Short end of the yield curve inverts. The spread between 3- and 5-year, as well as 2- and 5-year Treasury yields turned negative Monday for the first time since July 2007.

Manufacturing activity remains robust. The Institute for Supply Management's manufacturing index for November was 59.3 up 1.6% m/m. New orders were up 4.7%, while the prices component was down 10.9% (showing increasing prices), with aluminum the most cited commodity up in price. Respondents flagged shortages, longer lead times, and tariffs as headwinds, though a healthy business environment and steady orders were positives. 

Final US Markit PMI Manufacturing for November (55.3) came in slightly below estimate, though new orders increased at fastest rate since May. Overall, manufacturing activity remains firmly in expansionary territory.

Just 20 days till Christmas and the National Christmas Tree Association says natural Christmas trees still outsell artificial, but their share of US annual sales has fallen from 77 per cent in 2010 to 56 percent last year.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.