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Do Stocks Know It’s Christmas Time?

Posted 11/22/2019 8:44AM CT | Jeff Yasak

U.S. stock futures were slightly higher Friday as the most recent comments from the Chinese government raised hopes of a deal after some inconsistent news pulled the market off its record highs. Earlier in the week there were reports that suggested that there could be a delay in the truce into next year, but Beijing has stated that it is willing to work out a deal “on the basis of mutual respect and equality”. Dec. 15th is a date to watch as this is when U.S. tariffs would kick in on Chinese goods that include holiday items such as Christmas decorations and electronic goods. Scott Brown, a chief economist at Raymond James, had stated “It’s less likely the deal will be signed by the end of the year, but you may see the Dec.15th tariffs postponed.”

Later this morning we will get a reading on the health of the consumer as the November’s consumer sentiment data will be released at 10:00 a.m. According to the University of Michigan, October’s number came in at 95.5. Higher readings indicate that consumers are more confident about current and future economic conditions.

Support today is checking in around 309200 and 3080 with resistance showing 311500 and 312700.

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Jeff Yasak

Senior Market Strategist
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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