Record highs, Chicago PMI and home sales: 3 things to watch for on Monday
Here are the most important things to know about Monday before you hit the door.
Markets hit records again
The stock market continues to post new highs as the new year approaches. The Nasdaq, S&P 500 and Dow Jones Industrial Average all hit intraday records on Friday.
The rally has been fueled by a strong finish from some of the world's biggest companies. Apple and Amazon have both risen more than 3.5% this week.
The S&P 500 is hovering just under the level that would make it the best year for the index since 1997. The S&P 500 needs to finish above the 3,253 level for the year to pass 2013 as the best year this century.
Economic data kicks off the week
Several key economic indicators will be released on Monday morning, including the Chicago purchasing manager index. A reading below 50 for the Chicago PMI is typically seen as a sign of an economic slowdown, but the monthly indicator has only been above 50 once since May, even as the stock market and employment numbers have performed well.
The Chicago PMI was at 46.3 last month. Analysts expect a print of 47.4, according to Dow Jones, which would be the fourth straight reading below 50.
Home sales look to rebound
Monday also brings new data about the real estate market. Pending home sales, a measure of signed contracts, will be released for the month of November.
The last reading saw pending home sales fell 1.7% month-to-month, even as demand remained strong. Analysts expect an increase of 1%, according to Dow Jones.
Major events: (All times ET)
8:30 a.m. Preliminary wholesale inventories
9:45 a.m. Chicago PMI
10:00 a.m. Pending home sales