Market 12/17: Auto Sales Surge

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Key highlights:

• Retail sales unexpectedly beat forecasts thanks to car buying demand

• Industrial production declines for 3rd straight month

• Congress drafts budget to avoid government shutdown

• Lowest rent prices since 03/2022

• Justin Treadeau's Canadian government nearly collapses

• Trump plans to scrap Daylight Saving

• $13B 20-year bonds tail badly before FOMC

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Retail sales unexpectedly beat forecasts thanks to car buying demand

• Aggregate retail sales up +0.7% MoM, higher than +0.6% forecast and +0.5% Oct

  • YoY up to +3.8% from previous +2.9%

• Control group in GDP basket surges +0.4% MoM, in line with forecast, vs -0.1% prior month

  • Pulling YoY growth to +4.3% beneficial for GDP

• Car buying demand surges unexpectedly in November (similar to July)

→ This is the 2nd consecutive month of strong auto sales increase with spending hitting new high

Much of it likely from Tesla as people want to take advantage $7,500 government discount will mostly disappear after Trump takes office. Currently Tesla offers additional max $2,000 discount if using referral link. Those who don't have referral link can use Steve's link!

Steve's link: https://ts.la/ha303581

In addition, buying inventory cars gets 3 months free supercharger with Full Self-Driving. However, Tesla cars occasionally have QA issues so if anyone buys using Steve's link, message Steve so he sends the checklist for pickup day to check carefully for defects!

→ Retail report with strong auto revenue is the reason to continue rally +5% early morning.

• BofA reports post-Cyber Monday week spending up 6.4% YoY