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Weekly Market Update – November 20, 2023

Price Return Last Week

S&P 500 +2.2% S&P Mid Cap +4.0% Russell 2000 +5.4%

MSCI EAFE +4.4% MSCI EM +3.0%

10 Yr US Treasury Rate – dropped from 4.60% to 4.44%

Source: Refinitiv Eikon

 

Economic Data

Core Consumer Price Index – October: +0.2% mom (Reuters Poll est. +0.3% mom), September: +0.3%

Over the last twelve months, Core CPI has advanced 4.0%. Significantly lower than the 5.7% metric at the start of the year but still almost double the 2.4% reading seen pre-COVID. The S&P 500 advanced 1.9% after the inflation release while the Russell 2000 Small Cap Index jumped 5.4%.

Source: Refinitiv Eikon


Retail Sales – September: (0.1%) (Reuters Poll est. (0.3%)), August +0.9%

The first month-over-month decline since March 2023.

Source: Refinitiv Eikon


Biden-Xi Meeting – President Biden met with Chinese leader Xi Jinping in northern California on Wednesday. This is the first time the leaders have met since the U.S. shot down a Chinese surveillance balloon in February 2023. This is also the first time that Xi has visited the U.S. since he met with President Trump in 2017. Both leaders agreed to resume communications between militaries, begin discussions around risks posed by artificial intelligence, and reduce the import of supplies from China used for the production of fentanyl.

Source: The Wall Street Journal


Holiday Spending – the National Retail Federation forecasts holiday spending growth of 3%-4% compared to 2022. A slowdown relative to 5.4% during 2022 and 12.7% in 2021.

Source: National Retail Federation


Cream of Mushroom Soup – Campbell Soup Company states that approximately 50% of Cream of Mushroom soup sales occur between November and January in a typical year and estimates that Green Bean Casseroles are served to 20 million Thanksgiving diners each year.

Source: Campbell Soup Company

 

Upcoming Events

11/21 – Existing Home Sales, FOMC Minutes, Notable Earnings Reports: Lowe’s, Medtronic, Autodesk Inc, HP Inc, NVIDIA

11/22 – Durable Goods, Initial Jobless Claims, Notable Earnings Reports: Deere & Co

Source: Refinitiv Eikon


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