Barron's - USA (2020-12-07)

M36 BARRON’S December 7, 2020

Market Laboratory

DOWJONESU.S.TOTALMARKETINDUSTRYGROUPS

NetChange %ChangeandRanking 52Week

Top20WeeklyRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Aluminum DJUSAL 81.07 + 11.10 12.35 +15.87 [1] +28.42 [30] +17.97 [49] –15.32 81.07 17.51

Transportation Svcs DJUSTS 272.91 + 27.07 35.74 +11.01 [2] +17.52 [59] +15.07 [55] –.93 272.91 102.80

Oil Equipment & Svcs DJUSOI 156.40 + 13.19 –94.89 +9.21 [3] –29.91 [132] –37.76 [137] –27.15 256.13 69.91

Hotel & Lodging REITs DJUSHL 81.20 + 5.34 –32.49 +7.05 [4] –25.18 [127] –28.57 [128] –13.31 115.21 36.21

Drug Retailers DJUSRD 760.57 + 49.22 –83.14 +6.92 [5] –11.94 [115] –9.85 [113] –8.85 861.29 619.69

Nonferrous Metals DJUSNF 335.22 + 20.60 159.72 +6.55 [6] +125.56 [3] +91.01 [3] +20.56 335.22 71.03

Real Estate Holding & Dev DJUSEH 61.99 + 3.74 –38.49 +6.42 [7] –30.38 [135] –38.30 [138] –14.67 102.50 29.67

Marine Transportation DJUSMT 183.13 + 10.83–110.75 +6.29 [8] –32.08 [137] –37.69 [136] –5.54 300.12 112.26

Travel & Tourism DJUSTT 813.50 + 47.67 106.98 +6.22 [9] +20.68 [48] +15.14 [54] +8.63 813.50 390.41

Oil Equip, Svcs & Distri DJUSOQ 235.94 + 13.82–117.88 +6.22 [10] –26.25 [128] –33.32 [132] –19.70 358.77 116.06

Semiconductor DJUSSC 6292.44+ 350.311,979.00 +5.90 [11] +58.18 [7] +45.88 [8] +25.97 6,292.44 3,082.27

Recreational Svcs DJUSRQ 95.70 + 5.01 –54.98 +5.53 [12] –30.73 [136] –36.49 [135] –14.28 152.75 34.40

Technology Hardware& Equip DJUSTQ 3125.70+ 156.15 996.43 +5.26 [13] +60.80 [6] +46.80 [7] +29.11 3,125.70 1,580.41

Hotels DJUSLG 2235.52+ 108.46 –80.38 +5.10 [14] +3.27 [100] –3.47 [104] +4.59 2,338.37 1,026.45

Computer Hardware DJUSCR 6107.35+ 293.332,270.49 +5.05 [15] +77.46 [4] +59.18 [5] +37.63 6,577.88 2,859.07

Tobacco DJUSTB 606.79 + 28.18 –67.81 +4.87 [16] –8.31 [113] –10.05 [114] –11.59 698.94 454.29

Apparel Retailers DJUSRA 1071.33 + 49.34 49.17 +4.83 [17] +7.27 [89] +4.81 [89] +9.88 1,071.33 590.10

Exploration & Production DJUSOS 423.41 + 19.46–208.24 +4.82 [18] –27.25 [130] –32.97 [131] –14.31 645.34 214.60

Industrial Metals & Mining DJUSIM 243.31 + 10.89 51.64 +4.68 [19] +33.00 [26] +26.94 [25] +4.27 243.31 88.40

Retail REITs DJUSRL 74.09 + 3.27 –30.05 +4.61 [20] –30.24 [133] –28.86 [129] –11.81 106.27 45.00

NetChange %ChangeandRanking 52Week

Top20YrAgoRanked IG-Sym Close Wkly YTD Week Rank YrAgo Rank YTD Rank 3Yr High Low

Automobiles DJUSAU 759.03 + 13.71 546.27 +1.84 [65] +296.12 [1] +256.76 [1] +50.29 759.03 134.39

Automobiles & Parts DJUSAP 900.99 + 16.18 567.22 +1.83 [66] +192.09 [2] +169.94 [2] +34.51 900.99 195.90

Nonferrous Metals DJUSNF 335.22 + 20.60 159.72 +6.55 [6] +125.56 [3] +91.01 [3] +20.56 335.22 71.03

Computer Hardware DJUSCR 6107.35+ 293.332,270.49 +5.05 [15] +77.46 [4] +59.18 [5] +37.63 6,577.88 2,859.07

