Weekly Market Update – November 2, 2026

Price Return Last Week

S&P 500  (0.6%) S&P Mid Cap  +1.3% Russell 2000  +1.3%

MSCI EAFE +0.9% MSCI EM (0.7%)

10 Yr US Treasury Rate – fell from 4.99% to 4.93%

Source: Refinitiv Eikon

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Recent News

Anthropic Files for IPO – Artificial intelligence company Anthropic filed paperwork to become a publicly traded company on the week of November 16.  Anthropic will begin trading under the stock symbol “ANT” and is said to be targeting a valuation of between $1.5 trillion and $2.0 trillion.  The filing represents the first time that the public will be able to look at Anthropic’s official business operations.

Source: The Wall Street Journal

Fed Meeting – As anticipated, the Federal Reserve left rates unchanged following the conclusion of their two-day meeting on Wednesday.  The vote was 10-2 in favor of keeping rates at the same level with two dissenters voting for an increase instead.  Fed Chairman Kevin Warsh commented that the economy was “pointing in the right direction” and he doesn’t intend to “throw sand in the gears of the economy and throw people out of work.”  The most noteworthy item from the meeting was a change in how many voting meetings the Fed will hold in future years.  Warsh stated that 2027 will only feature seven voting meetings while 2028 will likely only have six, a contrast to the eight per year that has been the norm for decades.

Source: Thomson Reuters

GDP – Q3: 3.4% (Reuters Poll est. 3.2%) Q2: 2.2%

The Commerce Department reported growth across the economy of 3.4% for the third quarter, slightly ahead of economist expectations and above the previous quarter.  The 3.4% rate of growth represents the quickest pace in a year.  Despite higher energy costs, consumer spending still advanced 3.8% during the quarter.  Overall spending on imports rose as well, primarily due to increased semiconductor purchases from overseas.

Source: The Wall Street Journal

Core PCE – Sep: 0.3% (Reuters Poll est. 0.3%) Aug: 0.3%

The month-over-month change in Core PCE came in at expectations and the previous month’s report was revised upward from 0.2% to 0.3%.  On a rolling twelve-month basis, core PCE was reported at 3.1%.

Source: Refinitiv Eikon, The Wall Street Journal

World Series – For the first time ever, the Milwaukee Brewers can call themselves World Series Champions.  Prior to this year, the Brewers were one of just five teams that had not won a World Series (Rockies, Padres, Mariners, Rays).  Sensing the potential to make history, ticket prices for the watch party at the Brewers home stadium often exceeded ticket prices to attend the actual game in Tampa Bay.

Source: Fox Sports, Yahoo!Sports

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Upcoming Events

11/2 – ISM Manufacturing PMI, Notable Earnings Reports: Apple, Vertex Pharmaceuticals, Palantir

11/3 – Notable Earnings Reports: DuPont, Archer-Daniels-Midland, Eaton, Fiserv, Pfizer, Waters, Aptiv, AIG, AMD, Amgen, Booking

11/4 – ISM Services PMI, Notable Earnings Reports: McDonald’s, CDW, Kraft Heinz, Uber, Constellation Energy, Aflac, Expedia, McKesson, MetLife, Qualcomm, AppLovin, Allstate

11/5 – Notable Earnings Reports: Air Products and Chemicals, Becton Dickinson, Kimberly-Clark, Zoetis, Rockwell Automation

11/6 – Jobs Report, Consumer Sentiment, Notable Earnings Reports: Vistra

Source: Refinitiv Eikon

Disclosure

This material, including references to specific securities, is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security.  Views are as of the date shown and may change. Forecasts and forward-looking statements are not guarantees of future results. Information is believed reliable but not guaranteed for accuracy or completeness; third-party sources are not affiliated with Chesley, Taft & Associates (CTA).  Indexes are unmanaged, not investable, do not reflect fees or expenses, and shown for illustrative purposes only. Past performance is not indicative of future results. Viewing this material does not create an advisory relationship with CTA.