The Standard & Poor's 500 index edged up 0.1% this week as gains led by the consumer discretionary sector managed to outweigh energy-led declines.
The market benchmark ended Friday's session at 6,834.50, down 0.2% for the month but up 16% for the year.
Investors received a mixed bag of economic data this week, including reports that had been delayed by the government shutdown.
Delayed data from the Bureau of Labor Statistics on Tuesday showed total nonfarm payrolls in the US increased by 64,000 in November, higher than Wall Street's view for a 50,000 gain. However, it also showed the unemployment rate ticked up to 4.6% last month, the highest since September 2021, while a partial update for the previous month revealed payrolls fell by 105,000 in October due to a sharp decline in government jobs.
US consumer prices rose less than expected on an annual basis in November, while core inflation decelerated to the lowest since early 2021, delayed government data showed Thursday.
Consumer discretionary was the strongest sector in the S&P 500 this week, climbing 1%, followed by gains of 0.6% each in materials and health care. Technology and communication services also edged higher.
Carnival (CCL) shares jumped 13%, the largest weekly percentage increase among consumer discretionary stocks. The cruise operator reported fiscal Q4 earnings that topped analysts' estimates and reinstated its quarterly dividend.
Albemarle (ALB) topped the materials sector's gainers, climbing 9.9% amid a number of positive analyst actions. Morgan Stanley upgraded its investment rating on the stock to equalweight from underweight while boosting its price target to $147 per share from $58. Analysts at BMO Capital, RBC Capital, Citigroup, Mizuho, and Wells Fargo also increased their price targets on Albemarle's stock.
In health care, Incyte (INCY) was among the top gainers, rising 7.6%. The company said the European Commission has approved Minjuvi in combination with lenalidomide and rituximab for the treatment of adults with relapsed or refractory follicular lymphoma after at least one prior therapy.
On the downside, energy fell 2.9%, followed by a 1.4% loss in real estate and a 0.9% drop in consumer staples. Industrials, utilities, and financials also edged lower.
The energy sector's drop came as crude oil prices fell. Marathon Petroleum (MPC) had the largest weekly percentage drop in the sector, falling 9.4%. The company said it hired Maria Khoury as chief financial officer, starting Jan. 19. Khoury, who is joining Marathon Petroleum from Danaher, will succeed John Quaid, who will remain at Marathon Petroleum for a transitional period.
Next week's US stock trading will be shortened by the Christmas holiday. The market will close several hours early on Wednesday and will be closed all day on Thursday.
Economic data will be light amid the holiday closures, but a delayed report on Q3 gross domestic product is expected on Tuesday. December consumer confidence is also scheduled for Tuesday.
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