Broadline Retailers DJUSRB 3238.84 – 41.331,218.70 –1.26 [124] +66.81 [5] +60.33 [4] +35.05 3,520.79 1,791.13

Technology Hardware& Equip DJUSTQ 3125.70+ 156.15 996.43 +5.26 [13] +60.80 [6] +46.80 [7] +29.11 3,125.70 1,580.41

Semiconductor DJUSSC 6292.44+ 350.311,979.00 +5.90 [11] +58.18 [7] +45.88 [8] +25.97 6,292.44 3,082.27

Delivery Svcs DJUSAF 1461.92 + 5.90 516.01 +.41 [103] +55.26 [8] +54.55 [6] +9.46 1,492.01 666.48

General Retailers DJUSGT 2213.95 – 23.07 660.14 –1.03 [122] +47.49 [9] +42.49 [10] +26.40 2,345.51 1,258.95

Internet DJUSNS 2763.22 + 42.64 840.85 +1.57 [78] +46.94 [10] +43.74 [9] +21.92 2,773.26 1,473.18

Software DJUSSW 4271.91 – 7.221,228.22 –.17 [115] +46.21 [11] +40.35 [11] +34.60 4,446.11 2,522.55

Software & Computer Svcs DJUSSV 4065.21 + 23.891,147.25 +.59 [99] +43.84 [12] +39.32 [12] +26.87 4,123.93 2,332.65

Retail DJUSRT 1932.41 – 15.60 539.01 –.80 [119] +42.90 [13] +38.68 [13] +23.93 2,022.70 1,135.92

Footwear DJUSFT 2466.48 + 63.83 596.16 +2.66 [46] +42.06 [14] +31.87 [17] +29.67 2,466.48 1,139.98

Gold Mining DJUSPM 132.40 + 1.90 29.13 +1.46 [82] +40.69 [15] +28.21 [24] +17.45 159.08 87.77

Specialty Retailers DJUSRS 2360.44 + 2.96 615.05 +.13 [108] +40.30 [16] +35.24 [14] +25.58 2,476.82 1,335.92

Toys DJUSTY 1265.55 + 39.32 297.51 +3.21 [35] +40.10 [17] +30.73 [19] +11.13 1,291.14 765.22

Leisure Goods DJUSLE 846.23 + 18.97 196.68 +2.29 [52] +39.20 [18] +30.28 [20] +11.21 863.67 491.25

Mining DJUSMG 122.85 + 1.77 26.06 +1.46 [81] +39.10 [19] +26.93 [26] +13.75 147.36 81.60

Trucking DJUSTK 1126.67 + 21.31 272.10 +1.93 [62] +36.22 [20] +31.84 [18] +13.98 1,161.37 659.48

Groupsareweightedbycapitalization.52-weekhighsandlowsarebasedondailycloses.Dec.31,1991=100.IntheU.S.listings,%volchg
columnshowsthechangefromprevious65-daymovingaverage.Volumefiguresdonotreflectextendedtradinghours.

ComingEarnings

Day Consensus Year

Estimate Ago

Continuedfrompage13ofthemainsection.

T

Chewy(Q3) -0.14 -0.20

GameStop(Q3) 0.85 -0.49

H&RBlock(Q2) -0.94 -0.85

W

Adobe(Q4) 2.67 2.29

CampbellSoup(Q1) 0.91 0.78

SlackTechnologies(Q3) -0.02 -0.04

VeraBradley(Q3) 0.24 0.20

TH

Broadcom(Q4) 6.24 5.39

CostcoWholesale(Q1) 2.01 1.73

F

JohnsonOutdoors(Q4) 0.80 0.39

(Earningsaredilutedandreportdatesaretentative. Allfore-

castsandhistoricalnumbersexcludeextraordinaryitemsby

accountingdefinitions.)

