It was an interesting week on Wall Street, with all three indexes notching record highs, though the tech-rich Nasdaq Composite (IXIC) underperformed. Solid holiday shopping data lifted stocks early in the week, as did growing expectations for a Senate vote on tax reform. However, reports on Friday that former national security advisor Michael Flynn could testify against President Trump took some of the wind out of the bulls' sails.
The Dow Jones Industrial Average (DJIA) wrapped up November with a healthy gain, crossing a lofty milestone and securing its longest monthly winning streak in 22 years. The S&P 500 Index (SPX) extended a monthly winning streak of its own, a historically bullish signal. The Nasdaq, however, endured a subpar week from chip stocks and a tech selloff, and is poised to end the week in the red -- sending up a rare stock divergence signal.
FAANG stocks struggled amid the broader tech stock pullback. Facebook (FB), however, is still signaling a possible ascent to record highs in the coming weeks. What's more, analysts remain optimistic.
Earlier in the week, retail stocks were front and center, thanks to Black Friday and Cyber Monday buzz. Both events saw a record high in sales, fueled by a flurry of discounts from retail giants Amazon (AMZN) and Wal-Mart (WMT). It wasn't just the heavies that turned in upbeat results, though. Smaller niche retailers joined in on the fun, with the likes of Shopify (SHOP), Roku (ROKU), and Dollar Tree (DLTR) all surging.
Elsewhere, Bitcoin continues to intrigue investors, and touched a record high this week. While shares of new bitcoin investor Square (SQ) pulled back amid the tech sell-off, the shares of CME Group (CME) are rallying after the exchange operator said it will launch bitcoin futures beginning Monday, Dec. 18. Here are 7 ways to trade bitcoin.
On the earnings front, Sears (SHLD) and Kroger (KR) notched crucial earnings victories, while an AutoDesk (ADSK) subpar earnings report was sure to please options bears. Tiffany (TIF) and Ambarella (AMBA) delivered surprisingly upbeat reports, while past was certainly precedent for VMware (VMW), which toasted another earnings victory.
With final month of 2017 upon us, we outlined the best stocks in December, historically, as well as some retail stocks signaling a Santa Claus rally. We also, shone a light on the worst stocks in December, looking back 10 years, and stocks that could be ripe for short selling. Going forward, investors' attention should remain on the Fed, with jobs data the last big update on the labor market ahead of the looming Fed meeting, where traders expect a December rate hike.