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Writer's pictureTaylor Champion

Weekly Market Update – November 4, 2024

Price Return Last Week

S&P 500 (1.4%) S&P Mid Cap (0.2%) Russell 2000 +0.1%

MSCI EAFE (1.1%) MSCI EM (1.1%)

10 Yr US Treasury Rate – rose from 4.23% to 4.36%

Source: Refinitiv Eikon

 

Recent News

Jobs Report – Oct: 12k (Reuters Poll est. 113k) Sep: 223k

The U.S. Bureau of Labor Statistics reported only 12,000 new jobs added in October.  The lowest number of jobs added since 2020.  What is unclear is how much of an impact Hurricanes Helene and Milton might have had on the jobs numbers.  In addition, economists estimate that the Boeing strike lowered employment numbers by 30,000 to 40,000 during the month.  The unemployment rate remained the same as the previous month at 4.1%.

Source: Refinitiv Eikon, The Wall Street Journal


Core PCE – Sep: 0.3% (Reuters Poll est. 0.3%) Aug: 0.2%

Core inflation ticked higher for the month of September but remains on a downward trend over the last two years.  On a year-over-year basis, core inflation was reported at 2.7%, the same as the previous two months.  Odds of a rate cut at the next Fed meeting remained about the same at 94%.

Source: Refinitiv Eikon, Bureau of Economic Analysis


GDP – Q3: 2.8% (Reuters Poll est. 3.0%) Q2: 3.0%

Gross domestic product advanced for the tenth consecutive month, albeit at a rate just below the prior quarter and analyst expectations.  The rate of growth remains well above Federal Reserve officials long-term expectations of 1.8%.  Despite the growth rate reported as less than the previous quarter, the underlying metrics were more robust including consumer spending rising at 3.7%, the fastest pace since the first quarter of 2021, and business spending rising at 11.1%.

Source: Refinitiv Eikon, The Wall Street Journal, Thomson Reuters


When Elections Were Fun – The first time George Washington ran for office in Virginia’s House of Burgesses, he was not elected.  It wasn’t until three years later when he ran again and made the astute political decision to supply all those who came to the polls with alcohol that he secured victory.  791 votes were cast in his election and Washington was billed for 46 gallons of beer, 40 gallons of rum punch, 35 gallons of wine, 2 gallons of cider, and 3.5 pints of brandy.

 

Upcoming Events

11/4 – Notable Earnings Reports: Constellation Energy, Berkshire Hathaway, Zoetis, Marriott, AIG, Vertex Pharmaceutical, Palantir


11/5 – US Election, ISM Non-Manufacturing PMI, Notable Earnings Reports: Broadridge, Cummins, Emerson Electric, Yum! Brands, DuPont, Super Micro Computer


11/6 – Notable Earnings Reports: CVS Health, Albemarle, Gilead Sciences, Qualcomm, Match Group


11/7 – Fed Meeting, Notable Earnings Reports: Warner Bros Discovery, Molson Coors, Air Products and Chemicals, Vistra, Expedia, News Corp, Arista Networks, Airbnb, Monster Beverage


11/8 – Consumer Sentiment

Source: Refinitiv Eikon

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