Source:FactSet

SELECTEDINITIALPUBLICOFFERINGS

Initial Most

Ticker Offer IPO Recent %

Code Price Date Price Chg

17Education&Tech YQ 10.50 12/4 10.57 0.7%

FinTechAcquisitionVFTCVU 10.00 12/4 10.25 2.5%

Seer SEER 19.00 12/4 56.46 197.2%

SigilonTherapeutics SGTX 18.00 12/4 34.78 93.2%

SilverbackTherapeu SBTX 21.00 12/4 25.00 19.0%

Docebo DCBO 48.00 12/3 50.07 4.3%

FarPeakAcquisition FPACU 10.00 12/3 10.08 0.8%

HighlandTranscendI HTPAU 10.00 12/3 10.29 2.9%

JawsSpitfireAcqui SPFRU 10.00 12/3 10.51 5.1%

KinnateBiopharma KNTE 20.00 12/3 43.46 117.3%

LiveOakAcquisitionIILOKBU 10.00 12/3 10.16 1.6%

CapitolInvestmentV CAPU 10.00 12/2 10.10 1.0%

RodgersSiliconValleyRSVAU 10.00 12/2 10.80 8.0%

TrepontAcquisitionI TACAU 10.00 12/2 10.19 1.9%

AMMO POWW 2.10 12/1 2.51 19.5%

SeaportGlobalAcqui SGAMU 10.00 11/30 10.16 1.6%

Onlyincludesnewreports. Latest Latest Preceding Year YroYr

EconomicGrowthandInvestment Date Data Period Ago %Chg

No Activity for this Week

Production

Electric power, (mil. kw hrs) (EEI) .................................................. Nov 28 68,010 69,338 70,815 –3.96

Petroleum, related capacity, % ...................................................... Nov 27 78.2 78.7 91.9 –14.91

Rotary rigs running, U.S. & Can., (Hughes).................................... Dec 4 425 422 937 –54.64

Steel, (thous. tons)........................................................................ Nov 28 1,561 1,582 1,835 –14.93

Steel, rated capacity, % (AISI)........................................................ Nov 28 70.6 71.5 79.3 –10.97

ConsumptionandDistribution

Factory shipments, (bil. $) ............................................................. Oct 488.60 r483.74 500.49 –2.38

Instinet Research Redbook Avg. (monthly %)................................ Nov 28 1.28 1.16 0.75 ....

Baltic Dry Index ............................................................................. Dec 4 1,197 1,230 1,558 –23.17

Inventories

Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... Nov 27 488,042 488,721 447,096 9.16

Factory inventories, (bil. $) ............................................................ Oct 687.26 r686.10 699.02 –1.68

Gasoline, (thous. bbls) .................................................................. Nov 27 233,638 230,147 229,363 1.86

Orders

Factory orders, backlog (bil. $) ...................................................... Oct 1,073.29 r1,075.90 1,163.62 –7.76

New factory orders, (bil. $) ............................................................ Oct 480.82 r475.93 496.64 –3.19

Nondurable goods orders, (bil. $) .................................................. Oct 239.84 r238.14 249.20 –3.76

Purchasing management index ..................................................... Nov 57.5 59.3 48.1 19.54

Trade

Merchandise trade balance (bil $) .................................................. Oct –81.41 r–80.78 –67.13 21.27

Latest Latest Preceding Year YroYr

Date Data Period Ago %Chg

PULSEOFTHEECONOMY

Inflation

JOC–ECRI Industrial Price Index f.................................................. Dec 4 102.61 100.25 88.48 15.97

Employment

Civil labor force, (thous.) ............................................................... Nov 160,467 160,867 164,347 –2.36

Employed, (thous.) ....................................................................... Nov 149,732 149,806 158,536 –5.55

All non–farm payrolls, (thous.) ...................................................... Nov 142,629 r142,384 151,814 –6.05

Government payrolls, (thous.) ...................................................... Nov 21,432 r21,531 22,659 –5.42

Goods prod payrolls, (thous.) ....................................................... Nov 20,237 r20,182 21,131 –4.23

Initial jobless claims (thous.) ........................................................ Nov 28 712 r787 206 245.63

Continuing claims (mil.) ................................................................ Nov 21 5.520 r6.089 1.697 225.28

Service payrolls, (thous.) .............................................................. Nov 122,392 r122,202 130,683 –6.34

Unemployment rate, % ................................................................. Nov 6.7 6.9 3.5 91.43

Unemployed, (thous.) ................................................................... Nov 10,735 11,061 5,811 84.74

Avg. wks duration unemploy ......................................................... Nov 23.2 21.2 20.2 14.85

U–6 unemployment ...................................................................... Nov 12.0 12.1 6.8 76.47

Civilian Employment Population Ratio ........................................... Nov 57.3 57.4 61.0 –6.07

Construction

Construction spending, (bil. $) ...................................................... Oct 1,438.5 r1,420.4 1,386.8 3.73

Non–residential spending, SA (bil. $) ............................................ Oct 456.6 r459.9 497.6 –8.24

Public spending, (bil. $) ................................................................ Oct 344.8 r341.4 332.6 3.67

Residential spending, (bil. $) ......................................................... Oct 646.1 r628.2 563.9 14.58

OtherIndicators

Citi Research Panic–Euphoria Reading .......................................... Dec 4 1.51 r1.28 0.20 ....

a-1997equals100.b-1982-84equals100.c-1982equals100.f-1996equals100.h-benchmarkrevision,2016equals100.r-Revised.

