Last week, consumer discretionary, communication services, and information technology stocks saw gains, which were tempered by declines in energy, utilities, real estate, and materials. The S&P 500 gained 0.99%, and the Russell 1000 growth gained 3.64%.
Friday’s labor report showed strong November hiring and upward revisions for September. The strong hiring and an increase in the employment rate from 4.1% to 4.2% should keep the Fed on course to cut rates by 0.25% on December 18th.
November inflation data is available this week with the releases of both the Consumer Price Index (CPI) and the Producer Price Index (PPI). In October, the CPI rose 0.2% for the month and 2.6% for the year, while the PPI ticked up 0.2% for October and 2.2% for the year. The market expects little change in November’s inflation data compared to September.
For a deeper dive into last week’s markets and economic events, read the latest issue of Market Week.
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Thank you for reading! You are welcome to contact me directly with questions or comments.
Regards,
David Bennett