Market Overview

US stocks snapped three session winning streak on Monday ahead of Federal Reserve’s last policy meeting this year. Trade uncertainty remains high as “phase one” deal has not been reached ahead of December 15 deadline for 15% import duties on $156 billion of annual consumer imports from China. The S&P 500 finished 0.3% lower 3135.96. Dow Jones industrial fell 0.4% to 27909.60. The Nasdaq slid 0.4% to 8621.83. The dollar strengthening halted after the Friday boost following unexpectedly strong nonfarm report showing US economy added 266,000 new jobs in November. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped less than 0.1% to 97.64 and is lower currently. The Fed two-day policy meeting starts today, and futures on US stock indices point to mixed openings.

US stocks resumed advancing after three session decline on Wednesday buoyed by report US and China are making progress toward phase one deal. The S&P 500 rose 0.6% to 3112.76. The Dow Jones industrial average advanced 0.5% to 27649.78. Nasdaq gained 0.5% to 8566.67. The dollar weakening slowed as the Institute for Supply Management reported its nonmanufacturing index was at 53.9%, lower than in October, but new orders rose signaling stronger demand ahead. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped 0.1% to 97.61 and is lower currently. Futures on three main US stock indices indicate higher openings today.

US stocks pullback deepened on Monday with investor optimism undermined by weak data and lingering trade uncertainty. The Office of the US Trade Representative threatened to impose tariffs of up to 100% on about $2.4 billion in French imports. The S&P 500 finished 0.85% lower at 3113.87. Dow Jones industrial fell 0.96% to 27783.04. The Nasdaq slumped 1.1% to 8567.99. The dollar weakening accelerated as data showed the Institute for Supply Management’s purchasing manager’s index unexpectedly fell to 48.1 in November from 48.3 in the previous month. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slid 0.3% to 98.28 and is lower currently. Futures on three main US stock indices indicate higher openings today.

US stocks closed lower on Friday after reopening for a shortened session following Thanksgiving holiday. The S&P 500 slid 0.4% to 3140.98, rebounding 1% for the week. Dow Jones industrial slipped 0.4% to 28051.41. The Nasdaq fell 0.5% to 8665.47. The dollar weakening accelerated despite reports online sales on Thanksgiving were up 20% from a year ago. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped 0.1% to 98.25 but is higher currently. Futures on three main US stock indices indicate higher openings today.

US stocks will reopen today after the Thanksgiving holiday Thursday. US exchanges will operate on a shortened schedule today: both the New York Stock Exchange and the Nasdaq will close at 1 p.m. Eastern. Wednesday all three main indexes notched fresh closing records: the S&P 500 gained 0.4% to 3153.63; Dow Jones industrial average advanced 0.2% to 28164.00; Nasdaq rose 0.7% to 8705.18. The dollar strengthening halted yesterday: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped less than 0.1% to 98.31 and is lower currently. Futures on three main US stock indices indicate lower openings today.

US stocks closed at record high third consecutive session on Wednesday buoyed by upbeat data. The S&P 500 gained 0.4% to fresh record 3153.63. The Dow Jones industrial average advanced 0.2% to 28164.00. Nasdaq rose 0.7% to 8705.18. The dollar strengthening resumed on a batch of positive data: Q3 GDP was revised to 2.1% from1.9% initial estimate, orders for durable goods rose above expected 0.6% in October, and initial jobless claims declined 15,000 to 213,000 last week. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.1% to 98.32 but is lower currently. US markets are closed today for the Thanksgiving holiday and will close early on Friday.

US stocks rally continued on Tuesday as market sentiment was boosted by positive assessment of the economy from Federal Reserve Chairman Jerome Powell despite mixed data. The S&P 500 rose 0.2% to new record 3140.52. The Dow Jones industrial average gained 0.2% to fresh record 28121.68. Nasdaq added 0.2% to 8647.93. The dollar strengthening halted as the trade deficit fell above expected 6% to $66.5 billion, while the Conference Board’s consumer confidence index fell fourth month in a row in November. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped less than 0.1% to 98.24 but is higher currently. Futures on US stock indices point to higher openings.

US stocks march to records was intact on Monday with investor optimism buoyed by US national security adviser Robert O’Brien Saturday comment that a “phase-one” deal between the US and China by the end of the year still appeared possible. The S&P 500 finished 0.75% higher at new record 3133.64. Dow Jones industrial advanced 0.7% to new record 28066.47. The Nasdaq rallied 1.3% to 8632.49. The dollar strengthening slowed as the Chicago Fed’s national activity index for October fell to a reading of negative 0.71, from negative 0.45 in the previous month. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.05% to 98.28 and is higher currently. Futures on US stock indices point to higher openings.

US stocks resumed advancing on Friday despite the Federal Communications Commission vote to label Chinese telecom giants Huawei and ZTE as a national security risk. The S&P 500 advanced 0.2% to 3110.29, booking 0.3% weekly loss. Dow Jones industrial rose 0.4% to 27875.6. The Nasdaq added 0.2% to 8519.88. The dollar strengthening accelerated even more on Markit’s reports activities in both manufacturing and services sectors expanded in November. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.3% to 98.23 but is lower currently. Futures on US stock indices point to higher openings.

US stocks recorded third session of bearish trading on Thursday despite news Vice Premier Liu He invited his US counterparts for more talks in Beijing - the passage of Hong Kong human rights bill at both US Senate and House notwithstanding. The S&P 500 slid 0.2% to 3103.54. The Dow Jones industrial average slipped 0.2% to 27766.29. Nasdaq composite index lost 0.2% to 8506.21. The dollar strengthening accelerated as data showed initial jobless claims were little changed at 227,000, while Conference Board’s index of leading indicators fell for a third straight month. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.1% to 97.96 but is lower currently. Futures on US stock indices point to higher openings.

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