Stocks rose strongly on Tuesday morning on continued coronavirus vaccine optimism and reduced post-election uncertainty, after the head of the General Services Administration approved the start of the formal transition to the Biden administration. The President-elect also continued to name new cabinet officers, including former Federal Reserve Chair Janet Yellen as Treasury Secretary. On the economic front, the Conference Board said that its consumer confidence index dropped to 96.1 in November, down from 101.4 in October and below the Reuters consensus forecast of 98. The Dow rose 1.7%, the S&P 1.6%, and the Nasdaq 1.0%. Crude oil traded near $45 per barrel, while gold fell $35 to $1803 per ounce.

This edition features electricity demand during U.S. recovery; election outcome and pandemic impact on U.S.; Telus' hidden businesses; and notes from Johnson Controls, Getinge, and Uber.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Stocks fell sharply on Friday morning, led by selloffs in the Technology and Consumer Discretionary sectors. Apple shares fell 5%, despite above-consensus earnings, on concerns about weak iPhone sales and declining revenue in China. The company also declined to provide guidance for the current fiscal first quarter. Amazon also posted strong 3Q results but provided disappointing 4Q earnings guidance, sending the shares down about 4%. The Dow fell 1.5%, the S&P 1.8%, and the Nasdaq 2.7%. Crude oil fell to $35.50 per barrel, while gold rose $12 to $1880 per ounce.

In the past few weeks, the S&P 500 has drifted down from its October closing high of 3,534 on 10/12/20, hit an end-of-day low of 3,427 on 10/19/20, and worked back up to 3,465 at the close on October 23. The market is down about 2% from that mid-October high but still up 3% for the month, coming off September's 4% decline.

Stocks were flat to down during the week, as the market digested 3Q20 earnings results. Tech stocks and blue chips performed similarly, as smaller stocks outperformed both. On Friday, the Dow Jones Industrial Average fell 28 points, or 0.1%. The S&P 500 increased 0.3% and the Nasdaq Composite was up 0.4% on the day. For the full week, the Dow was down 1.0%, the S&P 500 was down 0.5%, and the Nasdaq was up 1.1%. For the year-to-date, the DJIA is down 0.7%, the S&P is up 7.3%, and the Nasdaq is up 28.7%. Over the past 52 weeks, the Dow is up 5.1%, the S&P 500 is up 14.7%, and the Nasdaq is up 40.1%.

Stocks rose on Friday morning, adding to Thursday's gains, amid cautious optimism about an eventual fiscal stimulus deal in Washington. The positive sentiment also reflected diminishing prospects for a contested presidential election, as Joe Biden continued to widen his lead in both national and swing state polls. The Dow rose 0.4%, the S&P 0.6%, and the Nasdaq 1.0%. Crude oil fell slightly to about $41 per barrel, while gold rose $39 to $1934 per ounce.