Weekly Review for week ending 11-22-24
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Last week brought some relief to the markets as the S&P 500 rose by 1.73% and the NASDAQ gained 1.61%, recovering from the prior week’s decline. At the close of trading Friday, the S&P 500 was up 25.15% for the year, while the NASDAQ posted a year-to-date gain of 26.6% (FactSet).
The smaller companies in the S&P 600 Small Cap Index also had an impressive showing this month, climbing 9.77% so far in November and 24.21% year-to-date (FactSet).
Earnings season is nearly complete, with most companies in the S&P 500 having reported their results for the third quarter. These companies are on track to post an average earnings growth of 5.8% compared to the same quarter last year. If this result holds, it would mark the fifth consecutive quarter of year-over-year earnings growth (FactSet).
Looking Ahead
This shortened holiday week won’t be short on economic updates. On Tuesday, the Federal Reserve will release minutes from its latest policy meeting, which could provide insight into the central bank’s outlook for interest rates and the broader economy.
On Wednesday, two key reports will be released, an updated estimate of third-quarter GDP growth, which will help assess the economy’s momentum and the PCE inflation report, which will give more color to the pace of our inflationary trends.
With the markets closed on Thursday for Thanksgiving and closing early at 1 on Friday, market activity may slow toward the latter half of the week.
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