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The US Bond Index has historically been viewed by investors as a more conservative investment. After dropping 13.9% in 2022 the bond index is down another 5.4% in 2023. Prior to 2022, the biggest one-year decline seen in the index since 1976 was just 3.92% in 1981. *1
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The utilities sector represents just 2.3% of the S&P 500, which is its lowest weighting since April 2000. The sector's entire combined market cap of about $830 billion is equal to roughly one-third of Apple's $2.7 trillion market cap. 1
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A new poll shows that Americans have strong preferences for which automakers they would purchase an electric vehicle from. Nearly 30% would most likely consider Toyota (TM) as their top choice for an electric vehicle, followed by Tesla (TSLA) at 23%. 2
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Social Security recipients will get a 3.2% raise in 2024, above the 2.6% average over the past 20 years but less than the 8.7% increase this year. 3
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MFS - "Beyond the News"
- Yahoo Finance- "IPSOS Poll of 1,025 US Adults"
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Barrons - "Here’s How Much Social Security Benefits Will Rise in 2024"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Empire State manufacturing survey (Oct), Philadelphia Fed President Patrick Harker speaks
Tuesday:
U.S. retail sales (Sep), Retail sales minus autos (Sep), Industrial production (Sep), Capacity utilization (Sep), Fed Gov. Michelle Bowman speaks, Business inventories (Aug), Home builder confidence index (Oct), Richmond Fed President Tom Barkin speaks, Minneapolis Fed President Neel Kashkari speaks
Wednesday:
Housing starts (Sep), Building permits (Sep), Fed Gov. Chris Waller speaks, New York Fed President John Williams speaks, Fed Beige Book, Fed Gov. Lisa Cook speaks
Thursday:
Initial jobless claims (Oct), Philadelphia Fed manufacturing survey (Oct), Existing home sales (Sep), U.S. leading economic indicators (Sep), Fed Chairman Jerome Powell speaks, Chicago Fed President Austan Goolsbee speaks, Fed Vice-Chair for Banking Michael Barr speaks, Atlanta Fed President Raphael Bostic speaks, Dallas Fed President Lorie Logan speaks
Friday:
Cleveland Fed President Loretta Mester speaks
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