking at home
Looking Ahead to Next Week
- November’s unemployment report is released Friday
- Notable companies reporting earnings include Zoom, Salesforce, Dollar General, Kroger, and TD Bank
- Monday is the last trading day of November
Weekly Change in Each Sector:
| Price, 11/20 | Price, 11/27 | Change | |
| XLC — Communications Service | $63.88 | $65.63 | 2.74% |
| XLY — Consumer Discretionary | $153.69 | $158.22 | 2.95% |
| XLP — Consumer Staples | $66.50 | $66.92 | 0.63% |
| XLE — Energy | $35.81 | $38.91 | 8.66% |
| XLF — Financials | $27.18 | $28.47 | 4.75% |
| XLV — Health Care | $108.80 | $109.44 | 0.59% |
| XLI — Industrials | $86.66 | $88.82 | 2.49% |
| XLK — Information Technology | $120.11 | $122.66 | 2.12% |
| XLB — Materials | $69.76 | $71.71 | 2.80% |
| XLRE — Real Estate | $36.94 | $36.82 | -0.32% |
| XLU — Utilities | $63.54 | $63.76 | 0.35% |
Treasury Yield Rates
The 10-Year ended the week at 0.84%, compared to last week’s end of 0.83%
The 2-Year ended the week at 0.16%, compared to last week’s end of 0.16%
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