December 2, 2015 - Ron's away at a seminar. See you Thursday!
December 1, 2015
The S&P 500 held on to a slim gain for the month of November, even after sliding yesterday on some lousy regional economic data. But, it’s a new day and a new month and we’ll look at a new set of manufacturing industry reports this morning.
From those who manufacture automobiles, the November auto sales numbers will be rolling off the line today, and the consensus estimate calls for an annual run rate of over 18 million units.
Shortly after the market opens, the PMI Manufacturing Index is expected to dip a bit to a reading of 52.6, which would be a couple of points lower than the October reading. Then at 10 o’clock, the ISM Manufacturing Index is expected to rise a bit, but only to a relatively anemic 50.5.
Thor Industries shares are looking to open about 4 percent higher on an earnings beat. And, in case you own shares of a firm called Giga-Tronics, you’re a happy camper this morning. Giga-Tronics shares are indicated about 112 percent higher pre-market on a new contract with Lockheed Martin.
Most Asian markets were solidly higher overnight, but Europe is fairly flat at this hour.
At this point, adjusted for fair value, the S&P 500 futures are higher by about 9½ points, Dow futures are up 84 and the NASDAQ futures are about 21 points above fair value.