Investors Overlook Italian Referedum Vote As Stocks Advance

U.S. stocks have opened higher on Monday as investors look beyond the uncertainty associated with Italy’s constitutional vote on Sunday that led to Italian Prime Minister Matteo Renzi resigning after his constitutional reform platform was rejected by Italian voters.

The Dow Jones is currently up .48 percent while the S&P 500 gained .71 percent and the Nasdaq is 1.07 percent higher.

This week investors will be paying close attention to the ECB monetary policy meeting on Thursday for clues about how committed ECB President Mario Draghi is in maintaining the ECB’s monetary policy of negative interest rates and their quantitative easing program of monthly bond purchases totaling  €80 billion.  

Today the Institute For Supply Management (ISM) reported that November’s U.S. non-manufacturing reading was 57.2, which is 2.4 percentage points higher than October’s reading of 54.8 percent and shows steady growth in the non-manufacturing sector.

November’s reading of 57.2 marks a 12-month high, and marks the highest reading since 58.3 was registered in October of 2015.

The New Orders Index registered 57 percent which is 0.7 percentage point lower than the reading of 57.7 percent in October.

The Week Ahead

Factory Orders (October) will be reported on Tuesday along with the trade balance (October).

On Wednesday October’s consumer credit is released from the Federal Reserve.

On Thursday initial and continuing claims is reported.

On Friday Michigan Sentiment (December) and wholesale inventories (October) is released.

Written By:

Johnathan Schweitzer





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