Coming to a close. U.S. stocks are slightly higher this morning as the year (and the decade) comes to a close on Tuesday. There aren’t many macroeconomic events scheduled between now and then, and headlines have been sparse over the past couple of weeks. We expect stocks to meander around record levels amid light trading these next two days.
The week ahead. This week, we’ll usher in the New Year with pending home sales data on Monday, and the Conference Board’s consumer confidence report on Tuesday. On Thursday and Friday, we’ll get Markit’s and the Institute for Supply Management’s Purchasing Managers’ Indexes (PMI) manufacturing reports. Internationally, key data points will include Germany’s retail sales and China’s PMI data for manufacturing and services. Markit’s Eurozone PMI data for manufacturing will be reported Thursday.
2019 hits and misses. 2019 was a difficult year to forecast, but we’re pleased to report we got more right than wrong. In our new Weekly Market Commentary: 2019 Hits and Misses, we recap our 2019 forecasts and highlight some hits and misses, including in equity markets, fixed income, and emerging markets.
New 2019 highs. The S&P 500 Index gained for the fifth straight week last week, setting more record highs. The Nasdaq Composite and Dow Jones Industrial Average also broke to new highs, and even fixed income rose. The U.S. dollar fell throughout the week. For a summary of all the major equity, sector, fixed income, currency, and commodity markets, see Weekly Market Performance: New 2019 Highs, dated Dec. 27.
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