The typically bullish end of Thanksgiving week for the stock market was anything but that this year.
However, after the bounce-back rally in the first half of this week, the S&P 500 was comfortably above breakeven for the year—despite the declines of many of the biggest technology names.
That is a far cry from the ongoing weak price performance for certain key commodities.
Fox Business News reported earlier this week that the price of gasoline had fallen for 47 consecutive days in some areas.
And last Friday (11/23), crude oil prices slid 7.7%, suffering their largest one-day drop since 2015, according to The Wall Street Journal. The January 2019 futures price of a barrel of West Texas Intermediate Crude (WTI) was off more than 30% from the highs seen in October.
FIGURE 1: SIX-MONTH PRICE TREND FOR CRUDE OIL WTI JAN. 2019
Source: Barchart.com. Data as of 11/26/18.
Perhaps more importantly, weakness in the price of copper has analysts concerned for what that might portend for global economic growth.
Bloomberg wrote in mid-November,
FIGURE 2: COMEX COPPER PRICE OVER PAST SIX MONTHS
Note: COMEX copper price shown is in U.S. dollars per pound.
Source: Macrotrends.net. Data as of 11/26/18.
The International Monetary Fund (IMF) reinforced the theme of slowing growth in their October 2018 World Economic Outlook.
Their report was prefaced with the statement,
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