Last Week’s Summary
- S&P 500 Index rose 2.31%
- International Equities rose 4.02%
- Emerging Markets rose 2.99%
- U.S. 10-Year Treasury Yield fell to 4.45%
- CPI fell to 3.2%; Core fell to 4.0%
- Initial Jobless Claims rose to 231k
- PPI fell to 1.3%; Core fell to 2.4%
What to Watch for This Week
- M, 11/20/23 Leading Index
- T, 11/21/23 Chicago Fed Nat Activity Index
- W, 11/22/23 Initial Jobless Claims, MBA Mortgage Apps, Durable Goods Orders, U. of Mich. Sentiment, U. of Mich. 1-Yr. Inflation
- Th, 11/23/23 MARKETS CLOSED THANKSGIVING
- F, 11/24/23 S&P Global US Manufacturing PMI
Weekly Market Recap
The S&P 500 surpassed the 4,500 mark, marking its third consecutive week of gains-the lengthiest positive streak since July. The maturity of numerous derivatives contracts linked to stocks and indexes, a factor known to heighten market instability, coincided with this period.
Following a softer-than-anticipated inflation report, the Bloomberg U.S. Aggregate Index showed a 1.2% gain for the week through Thursday, contributing to a 0.4% increase for the year.
The index, monitoring $25 trillion of investment-grade government and corporate debt, suffered a record 13% loss in 2022 and a 1.5% decline the previous year. Federal Reserve Vice Chair for Supervision Michael Barr asserted that officials are likely concluding or nearing the end of their tightening measures.
However, Federal Reserve Bank of San Francisco President Mary Daly expressed uncertainty, stating that policymakers are not entirely convinced that inflation is on track to meet their 2% target. As the upcoming week is shortened due to the holiday, and with no major releases expected, market participants anticipate a relatively tranquil period.
On Friday, the departure of Sam Altman, a prominent figure in the field of artificial intelligence, from OpenAI was announced. The company’s board cited concerns about Altman’s lack of transparency and expressed a loss of confidence in his leadership. Oil climbed but posted its fourth straight weekly drop on supply pressures.
The dollar saw its worst week in four months amid bets the currency has already peaked, with softer-than-expected economic data reinforcing bets the Fed is done with rate hikes.
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