Afternoon Note
It’s not just this morning’s jobs report, but we got robust results on Consumer Sentiment, which continues to soar.
Consumer Sentiment University of Michigan |
Dec |
Nov |
Dec |
M-M |
Y-Y |
2019 |
2019 |
2018 |
Change |
Change |
|
Index of Consumer Sentiment |
99.2 |
96.8 |
98.3 |
+2.5% |
+0.9% |
Current Economic Conditions |
115.2 |
111.6 |
116.1 |
+3.2% |
-0.8% |
Index of Consumer Expectations |
88.9 |
87.3 |
87.0 |
+1.8% |
+2.2% |
Consumer Sentiment
Highlights
Only 1% mention impeachment. Partisan Divide is a killer. If more consumers could park their feelings for President Trump, this economy would be even higher.
Average gap between Democrats & GOP
The great news is Independents, the largest group, hold very favorable expectations, which according to the authors of the report indicate continued expansion.
Inflation expectations decreased to 2.4% for 2020 and 2.3% long term, both from 2.5%.
Message of Market
News from OPEC largely overshadowed, but it is powering energy stocks higher. Financials are leading the way, and Industrials are higher as investors seek value.
S&P 500 Index |
+1.04% |
Communication Services (XLC) |
+0.57% |
Consumer Discretionary (XLY) |
+1.00% |
Consumer Staples (XLP) |
+0.68% |
Energy (XLE) |
+2.01% |
Financials (XLF) |
+1.59% |
Health Care (XLV) |
+0.92% |
Industrials (XLI) |
+1.31% |
Materials (XLB) |
+1.08% |
Real Estate (XLRE) |
+0.35% |
Technology (XLK) |
+1.07% |
Utilities (XLU) |
+0.02% |
The market could meander at these levels, but the underlying fundamentals continue to improve.
Have a great weekend.
Tweet |
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