Weekly Market Recap:

U.S. equities surged in November, with the Dow gaining +7.54%, the S&P 500 rising +5.73%, the Nasdaq adding +6.21%, and the Russell 2000 leading with a +10.84% increase. This rally marked the Russell’s strongest month since December 2023, fueled by post-election clarity and renewed optimism around deregulation. Notable movers included Tesla (+38.2%) on regulatory support for self-driving vehicles and Walmart (+12.9%) with stellar earnings. Treasuries were mixed, with the 10-year yield dropping nearly 10 basis points. The dollar continued its strength, rising +1.8% for its eighth consecutive weekly gain. Gold fell -2.5%, snapping a four-month rally, while Bitcoin surged +39%. WTI crude dipped slightly, down ~1%.

Corporate Highlights:

• NVIDIA (NVDA +4.1%): Strong sales, although guidance left room for caution.

• Walmart (WMT +12.9%): Exceeded aggressive expectations, highlighting strong consumer resilience.

• Tesla (TSLA +38.2%): Outperformed amid policy tailwinds from the new administration.

• Google (GOOGL -1.3%): Faced antitrust headwinds with calls to divest Chrome.

Sector Performance:

Consumer Discretionary (+13.24%) and Financials (+10.16%) led gains, while Healthcare (+0.13%) and Materials (+1.45%) lagged. Markets rallied on optimism over corporate tax cuts and favorable earnings projections, though stretched valuations and geopolitical tensions remain key concerns heading into year-end.

Black Friday 2024 is setting the stage for a holiday shopping season marked by record-breaking spending. U.S. retail sales from Black Friday through Cyber Monday are projected to climb 5% year-over-year, reaching an unprecedented $75 billion, according to Bain & Company. This surge underscores robust consumer demand despite lingering economic uncertainties. Both in-store and online shopping are driving this spending boom. While 42% of Americans plan to shop on Black Friday, only 15% of them will do so exclusively in stores, highlighting the continued rise of e-commerce. Cyber Monday remains a critical part of the shopping weekend, with 33% of Americans expected to participate, according to Chris Beer, consumer and tech analyst at GWI. Retailers are capitalizing on this momentum by offering steep discounts on highly sought-after items, including electronics such as smartwatches, VR headsets, and kitchen gadgets. As consumers seek the best deals, Cyber Monday will make snagging these discounts easier than ever, further cementing the importance of online shopping. Black Friday’s success not only reflects strong consumer confidence but also sets a promising tone for the rest of the holiday season, as shoppers balance economic caution with the joy of seasonal spending.

Next Week:

Notable Earnings:

• Monday (12/2)

  • Zscaler Inc. ($ZS)

  • Credo Technology Group Holding Ltd. ($CRDO)

• Tuesday (12/3)

  • Salesforce Inc. ($CRM)

  • Marvell Technology Inc. ($MRVL)

• Wednesday (12/4)

  • Campbell's Co. ($CPB)

  • Chewy Inc. Cl A ($CHWY)

  • Five Below Inc. ($FIVE)

• Thursday (12/5)

  • Lands' End Inc. ($LE)

  • Dollar General Corp. ($DG)

  • Petco Health & Wellness Co. Inc. ($WOOF)

• Friday (12/6)

  • BRP Inc. ($DOOO)

Notable Ex-Dividend Dates:

• Monday (12/2)

  • Avangrid ($AGR) 4.90%

  • Kellanova ($K) 2.82%

  • McDonald's ($MCD) 2.33%*

• Tuesday (12/3)

  • KeyCorp ($KEY) 4.27%

  • Myers Industries ($MYE) 4.42%

• Wednesday (12/4)

  • The Cigna Group ($CI) 1.76%

  • Avery Dennison ($AVY) 1.70%*

• Thursday (12/5)

  • BlackRock ($BLK) 1.99%*

  • H&R Block ($HRB) 2.37%

  • NVIDIA ($NVDA) 0.03%

• Friday (12/6)

  • Bank of America ($BAC) 2.43%

  • General Motors ($GM) 0.98%

  • Nasdaq ($NDAQ) 1.30%

*Dividend Aristocrat