By Bill Hornbarger, Chief Investment Officer
Three Things to Know
- The image of Santa Claus flying his sleigh began in 1819 and was created by Washington Irving, the same author who dreamt up the Headless Horseman. (Source: the factfile.org)
- The six-biggest banks will be able to buy back as much as $11 billion of their own shares in the first quarter after the Federal Reserve gave lenders the green light in response to the most recent stress tests. (Source: Bloomberg)
- On Dec. 18, Tesla set the all-time volume record with $148 billion worth of shares trading. Previously the ETF SPY traded $118 billion in a single day in March. For perspective, Microsoft trades approximately $5 billion per day. (Source: Eric Balchunas, @EricBalchunas)
Three Things to Watch
- On Tuesday, the Conference Board releases Consumer Confidence for December. It is expected to be slightly higher. The present component has recovered only 35% of its March decline of 93.7 points. Future expectations have fallen for three consecutive months despite the strength in equity markets.
- Tesla was added to the S&P 500 after the market close on Friday. It will be the largest stock (by market cap) ever added and will rank in the top 10 of the index. Some buying has already happened but many index investors still need to rebalance to account for the addition.
- New home sales for November will be released on Wednesday. After a very strong summer, the housing market has moderated in recent months. New home sales are expected to be down slightly from the previous month, consistent with softer data in the wake of higher Covid cases this fall.
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.