A look back
- Stocks closed November on a high note as the S&P 500 rallied 3.7% in its best week since May. The top performing sector was communication services while small caps gained 4.6% and international developed market stocks were up 3.2%.
- Equity markets were bolstered by falling yields as the 10-year U.S. Treasury yield dipped below 4.00% before ending the week around 4.01%.
- September releases of the Producer Price Index and Retail Sales shed light on inflation and consumer spending trends. The data came in softer than expected and combined with dovish comments by Federal Reserve (Fed) members to boost hopes for a December rate cut.
A look ahead
- Fed Chair Powell will speak on Monday ahead of next week’s Fed policy meeting. His comments, along with a bevy of economic data highlighted by the September release of Core Personal Consumption Expenditures (PCE), the Fed’s preferred inflation gauge, will be scrutinized for clues on the likely path of interest rates.
- Investors also await initial data from Black Friday and Cyber Monday for a look into the health of the consumer heading into the holiday season.
- Economic releases: ISM Manufacturing and Services PMI, JOLTS, ADP Employment Report, Core PCE, U. of Michigan Consumer Sentiment.
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