Market Summary – November 27, 2023

Last Week’s Summary

  • S&P 500 Index rose 1.02%
  • International Equities rose 0.86%
  • Emerging Markets rose 0.47%
  • U.S. 10-Year Treasury Yield rose to 4.46%
  • Leading Index fell to -0.8%
  • Initial Jobless Claims fell to 209k
  • U. of Mich. Sentiment rose to 61.3
  • U. of Mich. 1-Yr. Inflation rose to 4.5%

What to Watch for This Week

  • M, 11/27/23 New Home Sales
  • T, 11/28/23 Conf. Board Consumer Confidence
  • W, 11/29/23 MBA Mortgage Apps, GDP
  • Th, 11/30/23 Initial Jobless Claims, Personal Income, Personal Spending
  • F, 12/1/23 S&P Global US Manufacturing PMI, ISM Manufacturing

Weekly Market Recap

Stocks showed minimal movement in Friday’s holiday-shortened session, while Treasuries experienced a decline, signaling a potential slowdown in this month’s global bond rally.

Notably, the S&P 500 marked its fourth consecutive week of gains, positioning itself for its second-best November performance in the last 30 years, boasting an impressive 8% increase. Adding to the market dynamics, Wall Street’s Volatility Index, the VIX, dropped to 12.46, reaching its lowest point since January 2020.

However, the week also brought concerning news of a decline in employment at U.S. service providers and manufacturers in November, marking the first such downturn since mid-2020. This was attributed to tepid demand and elevated costs.

Oil prices faced downward pressure as the OPEC+ group of oil-producing countries announced a delay in their meeting, reducing the likelihood of an imminent production cut to support prices. Both Brent crude and West Texas Intermediate experienced a nearly 1% decrease on Wednesday.

As the week concluded, market participants remained relatively quiet amid the U.S. holiday and the shortened trading day on Friday.

Looking ahead, investors aim to wrap up the November month with no significant news releases expected this week, preparing for the conclusion of 2023’s final chapter.

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