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Nasdaq gains some ground going into Thanksgiving as cyclicals consolidate

- The recovery trade ran out of gas somewhat today, but tech picked up
the baton and helped the Nasdaq (COMP) +0.5% lead the major averages.
- The S&P (SP500) -0.2% made a late run at positive territory but fell
short.
- But the Dow (DJI) -0.6% sank back below 30K, with Salesforce -5%
weighing
heavily, selling off on the speculation it might splash out for Slack.
Salesforce took more than 90 points off the index, more than half its
total
decline.
- Among the megacaps, Tesla +3.3% led and Amazon +2.2% up with Black
Friday online sales predicted to surge.
- Consumer Discretionary (NYSEARCA:XLY) +0.1% was mixed. Some recovery
plays like cruise lines and department stores like Nordstrom +11.5% (up
about 125% this month) rallied. While casinos slid and Gap tumbled on
worries about expenses.
- Four out of 11 sectors rose, with Real Estate (NYSEARCA:XLRE) +0.3%
gaining
the most. Energy (NYSEARCA:XLE) -2.4% brought up the rear, giving up
some of the lofty monthly gains even though crude futures +2% approached
$46/barrel.
- The raft of economic data squeezed in before the holiday came in
mixed. Jobless claims rose to the highest level in five weeks, but
durable
goods and new home sales kept the housing momentum going.
- Interest rates were flat, with the 10-year Treasury yield at 0.88%.
- Spot gold -0.1% gave up earlier gains, but held above support at
$1,800/oz.





|Today, 4:03 PM|8 Comments