Equities bounced back from a difficult prior week as the S&P 500 rose each day to gain 1.7%. Small caps enjoyed a strong week while international markets were roughly flat.
The 10-year U.S. Treasury yield dropped slightly to 4.41% while shorter rates climbed; this caused the yield curve to flatten for the week.
Existing home sales increased on a year-over-year basis for the first time since August 2021. Meanwhile, the University of Michigan Consumer Sentiment Index ticked down, showing consumers feel modestly worse than in the October reading.
A look ahead
Despite the Thanksgiving holiday on Thursday, this will be a relatively busy week for economic data and will be highlighted by the second estimate of third quarter GDP.
Investors will also keep an eye on Core Personal Consumption Expenditures (PCE), the Federal Reserve’s (Fed) preferred inflation gauge. The minutes from the recent Fed policy meeting will offer a glimpse into policymakers’ thinking.
Economic releases: New Home Sales, Pending Home Sales, PCE, GDP, Durable Goods Orders.
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