The markets started the week higher as investors responded to the favorable retail news from the Black Friday holiday shopping holiday. The Dow 30 closed higher by 354, the S&P 500 added 40, and the Nasdaq 100 closed higher by 142 on the day. As the week progresses, investors will focus on the pending G20 meeting between President Trump and Chinese President Xi, who will discuss trade.
Sector News
Retail stocks were in focus today following reports of the consumer response to the Black Friday shopping holiday. As consumers turned to online shopping, investors moved towards names that are perceived as best positioned to profit from such a shift.
Oil continues to cautiously attract the bulls here as prices recovered from some of Friday's 7% decline. Since hitting a high back in September, the price of crude oil is lower by over 30% as investors continue to try and predict how OPEC positioning and the global oversupply of oil will affect prices long term. Though crude prices were higher today, they remain just off 52-week lows.
Stock News
Amazon (NASDAQ: AMZN) shares were higher today following reports that Black Friday shoppers preferred the web for their shopping rather than the stores. Adobe (NASDAQ: ADBE) reported that online shopping was higher by 24% and investors were quick to assume that Amazon was one of the major beneficiaries of that uptick.
General Motors (NYSE: GM) announced that they would close an assembly plant in Canada today in an effort to continue to reduce costs. The Canadian plant will lose 2,800 jobs. North American job cuts are expected to continue as well at Ohio and Michigan plants where production will be cut. GM is ending production of the Volt, Impala, and Cruze models, along with the Cadillac CT6 and XTS. Shares were higher on the news.
Apple (NASDAQ: AAPL) shares started the day lower again as it did not initially participate in the days rally. By the close however, investors pulled the stock into the green. Shares are now lower by 20%, which has only happened on three other occasions since the release of the first iPhone. Technical traders note that the current price is the furthest away from the 50-day moving average it's been since the financial crisis 10 years ago.