Dear readers,
As we gather together to celebrate Thanksgiving, there is much to be thankful for in the world of stocks and consumer spending. The markets are on a march higher, inflation is cooling, and Treasury yields continue to decline. And let's not forget the news that Sam Altman will return as the chief executive of OpenAI, bringing stability to the artificial intelligence startup he co-founded.
But what is truly remarkable is the resilience of American shoppers. Despite concerns about the economy, consumer spending remains strong. The University of Michigan's sentiment index may be below pre-pandemic levels, but that hasn't stopped Americans from opening their wallets. And with the holiday season upon us, consumer spending is expected to continue to grow.
On Wednesday, the S&P 500 added 0.4%, the Dow industrials rose 0.5%, and the Nasdaq Composite added 0.5%. While Autodesk and Deere saw declines after their earnings reports, the overall market sentiment remains positive.
Looking ahead, there are some exciting early Black Friday deals to take advantage of. From Nordstrom to Bose, there are plenty of sales to kickstart your holiday shopping. So why wait? Start ticking off your shopping list now!
In other news, Nvidia, the AI powerhouse, continues to dominate the market. Despite new export restrictions, Nvidia reported impressive sales and earnings growth. While the company expects sales to China and other restricted markets to decline, its position in the AI industry remains strong.
Lastly, as we enjoy this holiday season, let us not forget the importance of supporting independent journalism. The Wall Street Journal's Evan Gershkovich is currently being wrongfully detained in Russia. We must stand together and use our voices to support Evan and demand his release.
Thank you for joining me on this journey of financial news and insights. Wishing you a joyful and prosperous Thanksgiving!
Comments
Post a Comment