What happened last week…
All three major indices had strong performances to end the final week of November: DJIA (3.18%), S&P 500 (3.73%), NASDAQ (4.91%). Both the DJIA and the S&P 500 extended their monthly winning streaks. Year-to-date performances are as follows: DJIA (12.16%), S&P 500 (16.45%), NASDAQ (21.00%).
President Donald Trump said he had a “very good” phone call with Chinese President Xi Jinping last Monday. Topics of the phone call are said to have included Ukraine and Russia, fentanyl, and farm products. Trump stated that he will visit Beijing in April and has extended an invitation for Xi to come to the United States at a later time. Trade tensions have recently cooled between the two countries as each previously agreed to concessions that resulted in the framework of a trade deal.
Treasury Secretary Scott Bessent said that a new Federal Reserve Chairman could be named before the end of this year. Current Fed Chairman Jerome Powell will have his term end in May 2026. According to reports, the leading candidate for the job is National Economic Council Director Kevin Hassett.
Amazon (AMZN) will invest up to $50 billion on artificial intelligence infrastructure for Amazon Web Services U.S. government customers. Starting next year, the project is said to add about 1.3 gigawatts of AI and supercomputing capacity. According to the announcement, “By integrating simulation and modeling data with AI, agencies can achieve in hours what once took weeks or months.” The company said it supports more than 11,000 government agencies.
According to FactSet, as of November 21, for Q3 2025, the blended earnings growth for the index is 13.4%, which would be the fourth consecutive quarter of double-digit growth for the index, and the blended revenue growth for the index is 8.4%, which would be the 20th consecutive quarter of growth for the index. For CY 2025, the forecasted earnings growth for the S&P 500 is 11.8% with revenue growth of 6.8%.
Happening this week…
On Monday, the manufacturing PMI for November is expected to be 48.6. On Wednesday, the non-manufacturing PMI for November is expected to be 52.1. The prior reading was the highest level since February 2025.
On Wednesday, the ADP employment change is expected to be 20,000. Jobs data that was originally scheduled to be released on Friday, but was delayed due to the government shutdown, will now be released on December 16.
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- The Rockline Team
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