Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors took a pause on Tuesday. Wall Street is waiting for key jobs data, which could add clarity on whether the Federal Reserve will cut interest rates at its December meeting. The stock market has been on a tear so far this year with the benchmark S&P 500 up 27 percent year-to-date.
Related: Was Black Friday 2024 the biggest ever? Holiday shopping by year
Wall Street is keeping a close eye on how the key holiday shopping season is faring. According to Adobe Analytics, consumers spent $13.3 billion online on Cyber Monday. That better-than-expected one-day shopping spree was 7.3 percent stronger than the same time last year.
Cyber Monday is just the latest signal showing consumers are in a shopping mood. Americans did $41.1 billion worth of online shopping between Thanksgiving day and Cyber Monday. While Cyber Monday retained its title as the biggest online shopping day in history, Thanksgiving day spending hit a record. All-in-all, online spending during the five-day stretch jumped 8.2 percent compared to last year.
And it’s not just online retailers feeling the love. According to the National Retail Federation, 126 million shoppers went old school, hitting malls and shops during Thanksgiving weekend, up from 121.4 million in 2023. Cash registers rang up an average of $235 per shopper - a number that was slightly ahead of last year.
The industry trade group tallies the holiday season from November 1 to December 31, predicting this year sales will add up to something just under $1 trillion.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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