The S&P 500 fell by -0.5% last week but locked in a 25.0% return for 2024. Small- and mid-caps both rose by 0.5% on the week but returned a more modest 8.7% and 13.9% in 2024, respectively.
U.S. Treasury yields ended the week marginally lower but remain at elevated levels relative to recent months. The 10-year yield closed the week at 4.6% and the 2-year yield at 4.3%.
In a quiet week of economic data releases, the Institute for Supply Management’s Manufacturing Index contracted for a ninth-straight month after expanding only once in 25 months.
A look ahead
In the week ahead, consequential employment related data releases will provide an update on the health of the job market through November. Expectations are for the unemployment rate to remain unchanged at 4.2%.
The Federal Reserve’s December meeting minutes, set for release midweek, may offer investors deeper insights into policymakers’ views on current economic conditions.
