A look back
- Global equity indices retreated last week. International developed markets slipped 0.8%, while emerging markets fell 1.4%. In the U.S., the S&P 500 lost 1.6%, though small caps managed a modest weekly gain.
- The U.S. Treasury curve steepened as the 2-year yield dropped to 3.55% while the 10-year yield held above 4.0%, closing at 4.09%. Meanwhile, gold’s recent trend lower steadied, ending near its starting level for the week.
- The preliminary University of Michigan Consumer Sentiment survey for November fell to a 3-year low, while near-term inflation expectations edged higher.
A look ahead
- With the U.S. government shutdown now the longest on record, economic data releases will remain limited until it ends. Market attention may shift to commentary from several Federal Reserve officials scheduled to speak throughout the week.
- Third-quarter earnings season continues but begins to wind down, with a few media and entertainment companies set to report, offering insights into discretionary spending trends.
- Economic releases: Consumer Price Index*, Producer Price Index*, Retail Sales*.
*data delayed pending the government shutdown
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