this is "nightly business report." with sue herera and bill griffeth. >> cool receptio the s&p 500 posts its biggest decline in nearly two months as investors look to avoid the december disaster of last year. >> click and shop. americans are expected to spend a record amount online this cyber monday. and some early winners are best known for their brick and mortar money-saving moves. ome tax tips to help you g your financial house in orde t before year is out. those stories and much more tonight on "ghtly business goodning and welcome. hi december on wall street. stocks started the week and the month lower following a strong

performance in november. sentiment was dampened after a new report on the manufacturing sectorhowed activity contracted last month. optimism also faded after president trump said china still wants to make a deal the added quote we'll see what happens end the dow jones industrial average fell 268 to 27,783 the nasdaq down 97. the s&p 500 slipped27 bob pisani takes aook at what might lie ahead. >> reporter: stocks fell for a second straight day, down by weakness in key economic data. early on better than expected manufacturing data f china and europe set a positive tone for stock futures. ina's factory activity expanded for the first time since april. that was quickly tempered by a anmiss onacturing back here in the united states. add to that a tweet from president donald trumpte announcing s tariffs on steel and aluminum rtimfrom argentina and brazil were back

n adding to some of today's nervousness. u.s. steel stocks were up. today's sell-off led largely by strials. they tend to be closely tied to global manufacturing and technology. big nam in thes&p, apple, facebook, amazon, googl all weaker on the day. december is a bullish month, the best month of the year, in fact. s&p up 1.6% going back to 1950. of course december last year was the big exception but the general consensus that we're going to avert another december disaster. unlike last year the fed is not hiking. e markets are betting on some kind of u.s./china trade ruce in2020. despite the u.s. data, global growth appears to be bottoming, at least for the moment. for "nightly business report," i'm bob pisani at the new york stock exchange. n> let's t to christina hoop tore talk about the markets and what she sees ahead for this month. chief global market strategist at invesco, good to see you

again. >> good to see you. >> i don't want to imply anything but ieard talk abou december of last year when the dow fell by 8.6%. heree are today, lost another 1%. expecting this month?hat are y >> i actually wouldn't be surprised to see some kind of pullback if we get more negative trade news. but that doesn'te mean should finish the month down. after all, we hav one factor in the market's favor this year favor last year, and that of course is a far more accommodative tfed. >> tde war tren between the u.s. and china and the continuing talks seemsm to l very large over the market. you're of the opinion tha a phase one trade deal is almost certainly factored into the market >> i do believe that. the market has exhibited way too much optimis about the u.s./china trade relationship, so i think it really i setting itself up for disappointment.

>> what are the movers for this month that you're watching carefully that will get ur >> i think foremost is going to be ad it's actually not jt u.s. and china, although that's of course st portant. but it's also about tradela onships beyond just china. of course we've heard that president trump wants to raise tariffs on some goods from argentina and azil. there's also the potential for putting some tariffs on european union so this is an environment in which protectionism is increasing. add to that, of course, the very bad new that by next week we're likely to have not enough peals judges in the wto to make cisions. that could lead to vigilante protecti ism. >> verickly, how important is the jobs picture, and do you expect to see an impact from the trade war? >> absolutely, the jobs picture is portant, because what is so strong, what is powering the u.s. economy, is the consumer.

vulnerable.mer is fairly if employment, if the employment situation changes. so we want to follow tha jobs report ver closely. so far jobs have been a real positive for co but if we start to see companies making decisions in terms of diminished hiring or even some firings, that could reall change thehe picture for coumer. >> indeed. we'll see what happens. christina hooper, thanks for joining us. >> thank you. as bob mentioned earlier, president trump wants to put tariffs on brazil and argentina, potentially opening up a new front in thede global t war that's been focused on the u.s. and china till now. kayla tallshi has today's developments from washington. >> reporter: en route to eope with no trade signing summit on tap, president trump was charteristically crypt about whether a phase one deal with china would in fact be done this year. lways chinese are

