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Weekly Recap | November 27, 2023

Weekly Recap | November 27, 2023

November 28, 2023
Weekly Recap

November 20-24, 2023 Recap

Stocks Extend Weekly Gains to Four Weeks

Stocks Continue Rally
All three major U.S. equity indices extended their gains a fourth consecutive week. There was not a lot of economic data released last week and stock markets were closed on Thursday for Thanksgiving, while markets were only open a half day on Friday. Online consumers took the slow day as an opportunity to shop; Black Friday online sales rose 7.5% year-over-year to a record $9.8 billion.

For the Week…
The S&P 500 gained 1.02%, the Dow Jones Industrial Average rose 1.29%, while the tech-heavy Nasdaq Composite advanced 0.90%. International developed markets as measured by the MSCI EAFE were up 1.06%, while the MSCI Emerging Markets Index trailed only gaining 0.47%.

Jobless Claims Decline
Initial claims for jobless benefits fell 24,000 last week to 209,000, while the less volatile 4-week claims average fell just 750 to 220,000. Continuing claims also declined, falling by 22,000 to 1.840 million while its 4-week claims average was 1,836,750, an increase of 14,250. Last week’s jobless claims data indicates that the labor market remains on solid footing.

Weekly Sector Insights
All 11 S&P 500 sector groups ended positive again last week, led by Health Care (+2.26%), Consumer Staples (+1.44%), and Communication Services (+1.26%). Utilities (+0.68%), Information Technology (+0.62%), and Energy (+0.25%) gained the least. Year-to-date, Communication Services is leading the way with a 52.09% total return.

Treasury Yields Little Changed
With the light economic news week, Treasury yields were relatively flat. The 10-year Treasury yield rose 0.03% to 4.47%, while the 2-year Treasury yield rose 0.04% to 4.92%. The 10-year minus 2-year Treasury yield curve remains inverted by roughly a half percentage point. The 3-month Treasury yield also rose slightly to 5.54%.

The Latest from @CeteraIM

Thanksgiving Inflation

Existing Home Sales Fell

Airline Prices are Down

Economic Calendar

Monday, November 27
Building Permits (Final), New Home Sales.

Tuesday, November 28
S&P Case-Shiller Home Prices, Consumer Confidence.

Wednesday, November 29
Mortgage Activity, Advance Goods Trade Balance, Wholesale/Retail Inventories, 3Q GDP Revision, Personal Consumption, Beige Book.

Thursday, November 30
Jobless Claims, Personal Income/Outlays, PCE Prices, MNI Chicago PMI, Pending Home Prices.

Friday, December 1
S&P/ISM US Manufacturing PMIs, Construction Spending, Vehicle Sales.

Existing home sales fell 4.1% in October, dropping to the lowest level since 2010. Housing affordability remains a major headwind for homebuyers, yet there is enough demand relative to the low level of supply to push prices higher. The median sales price was up 3.4% year-over-year.

This report is created by Cetera Investment Management LLC. For more insights and information from the team, follow @CeteraIM on Twitter.

About Cetera® Investment Management
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About Cetera Financial Group
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The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. 

The S&P 500 is an index of 500 stocks chosen for market size, liquidity and industry grouping (among other factors) designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. 

The NASDAQ Composite Index includes all domestic and international based common type stocks listed on The NASDAQ Stock Market. The NASDAQ Composite Index is a broad based index. 

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe and is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. 

The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. 

The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe and is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. 

The Bloomberg US Aggregate Bond Index, which was originally called the Lehman Aggregate Bond Index, is a broad based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government–related and corporate debt securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency) debt securities that are rated at least Baa3 by Moody’s and BBB- by S&P. Taxable municipals, including Build America bonds and a small amount of foreign bonds traded in U.S. markets are also included. Eligible bonds must have at least one year until final maturity, but in practice the index holdings have a fluctuating average life of around 8.25 years. 

The Bloomberg US Corporate High Yield Index measures the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below, excluding emerging market debt. Payment-in-kind and bonds with predetermined step-up coupon provisions are also included. Eligible securities must have at least one year until final maturity, but in practice the index holdings has a fluctuating average life of around 6.3 years. 

The Bloomberg US Municipal Bond Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds. Eligible securities must be rated investment grade (Baa3/BBB- or higher) by Moody’s and S&P and have at least one year until final maturity. 

The MSCI EAFE Index is designed to measure the equity market performance of developed markets (Europe, Australasia, Far East) excluding the U.S. and Canada. The Index is market-capitalization weighted. 

The MSCI Emerging Markets Index is designed to measure equity market performance in global emerging markets. It is a float-adjusted market capitalization index. 

The Bloomberg Commodity Index is a broadly diversified index that measures 22 exchange-traded futures on physical commodities in five groups (energy, agriculture, industrial metals, precious metals, and livestock), which are weighted to account for economic significance and market liquidity. No single commodity can comprise less than 2% or more than 15% of the index; and no group can represent more than 33% of the index.

 The S&P GSCI Crude Oil Index is a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark for investment performance in the crude oil market.

 The S&P GSCI Gold Index, a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark tracking the COMEX gold futures market.

The U.S. Dollar Index is a weighted geometric mean that provides a value measure of the United States dollar relative to a basket of major foreign currencies. The index, often carrying a USDX or DXY moniker, started in March 1973, beginning with a value of the U.S. Dollar Index at 100.000.