The week saw indices recoup most of the falls seen in the prior weeks and in the case of the S&P 500, close at all-time highs. Data released included record-low initial unemployment claims and rising inflation numbers.
Overall, growth stocks were strong, although there were exceptions; Newly listed, Rent The Runway (NASDAQ: RENT) dropped 17.47% over the week. When it first came to the market in October, the stock price showed initial promise but since then it’s been downhill and the week’s news didn’t help – soaring losses and lower than pre-pandemic subscriber growth in its most recent quarter.
It was notable that US natural gas futures were virtually unchanged after data showed a larger than expected storage withdrawal and revised demand predictions for the next two weeks offset a 3% drop in European gas prices.U.S. utilities pulled 59 billion cubic feet (bcf) of gas from storage for the week ending December 3, according to the Energy Information Administration (EIA).
Cocoa futures on ICE traded near $2400, down from a high of $2564 last month. Cocoa commercials have been selling the commodity because of concerns that the new Omicron COVID type could stymie the worldwide recovery.