negotiating. the chinese want to make a deal, we'll see what happens. >> reporter: in london whereto leaders are meeting this week the security threat posed by china, huawei, and others will be atop the agenda. here in tariffs are looming for $160 billion in consumer goods made in china. and a delay for those is no sure thing. as the president harde his stance against beijing, signing into l a bill backing hong kong's protesters. and tightening other screws on brazil and argentina. supplying china with a growing f amount soybeans. mr. trump says that's thanks to massive den of their currencies which is not good for our farm says he'll restore steel and aluminum tariffs on those countriein respons >> i gave them the big break on triffs. but now i'm takit break very unfair to our manufacturers and very unfair to ourrs far >> reporter: if the goal is to shift agricultural sales back to the u.s., analysts say that

strategy could backfire. >>hat we're in danger of, however, he may be responding to these two cntries growing closer tochina, but by imposing them closer s he could drive >> reporter: the white house has yet to release a presidential memorandum that would f enact this policy. it's unclear when those reimposed tariffs on brazil a argentina would go into effect or whether negotiations could avert them. for "nightly business report," i'm kayla taushi in washington. spending projects fell in october. activity was dragged down by a decline in apartment and multi-family home building. according to the commerce department, construction spending fell 0.8% from the prior month. economists expectegain. the decline is due in part to a drop in investment in privatets projhich hit a three-year low, a that pressures the home builders which fell in today's session. east coast, the first major

storm of the winr has arrived. it stretches from the appalachians up to maine. it's expected to dump more than 1 foot of snow in some places. it obviously came at aad time for those traveling back from their thanksgiving holiday. for retailers, it may translate into more spending. with some schools closed the storm kept many at hom and possibly online, shopping on this cyber monday, expected to set sales records. co is at a walmart fulfillment center where packages go from your computer to your doorstep. >> rreorr: y, set, shop. today is expected to set records for online sales. that's on top of records set on thanksgiving and black friday. shoppers are forecast to spend nearly $9.5 billion shopping online onhis cyber monday. 19% as of last year. the most ever spent online in a single day in the u.s. the five-day stretch from

thanksgiving through cyber monday is estimated to pull in nearly one-third of all holiday digital sales. walmart expects today will be one of the biggest days of the year for e-commerce orders. fulfillment centers in charge of getting those orders out the door. covers1.2 million square feet. there are 12 miles of conveyor lts. once an item is ordered, from the time it is picked, packed, anshipped, it can be out the door in less thann hour. a number of analysts are calling out walmart as an early winner from the holiday shopping stretch. captify says bestbuy, walmart, and costco are among the most researched retailers on black friday and cyber>>monday. est buy, big nner. walmart and target, big winner. it was the bigox players. dick's sporting goods, i heard lulu lemond, mentio win they are holiday season. i think the department stores, a

little bit slower. >> reporter: sports apparel is to fanatics, the lworld'sgest seller of fan gear. >> 26% from thursday to sunday. the two leaders have been nfl and ncaa. up about 40%. ju crushinit. this was the first year where we had a black friday was the biggest day in the coany's history, bigger than last year's it's never been like that before. >> reporter: just as black friday's timing has shifted over the years with sales pulled forward into thanksgiving, cyber monde's peak hours h changed too. the highest sales volume used to happen durg the day on cyber monday, when consumers had access to high-speed intert a their desks. rtth smaones and acces all the time, peak sales volume is expected to be 10:00 p.m. eastern ao 2:00. eastern, when kid are in bed and the day's to-do lists are done. for "nightly business report," courtney reagan in bethlehem, pennsylvania. it is time to take a look at some of today's upgrades and

downgrades. deere downgraded to underperform from neutral at bankf america/merrill lynch citing the company's disappointing earnings report and outlook. target $150, the stock fell ove 1.5% to $1659. wells fargo downgraded to underperform from market perform at raymond james citing lingering stigma from the fake account scandal. the firm has no pri target on the stock. the shares fell 1.5% to $53.63. rokung dded from underweight to equal weight at morgan stanley, citingotential for slowdown in revenue growth for that company next year, price target $110, shares fell by 15% to $136.07.en bi downgraded from underperform to neutral at baw. d, citing the company's controversial alzheimer's drug that is awaiting fal appr which the analyst doubts it will receive. price target now $250, that

