Drifting higher. U.S. stocks are drifting higher once again this morning, with the S&P 500 Index poised for its third straight record high close. Risk sentiment has improved recently amid a new batch of optimistic trade headlines, and the absence of other market-moving news around the globe. We expect financial markets to take more cues from headlines in this holiday week as volume tapers off. As a reminder, U.S. stock and bond markets will be closed all day Thursday, and will close early on Friday in observance of Thanksgiving.
GDP revised higher. Gross domestic product (GDP) grew 2.1% in the third quarter, 20 basis points (0.2%) higher than what was initially reported, according to revised data. Inventories contributed 0.2% to GDP growth in the quarter, noticeably higher than the 0.05% drag in the initial GDP report. Other GDP components were largely unchanged from the first report, and consumer spending still accounted for most of third-quarter output growth. Quarterly GDP growth has averaged 2.4% so far in 2019, higher than the 2.3% average GDP change in this economic cycle.
Giving thanks for the consumer. This Thanksgiving, we’re thankful for solid consumer confidence, even though it has wavered in recent months. The Conference Board’s Consumer Confidence Index fell for a fourth straight month in November, according to preliminary data, but the index is still elevated compared to history. We’ll dig into the latest consumer confidence report today on the LPL Research blog.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. The economic forecasts set forth in this material may not develop as predicted.
All 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 indexes are unmanaged and cannot be invested into directly. Unmanaged index returns do not reflect fees, expenses, or sales charges, Index performance is not indicative of the performance of any investment.
Because of their narrow focus, sector investing will be subject to greater volatility than investing more broadly across many sectors and companies.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
All performance referenced is historical and is no guarantee of future results.
This research material has been prepared by LPL Financial LLC.
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC).
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, please note that LPL is not an affiliate of and makes no representation with respect to such entity.
|Not FDIC or NCUA/NCUSIF Insured | No Bank or Credit Union Guarantee | May Lose Value | Not Guaranteed by Any Government Agency | Not a Bank/Credit Union Deposit
If your advisor is located at a bank or credit union, please note that the bank/credit union is not registered as a broker-dealer or investment advisor. Registered representatives of LPL may also be employees of the bank/credit union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, the bank/credit union. Securities and insurance offered through LPL or its affiliates are:
For Public Use – Tracking # 1-921705