US Stocks sold off yesterday following a week where all 3 major US averages lost about 2%. Travel and Restaurant stocks were the biggest loser as investors worry about the impact of the new COVID variant on the economy.
The Conference Board Leading Economic Index for the U.S. increased by 1.1 percent in November following a 0.9 percent increase in October. The U.S. LEI rose sharply again in November, suggesting the current economic expansion will continue into the first half of 2022. Inflation and continuing supply chain disruptions, as well as a resurgence of COVID-19, pose risks to GDP growth in 2022. Still, the economic impact of these risks may be contained. The Conference Board forecasts real GDP growth to strengthen in Q4 2021 to about 6.5 percent (annualized rate), before moderating to a still healthy rate of 2.2 percent in Q1 2022.
Spider-Man made even more money than originally projected. Spider-Man: No Way Home, the latest movie in the Marvel series, notched a record-breaking opening weekend at the domestic box office by bringing in $260 million. Only 2019's Avengers: Endgame, one of the biggest blockbusters of all time, opened to larger numbers.