stock fell more than 2% to $292.39. still ahead, bing set lofty goals for december, and the company's to-do list is long. the u.s. trade representative is reviewing the possibility of raising tariffs on various european unn products. the parade rep cited a lack of progress in resolving eat dispver aircraft subsaidgys which you may recall was affirmed b a world trade organization decision. that decision said euroan subsidies to planemaker airbus harmed the u.s. aerospace industry. december.g begins a big e company set a target of getting the 737 max recertified

by the end of the year. but as phil lebeau reports, a lot has to happe over the next four weeksit for boeing to that goal. >> reporter: it's crunch time eifor . and the beleaguered 737 max. which has been grounded since march. boeing ceo dennis muilenburg has the max to be recertified by the end of the year. but increasingly analysts are questioning that timeline. >> boeing put out a press release, i guess about a month ago, five steps that they had to go through. they had completed one of those r orter: among the hurdles facing the max, human factors testing wheres pil experience the redesigned 737 in a mulator. by mid-december, we could see the cplane'sertificates flight. even if that goes well, newru les for pilot training still need to be published and there will likely be a two-week comment period before those rules are finalized. in addition to the head of the faa, a licensed pilot, won't

approve the redesigned max until he flies it.tt line, the max may not be certified until january. our expectation is that the airplane on average will go back into service in march. in the.s. probably rst, europeans will follow, then the chinese will pbably follow them.or >> reporter: now, southwest, american, and united, who all flyhe max, still plan to put it back in service in early march. and so far boying has not chand its plan to ramp up production of the max next year. keeping that production schedule in place is the reason boeing stock i held up relatively well this year. despite a crisis that h a serious blow to the company's bottom line. phil lebeau, "nightly business report. shares of apache getdr led. "market focus," the oil and gas onducer releasing an update a south american oil project that investors found

disappointing. instead of disclosing whether it had struck oil, the company said it's still concting tests. the project is considered apache's best chance at jump stting growth. apache stock fell 12% today. newmont g corps set a $1 miion buy-back program, implying a repurchase of as many as 26 million shares or of the shares outstanding. the program will be completed over the next 12 months. newmont shares up about 1% to $38.74. the fda is speeding up review for a new use of merck's blockbuster cancer drug ytruda. the agency is likely to decide on the application for use in bladder cancer in january. keytruda is already an approved treatment for a wide range of carries project to bring in more than $11 billion in sales merck sharese off a fraction to $87.04 but hit a 52-week high during the day. dy disney's "frozen ii" set a

thanksgiving holiday weekerd re it took in more than $120 million in north amerin ticket sales. that broke the previous record set in 2013 by he hunger games: catching fire." disney was down a fraction to $150.62. one of the biggest demographic questio t heading in 2020 presidential ection is how the young voters will affect the election. pos show they have the power and influence to reshape debates about the economy. and that's gotten the attention of democratic presidential hopefuls. here's robert frank. >> reporter: the split in the democratic party over taxing wealth is being driven mainly by age. younger voters say billionaires didn't earn their wealth and coul be a threat to democracy. a poll by the conservative-leaning cato institute found a majority of voters under 30 said the rich made their money by takin advantage of others rather than earning it. that compares with only about one-quarter of older voters.

younger voters are timee more likely to say quote it's immoral for society to allow billionaires.ome younger voters far more supportive of having the government redistributeealth by taxing the rich. nearly two-thirds of younger voters support taxing the top rate at 70%. the question is whether this is particular to this generation or whether people in their teens and 20s have always opposed large wealth. today's millennials and gen-z voters came of age during the great recession, many are loaded with student debt and struggling with high housing costs and health care which have hardened their views of the wealthy. >> america now, particularly young americans who make up the workforce, are people who came of age during the great recession. experience. extremely formative that has in some senses set them back. >> reporter: mostenerations take a softe view of wealth as they grow older anduild wealth themselves.

