Last Week’s Summary
- S&P 500 Index rose 1.72%
- International Equities rose 0.31%
- Emerging Markets rose 0.22%
- U.S. 10-Year Treasury Yield fell to 4.29%
- Initial Jobless Claims fell to 213k
- Leading Index rose to -0.4%
- U. of Mich. Sentiment fell to 71.8
- U. of Mich. 1-Yr Inflation stayed at 2.6%
What to Watch for This Week
- M, 11/25/24 Chicago Fed Nat Activity, Dallas Fed Manf. Activity
- T, 11/26/24 Conf. Board Consumer Confidence, New Home Sales
- W, 11/27/24 MBA Mortgage Applications, GDP, PCE, Core PCE, Initial Jobless Claims, Durable Goods Orders, Personal Income & Spending
- Th, 11/28/24 THANKSGIVING
Weekly Market Recap
Blue chips and small caps drove Friday’s equities rally, while this year’s tech leaders struggled to make gains. The S&P 500 rose 0.3%, with its equal-weighted version-where companies like Walgreens Boots Alliance Inc. hold as much sway as Nvidia Corp.-climbing 0.8% and nearing an all-time high.
The Dow Jones Industrial Average gained 1%, and a bank stock index surged to its highest level in over two years. Meanwhile, the Russell 2000, a small-cap index, jumped 1.8%, posting a 4.5% gain for the week.
In contrast, major technology stocks such as Nvidia, Alphabet Inc., and Meta Platforms Inc. underperformed. Mixed U.S. labor data added complexity to the market outlook: jobless claims were lower than expected, but continuing claims-a measure of those receiving unemployment benefits-rose to a three-year high.
Geopolitical tensions also influenced markets, as Russia announced the launch of a new type of ballistic missile into Ukraine, boosting demand for safe-haven assets. West Texas Intermediate crude oil prices climbed nearly 2%, while gold advanced for a fourth consecutive session.
60-Second Breakdown:
Redwood Senior Analyst Michael C. Sasaki, CFA® discusses recent market performance and explains this week’s chart.
