As reported, last week marked the end of the government shutdown, giving markets a brief boost before some momentum faded. Concerns over AI valuations and Federal Reserve policy pressured stocks midweek. The NASDAQ and Russell 2000 finished lower, while the S&P 500, Dow, and Global Dow ended higher. Health care, energy, and materials traded up, while consumer discretionary and communication services lagged. Treasury yields rose as expectations for a December rate cut diminished. Crude oil prices were relatively flat as high inventories and ongoing oversupply concerns continued to weigh on prices.
Last Week’s Economic News
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Economic data releases remain limited due to the government shutdown.
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The national average retail price for regular gasoline rose to $3.056 per gallon on November 10, higher than one year ago.
Eye on the Week Ahead
With the shutdown resolved, delayed economic data should begin to be released. Markets will be watching for labor market updates, inflation data, and any signals ahead of the Federal Reserve’s December meeting.
Have a nice week!
Sincerely,
Robert G. Carpenter