The rally in U.S. equities stalled last week. After six straight weeks of gains, the S&P 500® Index slipped 0.3 percent, hardly cause for worry, and rather more indicative of some fatigue in the absence of market moving news. There was nothing much new on the trade front, although it is worth noting that another round of tariffs is scheduled for December 15, creating an unofficial deadline for getting a phase one deal done. On the other hand, the economic data was generally positive, just not enough to elicit much reaction. Perhaps the most encouraging reports were the flash Purchasing Managers' Indices (PMIs), which were stronger than anticipated for both manufacturing and services. The housing data was mostly in-line with estimates, while consumer sentiment was steady. Disappointingly, the index of leading economic indicators fell for the third straight month in October, for the first time since early 2016.