YEARLYHIGH/LOWSS&P500INDEX

TheyearlyS&P500Index;withahigh/lowrangebased

onthedailyclose.

Year High Date Low Date

2020 3699.12 Dec. 04 2237.40 Mar. 23

2019 3240.02 Dec. 27 2447.89 Jan. 03

2018 2930.75 Sept. 20 2351.10 Dec. 24

2017 2690.16 Dec. 18 2257.83 Jan. 03

2016 2271.72 Dec. 13 1829.08 Feb. 11

2015 2130.82 May 21 1867.61 Aug. 25

2014 2090.57 Dec. 29 1741.89 Feb. 03

2013 1848.36 Dec. 31 1457.15 Jan. 08

2012 1465.77 Sept. 14 1277.06 Jan. 03

2011 1363.61 Apr. 29 1099.23 Oct. 03

2010 1259.78 Dec. 29 1022.58 July 02

2009 1127.78 Dec. 28 676.53 Mar. 09

2008 1447.16 Jan. 02 752.44 Nov. 20

2007 1565.15 Oct. 09 1374.12 Mar. 05

2006 1427.09 Dec. 15 1223.69 June 13

2005 1272.74 Dec. 14 1137.50 Apr. 20

2004 1213.55 Dec. 30 1063.23 Aug. 12

2003 1111.92 Dec. 31 800.73 Mar. 11

2002 1172.51 Jan. 04 776.76 Oct. 09

2001 1373.73 Jan. 30 965.80 Sept. 21

2000 1527.46 Mar. 24 1264.74 Dec. 20

1999 1469.25 Dec. 31 1212.19 Jan. 14

1998 1241.81 Dec. 29 927.69 Jan. 09

1997 983.79 Dec. 05 737.01 Jan. 02

1996 757.03 Nov. 25 598.48 Jan. 10

1995 621.69 Dec. 13 459.11 Jan. 03

1994 482.00 Feb. 02 438.92 Apr. 04

1993 470.94 Dec. 28 433.54 Apr. 26

NYSEHALF-HOURLYVOLUME

Daily 11/30 12/01 12/02 12/03 12/04

9:30-10:00 154,050 154,994 152,458 126,164 136,812

10:00-10:30 63,324 65,967 57,588 53,653 60,982

10:30-11:00 69,274 55,461 50,088 47,091 51,942

11:00-11:30 44,032 44,283 43,267 42,903 44,563

11:30-12:00 40,208 43,479 37,895 39,146 40,462

12:00-12:30 30,741 32,637 30,967 34,338 33,513

12:30-1:00 26,705 32,648 29,431 32,362 30,983

1:00-1:30 26,834 28,975 28,694 31,389 29,886

1:30-2:00 28,154 30,757 30,744 31,235 29,446

2:00-2:30 29,581 32,071 32,374 30,011 30,238

2:30-3:00 35,511 35,433 38,554 35,236 33,933

3:00-3:30 42,461 44,412 37,396 42,456 42,750

3:30-4:00 1,260,071 443,834 427,727 427,236 409,518

AMERICANDEBTANDDEFICITS

Latest Preceding YearAgoYearoverYear

Report Report Report %Chg

FederalBudgetDeficit(bil.$)-a......................................... 920FY'22 966FY'21 1,083FY'20 ....

BudgetSurplus/Deficit(bil.$)-b,October........................ –284.07 –124.61 –134.47 111.25

TradeDeficit(bil.$,sa)-c,October..................................... –63.12 r-62.08 –43.03 46.69

TreasuryGrossPublicDebt.(bil.$)-d............................... 27,412.3 27,270.0 23,089.9 18.72

TreasuryStatutoryDebtLimit(bil.$)-d............................. * 21,987.7 .... ....

ConsumerInstallmentDebt(bil.$)-e,September.......... 4,161.3 r4,145.1 4,146.4 0.36

Sources:a-OfficeofManagementandBudget,b-MonthlyTreasuryStatement,c-MonthlyCommerceDept.Report,d-DailyTreasury
Statement,e-MonthlyFederalReserveRelease.*StatutorydebtlimittemporarilysuspendedthroughJuly31,2021.