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Weekly Market Update – November 27, 2023

Price Return Last Week

S&P 500 +1.0% S&P Mid Cap +0.9% Russell 2000 +0.5%

MSCI EAFE +1.0% MSCI EM +0.4%

10 Yr US Treasury Rate – increased from 4.44% to 4.48%

Source: Refinitiv Eikon


Economic Data

Existing Home Sales – October: 3.79M (Reuters Poll est. 3.90M), September: 3.96M

Latest report has existing home sales at their lowest level since August 2010. A decline of over 40% since January 2021.

Source: Refinitiv Eikon

FOMC Minutes – The minutes reflected that a “further tightening of monetary policy would be appropriate if incoming inflation indicated that progress toward the Committee’s inflation objective was insufficient.” This sentence indicates a change from the previous meeting’s minutes and suggests that an unexpected development would be required for the Fed to hike rates again.

Source: Thomson Reuters

Initial Jobless Claims – Nov. 18: 209,000 (Reuters Poll est. 226,000), Nov. 11: 233,000

Claims are down since their peak of 264,000 in June and remain far below their historical average. Over the last twenty years, the median for weekly initial jobless claims is 321,000.

Source: Refinitiv Eikon

Cyber Monday – Salesforce estimates Cyber Week discounts of 30% in the U.S. this year with 25% of all holiday digital sales to occur during Cyber Week. They predict the highest discounts to be in Skincare & Makeup and General Apparel.

Source: Salesforce


Upcoming Events

11/28 – Consumer Confidence, Notable Earnings Reports: Intuit

11/29 – Notable Earnings Reports: Dollar Tree, Salesforce

11/30 – PCE Price Index, Initial Jobless Claims, Notable Earnings Reports: Kroger, Ulta Beauty

12/1 – ISM Manufacturing PMI

Source: Refinitiv Eikon


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