Price Return Last Week
S&P 500 +1.7% S&P Mid Cap +4.2% Russell 2000 +4.5%
MSCI EAFE 0.0% MSCI EM +0.2%
10 Yr US Treasury Rate – fell from 4.43% to 4.41%
Source: Refinitiv Eikon
Recent News
Trump Nominates Bessent – Donald Trump selected Scott Bessent to serve as Treasury secretary in his administration. Bessent founded Key Square hedge fund in 2015 after spending years working at Soros Fund Management. Bessent discussed Trump’s tariff plans in the Financial Times in October, stating “my general view is that at the end of the day, he’s a free trader…it’s escalate to de-escalate.” He has recommended a policy of 3-3-3, where the U.S. would cut the budget deficit to 3% of GDP by 2028, lower regulations to increase GDP growth to 3%, and produce an additional 3 million barrels of oil per day.
Source: Thomson Reuters, The Wall Street Journal
Eurozone Activity Weakens – S&P Global reported eurozone business activity contracted in the month of November. The Purchasing Managers’ Index fell from 50.0 to 48.1 for the month of November. Any number below 50 indicates contraction. Estimates from economists were for no change for the month. Instead, the November value marks the lowest reading in 10 months.
Source: Thomson Reuters
UK Inflation Rises – Year-over-year inflation in the United Kingdom rose from 1.7% to 2.3%, above expectations at 2.2%. This represented a six-month high and the largest month-to-month change in two years. Core inflation was also reported slightly higher, at 3.3%, in contrast to expectations that it would fall.
Source: Thomson Reuters
Black Friday – While many believe Black Friday stemmed from the day that retailers would flip from losses to profits on the year, the real history of the term is slightly different. Starting in the 1950’s, Philadelphia police coined the term to describe the day after Thanksgiving due to the throngs of shoppers that would rush to city retailers. Police couldn’t take the day off and had to work overtime to deal with the crowds and traffic. Shoplifters also took advantage of the pandemonium causing additional headaches for police, leading them to coin the day “Black Friday.”
Source: History.com
Upcoming Events
11/25 – Notable Earnings Reports: Zoom Video
11/26 – Fed Minutes, Consumer Confidence, New Home Sales, Notable Earnings Reports: HP Inc, CrowdStrike, Dell Technologies, Autodesk
11/27 – PCE, Durable Goods, GDP 2nd Estimate
11/28 – Thanksgiving Day
11/29 – PMI, Eurozone CPI
Source: Refinitiv Eikon
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