Alex Pettee, CFA
Daily Recap: Tariff Trouble | Stocks Sag | Manufacturing Contracts
Coming off record highs set last week, US equity markets stumbled out of the gate this week on disappointing manufacturing and construction data, as well as lingering concerns over hard-line trade policies. The S&P 500 ETF (SPY) declined by 0.8% on the day while the Nasdaq ETF (QQQ) fell by 1.1%. Despite weak domestic economic data, reports of record Black Friday sales and decent data out of China and the Eurozone helped to push the 10-Year Treasury Yield (IEF) up by 6 basis points to close the day at 1.84%. Yield-senstive equity sectors generally underperformed as a result, with the broad-based Real Estate ETF (VNQ) declining by 1.5% on the day with all fifteen REIT sectors in negative territory.