There used to be a holiday. Now we have meta-holidays, in preparation for the original holiday.
Thanksgiving was a little late in November this year, so the all-important Christmas shopping season is going to be short. Still, the primary buying days of the season – Black Friday, Small Business Saturday, and Cyber Monday –rolled out with solid year-over-year growth. While the shopping holiday growth figures fell below analyst expectations, the actual estimated sales growth was still in the double-digits for Cyber Monday, driven in large part by expansions in smart-phone shopping.
As for investors, we have to remember that the important thing is never whether the economy is growing in absolute terms. Instead, the important question is whether the economy is growing or shrinking relative to the expectations about its growth rate, which has been factored into the prices investors pay for a piece of those earnings. Slightly subdued expectations, poor regional weather, weakness in manufacturing, and subdued expectations for trade progress brought the markets down a bit, just a bit, from the all-time highs.