Dow Jones Industrial Average
(INDEXRUSSELL:RUT) hit new all-time highs today, but there were
some dark spots below the bullish surface.
The solid performance of the Russell in particular would typically
be considered a good sign for those looking for a "risk-on"
environment for stocks.
However, the action in high-beta momentum stocks was quite mixed,
with hot speculative names like
) showing notable weakness. And overall, technology was the weakest
S&P sector, with all others closing higher on the day.
Economically-sensitive housing stocks also stood out on the
downside, with the
iShares US Home Construction ETF
(NYSEARCA:ITB) dropping 1.14%, representing major underperformance
vs. the major averages.
3D-printing stocks were a bright spot today after industry leade
r 3D Systems
) announced a deal to manufacture smartphone enclosures and models
) Motorola unit. Biotechs also looked very strong.
In earnings news,
) sold off 1.5% on disappointing fourth-quarter guidance, while
(FL) rose 4.1% on a solid beat.
On the economic front, the JOLTS Job Openings report came out at
10:00 a.m. EST, showing 3.913 million job openings vs. the 3.844
We also saw some QE-related news. In a CNBC interview, Atlanta
Federal Reserve President Dennis Lockhart said that the Fed will
debate a winding down of its $85 billion/month bond-buying program
at its next meeting in December. However, he also said that
monetary policy will remain accommodative.
US Treasury yields fell today, extending their drop from Thursday
morning's high, and sending prices higher.
Tomorrow's Financial Outlook
Pending Home Sales for October will be released at 10:00 a.m. EST
on Monday, but those interested in housing are really waiting for
Tuesday's Housing Starts, Building Permits, and Case-Schiller Index
At 10:30 a.m., the Dallas Fed's Texas Manufacturing Outlook Survey
will be issued. Consensus stands at 3.8.
Palo Alto Networks
(PANW) will report after the close.