Christmas shopping holds key to US rates
And Friday’s November jobs report may signal whether the US Federal Reserve will end its rate hikes soon, analysts said.
After five straight weeks of gains, the three major US stock indexes are set to extend the rally into December.
“Consumers may or may not have cut back on retail spending, given the high cost of energy,” said Tim Ghriskey, chief investment officer of Solaris Asset Management.
US oil futures prices have slid from a late August peak. But they’re still high enough that winter heating and driving costs are a concern to consumers - and retailers.
Investors will cope with a blizzard of US economic data in the coming week. Home sales, consumer confidence, retail sales, GDP, the Federal Reserve’s Beige Book, personal income and spending, the Institute for Supply Management’s manufacturing index, and November jobs are on the calendar.
For the week, the Dow Jones industrial average rose 1.5%, while both the Standard & Poor’s 500 Index and the Nasdaq Composite Index gained 1.6%.
However, the Conference Board’s November consumer confidence number, set for release on Tuesday, may be the most eagerly awaited indicator of this holiday season.
“This is basically going to be telling us what kind of momentum we have going into the season,” said Anthony Chan, managing director of JP Morgan Asset Management.
