Last week, U.S. stock indexes enjoyed their biggest weekly gains of 2023. The Nasdaq Composite and S&P 500 rose 6.6% and 5.9%, respectively, while the Dow Jones Industrial Average advanced 5.1%. The Russell 2000 Small-cap index climbed more than 7.5% last week. The Chicago Board Options Exchange Volatility Index fell 30% to the lowest level in a month and a half. The 10-year Treasury yield ended the week around 4.57%, down sharply from the 5%-level hit a few weeks ago. As expected, the Federal Open Market Committee (FOMC) announced midweek their decision to hold the federal funds target range at 5.25% to 5.50%. That marked the third time in the past four policy meetings that the FOMC held. Similarly, the Bank of England left rates unchanged at their latest policy meeting. Eurozone growth concerns have emerged with a Eurozone Q3 gross domestic product report showing a 0.1% contraction compared to the previous quarter. In U.S. economic news, the October jobs report showed household employment fell by 348,000, the largest month-over-month decline since April of 2020. Nonfarm payrolls rose by 150,000 (about half as many as in September) and down from an average of 258,000 over the last 12 months. The unemployment rate rose from 3.8% to 3.9%. The Institute for Supply Management (ISM) released both manufacturing and services Purchasing Managers’ Indexes for October. Manufacturing fell for a 12th consecutive month. Services, while technically in expansionary territory, fell from 53.6 to 51.8. The Conference Board’s Consumer Confidence Index fell to 102.6 in October, although above the 100.5 expectation. This week, earnings announcements slow with only 50 S&P 500 companies reporting Q3 earnings. On the health of the U.S. consumer, a consumer credit report is due, as well as the University of Michigan’s release of its Consumer Sentiment Index for November. | 
