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Weekly Market Update – December 18, 2023

Price Return Last Week

S&P 500 +2.5% S&P Mid Cap +4.3% Russell 2000 +5.6%

MSCI EAFE +2.6% MSCI EM +2.7%

10 Yr US Treasury Rate – fell from 4.25% to 3.93%

Source: Refinitiv Eikon

 

Economic Data

Fed Stands Pat  – Federal Reserve elected not to make any changes to the level of interest rates.  Fed Chair Jerome Powell noted during his press conference that “we believe that we are likely at or near the peak rate for this cycle.”  Median estimates for short-term rates next year signal that the Fed is projecting three interest rate cuts by the end of the year, a stark contrast to market participants, who currently expect six cuts.

Source: Refinitiv Eikon, The Federal Open Market Committee


Dow Hits Record – The Dow Jones Industrial Average exceeded 37,000 on Wednesday, breaking its previous record set in January 2022.  A day later, the Russell 2000 Index, composed primarily of small-cap stocks, hit a 52-week high. This new high occurred just 48 days after hitting its 52-week low.  The quickest the small-cap index has ever gone from a 52-week low to a 52-week high.

Source: CNBC, Bespoke


10 Year Treasury Breaks Through 4% – The 10-year U.S. Treasury rate fell below 4% for the first time since August and less than two months since it exceeded 5%.

Source: Refinitiv Eikon


U.S. Core CPI – November: 0.3% (Reuters Poll est. 0.3%), October: 0.2%

Year-over-year change for Core CPI reported at 4.0%, the same as the previous month.  When annualizing the rate of change for the previous six months, Core CPI falls to 2.9%.

Source: Refinitiv Eikon


Golden Globe Nominations – Greta Gerwig’s Barbie leads all films with nine nominations.  Chicago-based TV series, The Bear, tied for the most nominations for a TV Comedy show with five.  In addition to being filmed mostly in Chicago, the show also features several songs by Chicago-based band, Wilco, and leading actors underwent training at Chicago restaurant, Elske, to prepare for their roles.

Source: IndieWire, PopSugar

 

Upcoming Events

12/19 - Notable Earnings Reports: Accenture, FedEx

12/20 - Notable Earnings Reports: General Mills, Micron Technology

12/21 - Notable Earnings Reports: Carnival, Nike

12/22 - Core PCE, Durable Goods

Source: Refinitiv Eikon


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