in 1978, a majority of people under 30 also tught the income gap between the rich and poor should be reduced by raising taxes on the wealthy, but the age gap explains why elizabeth warren and bernie sanders areon getting s support from younger voters while biden and the more modere candidates are attracting the older voters. fornightly business report," i'm robert france. >> how willhis split between the younger voter and older voter in the democratic party impact the economy over the next decade or so? joining us to talk about this is ed mills, policy analyst at raymond james. welcome back, ed, nice have you here. >> gat to see y two. >> you think this is an underappreciated risk at this point. what are the economic ripple effes, do you think, of this situation? >> yeah, and i think it's an underappreciated risk from the political perspective. r because this y a political story. a market story. probly most importantly an economic story. what you have is a debate going

on. if you were to implement this wealth tax, which is actually hugely popul in polling data, what does that do to the economy? doeshat disincentivize different folks from investing in the economy? does it incentivize wealth flight from the united states? or conversely, ds it incentivize folks to work outside the home because thatt money t going to be collected from the wealth tax could go to pay for health care, child care? could people buy more homes becao e they are going reduced, seeing the student loan debt the millennial generation buis ovened by at this current time? so that's the debate here in terms of the economic impact going forward. y contrast, though, the president is talking aut the possibility of a tax cut 2.0. maybe in the next couple of years here. which would benefit the middle class. does that resonate with t youngereneration as well or not? >> i don't think so. i think what you see i that

what we've had for a generation in our politics, or longth, is republicans have always run on tax cuts. democrats have frequently re away from nversation. what is different about the democratsho a running for president right now is almost all callinghey' for an increase in taxes. so what i think the president is doing here is he'd like to set up this contras between his policy and democratic policies. t ultimately i think a lot of voters will say, if there was the need for t this cut, why wasn't that a larger part of tax >> indeed. on that need, ed mills, raymond james, thanks, ed. >> thank you. coming up, se year-end tax tips. how you should use the next few weeks to get your fina.ial house in

so with only four weeks to go until 2019es co a close, now is a good time to make some money when you file those taxes in april. our senior persol finance correspondent sharon epperson joins us with some year-end tax one of your favorite times of the year. >> definitely. >> so what has changed this year compared to last year that might help with tax savings? >> three big changes. one, alimony. if you got divorced, it was finalized in 2019, alimonyts paymre no longer deductible if you're paying them. if you're receivithem, they no longer count as income, you're not taxed on it.

medical expense deductions, the threshold there, that has increased to of your adjusted gross income. you have to have unreimbursed medical expenses over 10% to get that deduction. the health insurance taxeeenalty has eliminated. people who don't already know that, if youon't have health insurance for 2019, you're not goinget that penalty that you did in years past. >> in 2018, the doublin of the standard deduction was big news, i remember you talking about it. any changes to that? >> it's gone up even more, a little bit more, a few hundred dollars for single filers, as well as for married couples ling jointly. if you're close to that edge in termsf the standard deduction, which is $12,200 for single filers, $24,400 for married filing jointly, if you'reear that edge and you could possibly itemize, get itemized deductions, now is the time to boost those dedtions. a couple of things you want to think about. prepail bills if you can, whether a house payment or that state and local -- income taxes,

talk to your tax adviser to make sure it makes sense because something to consider. bigger charitable donations this year, so that next y when the standard deduction goes up even more, maybe take the standard deduction, itemize this year. charitable deductions, you don't necessarily have to pick the charity right now. >> look at you, you're all excited. >> i really am, i want people to save money. >> what if is the standard deduction is your best option but you're not planning to itemize? >> check yourusiness holding, don't get any surprises in april. next look at your( 4k), pretax contribution. ira as well, although you have d until april t that. by december 31st, make sure you're maxing out as much asheou can with 401(k). prepay tuition on that class you want to take for next year, maybe get a lifetimeearning credit for it, credit is a dollar for dollar write-off on your taxes, get as many of those as possible. >> we got it all in, good job.

sharon epperson, always a pleasure to have you. >> my sure, my pleasure. before we go, here's another look at the day's final numbers the dow fell 268 to 2783. the nasdaq down 97. and the s&p 500 slipped 27. and that is "nightly business report" tonight. i'm sue herera. thanks for watching. this is the time of year your public television stations seek your support. >> i'm bill griffeth and we thank you veror much f that support. have a great evening. se

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