Weekly Review for week ending 10-25-24
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Last week, we saw mixed results in the market. The S&P 500 declined by around 1%, while the Nasdaq inched up a bit. Notably, the Nasdaq briefly reached its all-time high during trading on Friday but couldn’t hold that position by the close (FactSet). We may see a little volatility later this week depending on how the GDP and unemployment numbers look.
Looking Ahead
On Wednesday, we’ll see the initial estimate for third-quarter GDP, which will give us insight into how the economy performed during the summer months. If growth continues at a strong pace, it may suggest that the economy is managing the higher-rate environment more robustly than expected.
On Friday, we’ll receive the latest monthly jobs report. Last month’s numbers showed surprising strength, with job growth exceeding expectations, which indicated ongoing resilience in the labor market despite high interest rates. This upcoming report will provide some interesting insight since September’s numbers were particularly robust. We will get a sense of whether the job market is showing signs of cooling or maintaining its momentum. A stronger job market and GDP are welcome, but I find a bit surprising since interest rates were so high for so long.
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