Indices started the week in the red zone with Technology stocks dipping on continuing tariff tensions and manufacturing data. The Institute for Supply Management’s Manufacturing Index for November fell to 48.1 from 48.3 in October, versus expectations for a jump to 49.4. The slide continued Tuesday when President Trump said a U.S.-China trade agreement may have to wait until after next year’s elections. The bulk of the S&P 500 sectors traded lower on the news. A reversal came mid-week with the major indices closing in the green, stepping up on the return of trade deal optimism. In economic news, the Institute for Supply Management’s Non-Manufacturing index slipped to a reading of 53.9, from 54.7 in October, but remains in expansionary territory. Thursday’s trading session ended with gains as stocks stepped up on a variety of economic news and trade deal optimism. Data from the Department of Labor showed a decrease in initial jobless claims for last week. First-time claims slipped by 10,000 to 203,000 in the week ended November 30. On another note, factory orders increased in October. A 0.3% uptick was slightly shy of an anticipated 0.4% gain. Indices closed in the green zone on Friday, on the release of a strong jobs data. Bureau of Labor Statistics figures showed an addition of 266,000 jobs in November. The results exceeded forecasts of 188,000. Looking elsewhere, a measure of consumer confidence is on the upswing. In a preliminary reading for December, the University of Michigan’s sentiment index ticked up to 99.2 from 96.8 for November.
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