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Stocks Dip From Record Highs
29-Nov-19 13:15 ET
Dow -112.59 at 28051.32, Nasdaq -39.70 at 8665.46, S&P -12.65 at 3140.98

https://www.briefing.com/stock-market-update

[BRIEFING.COM] The stock market ended a record-setting week on a lower note. The S&P 500 slipped 0.4%, narrowing this week's gain to 1.0% while the Dow (-0.4%) and Nasdaq (-0.5%) recorded comparable losses, trimming their respective week-to-date gains to 0.6% and 1.7%.

The final session of the week began on a modestly lower note and there wasn't enough conviction to turn things around. President Trump signed the Hong Kong Human Rights and Democracy Act into law on Wednesday evening, prompting some angry rhetoric, but no concrete response, from Chinese officials. The signing of that act contributed to today's cautious showing, but the overall response was muted, considering the S&P 500 was only pressured to its closing level from Tuesday after setting a fresh record on Wednesday.

Investor participation was very limited, as fewer than 500 mln shares changed hands at the NYSE floor, well below the 200-day average of 861 mln.

All eleven sectors ended the day in negative territory. The energy sector (-1.0%) spent the day at the bottom of the leaderboard but was able to climb off its low ahead of the close. The sector lost 1.6% for the week, pressured by significant weakness in the price of crude oil. The energy component fell more than 4.0% to $55.52/bbl, sliding back below its 50-day moving average (55.63). OPEC and OPEC+ producers will meet in Vienna next week, but there are concerns that they will not agree to lower output.

The consumer discretionary (-0.8%) sector was the second weakest performer, as retailers trailed the broader market after showing relative strength earlier this week. The SPDR S&P Retail ETF (XRT 44.68, -0.34, -0.8%) registered its first loss in more than a week after touching a three-week high on Wednesday. Telsey Advisory Group shared its view of early holiday sales, noting that store traffic was likely down a touch when compared to last year. However, the firm believes that the softness was offset by an earlier availability of online sales.

Treasuries showed modest losses when the stock market closed with the 10-yr yield up a basis point at 1.78%. However, the Treasury market will not close until 14:00 ET.

Investors did not receive any data today while Monday's economic news will be limited to the 10:00 ET release of October Construction Spending (Briefing.com consensus 0.3%; prior 0.5%) and the ISM Manufacturing Index for November (Briefing.com consensus 49.2; prior 48.3).

Nasdaq Composite +30.6% YTD
S&P 500 +25.3% YTD
Russell 2000 +20.5% YTD
Dow Jones Industrial Average +20.3% YTD

Market Snapshot
Dow 28051.32 -112.59 (-0.40%)
Nasdaq 8665.46 -39.70 (-0.46%)
SP 500 3140.98 -12.65 (-0.40%)
10-yr Note -4/32 1.776
NYSE Adv 994 Dec 1853 Vol 497.3 mln
Nasdaq Adv 1293 Dec 1758 Vol 1.06 bln

Industry Watch
Strong: Real Estate, Financials
Weak: Energy, Consumer Discretionary, Health Care, Materials

Moving the Market

NYSE to close at 13:00 ET: low volume expected

President Trump signs Hong Kong Human Rights and Democracy Act into law