US Stock Market Overview – Stock Rise Led by Disney; Energy Lags

 

US stocks were higher on Friday, but the large-cap S&P 500 index closed in the red for the week. Two key senators plan to hold up the process and demand that 1200 dollars be added to the bill to keep the American people afloat. Sectors in the S&P 500 index were mixed, led higher by communications as Disney shares surged. Energy shares bucked the trend. Disney shares hit an all-time high on Friday as the content producer announced a slew of new movies and series that it will produce in 2021. Inflation data came in weaker than expected on Friday. US Wholesale prices dropped to a 6-month low.

The Senate Passes a 1-week Government Extention

The Senate passed a one-week government funding extension to avoid a government shutdown as they scramble to find a spending and coronavirus relief deal. The measure heads to President Donald Trump’s desk. The bill funds the government through December 18. Congressional leaders hope to pass both a full-year spending package and pandemic aid before then, but have struggle to reach agreement on both fronts.

PPI Comes In Softer Than Expected

According to the Labor Department, the producer price indexes up 0.1% in Novembere after increasing at least 0.3% in October. That was the smallest gain since April. In the 12 months through November, the PPI advanced 0.8% after increasing 0.5% in October. Expectations had been for PPI to grain 0.2% in November and rising 0.8% on a year-on-year basis. Excluding food, energy and trade services components, producer prices inched up 0.1%. The core PPI climbed 0.2% in October. In the 12 months through November, the core PPI gained 0.9% after rising 0.8% in October.