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While the markets eked lower on Friday in light trade, they all quietly finished higher for the week as traders continued to put the finishing touches on a fantastic year!
In spite of the slow-paced day, we had a fair share of economic reports come out.
Durable Goods Orders were up 1.3% on a m/m basis. While that was under expectations for 2.0%, the hefty upward revision to the previous month's numbers put the combined two-month tally above expectations. On a y/y basis it was up 8.2%. The same dynamic was seen in the ex-transportation numbers. Last month was up 8.2% while the previous month saw a sizable increase from earlier estimates. And Core Capital Goods came in at 8.1% while the previous month's estimate was upwardly revised by almost a full 2%.
New Homes Sales surged to 733,000 units (annualized) vs. the prior month's 624K and views for 650K. Analysts noted that the 17.5% spike was the "largest in 25 years."
The Kansas City Fed Manufacturing Index came in at 14. While that was lower than the previous month's print of 16, the report was quick to point out what a strong December month it was with outsized strength in production and sustainable growth for new orders and backlogs.
And Consumer Sentiment came in at a robust 95.9 for last month. That was down a bit from the previous month's 96.8, but the current conditions component shows an increased reading of 113.8, suggesting a positive for the holiday shopping season and a solid reading for next month.
I'm not expecting any fireworks this week. Should be a another relatively slow holiday trading week, especially given it's only 3½ days long (the market will close early on Friday ahead of the 3-day New Year's Day weekend.)
But I would not be surprised to see the market add even more gains to an already spectacular year.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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While the markets eked lower on Friday in light trade, they all quietly finished higher for the week as traders continued to put the finishing touches on a fantastic year!
