(INDEXSP:.INX) fell for the third straight day as profit-taking set
in ahead of the data-heavy back half of the week.
Four of the eight S&P sectors finished in the red today, with
notable weakness in consumer discretionary, financials, and
materials stocks. The strongest group was utilities, which
benefited from a drop in US Treasury yields.
Elsewhere, much of the high-beta stock complex was weak, with
notably bad action in biotechs, small caps, and emerging markets.
And paralleling Friday and Monday, we had a morning high before a
sell-off, though we did see a modest bounce in the afternoon.
There was no domestic economic data today, but automakers reported
their November US sales results.
) reported a 14% year-over-year increase in sales and had its best
November in six years.
) also posted solid sales gains, but auto sector stocks sold off
along with the broader markets.
) said that Cyber Monday online sales rose 20.6% year-over-year,
with mobile sales up 55.4%.
However, Internet retailer
) declined in a sell-the-news reaction, as the stock had just
rallied 12% off its November low to its $399 all-time high on
Shares of electric-car maker
(TSLA) rose 16.5% to $144.70 after its Model S sedan was found to
be defect-free by the German Federal Motor Transport Authority. The
news drove optimism toward the US National Highway Traffic
Administration's inquiry into the vehicle. Additionally,
y (MS) called Tesla its top stock pick within the automotive
(AAPL) was another winner today, rising 2.7% to $566.32 on an
upgrade from investment bank
Wednesday's Financial Outlook
Wednesday will be chock-full of economic numbers, starting with the
MBA Mortgage Index at 7:00 a.m. EST. That will be followed by the
more important November ADP employment report at 8:15 and October
Trade Balance at 8:30. From there, we will see November ISM
Services numbers and new-home sales for September and October at
10:00, with crude oil inventories at 10:30 and the Fed's December
Beige Book topping it all off at 2:00 p.m.
The earnings calendar is comparatively light, but a number of
retailers and apparel companies are reporting, including
(GES), which could bring some illumination to consumer spending
trends as we head into the holiday season.