US Equity Markets resumed their march higher last week post-election, as investors' hopes for growth overcame rising tensions with Russia/Ukraine. The S&P 500 rose 1.7% for the week to bring its gains for the year to 25.2%. The Nasdaq also increased 1.7% for the week and is now up 26.6% for the year, while the Russell 2000 (small cap stocks) surged 4.5% for the week to bring its gains for the year to 18.7%.
Global Equity Markets posted more muted gains as simmering geopolitical tensions in the Russia/Ukraine war impacted returns. Developed Markets were up 0.3% for the week and are now up 3.2% for the year. Emerging Markets rose 0.2% for the week to bring its gains for the year to 6.3%.
Energy prices spiked on the escalation in turmoil between Russia and Ukraine. Oil prices rose 6.3% last week to close at $71.19/barrel, though they remain down a fractional 0.2% for the year. Quietly, natural gas prices have been moving steadily higher over the past several weeks, closing last week at $3.29/mmbtu, up 38% for the year and at its highest level since October 2023.
Of Interest to Us
Amid rising investor sentiment, auto loan data continue to suggest an increasingly struggling consumer. Auto loan defaults for Q3 2024 increased to 8.12%, while seriously delinquent loans increased to 2.90%. Both levels are the highest they have been since the Great Financial Crisis in 2008-2009, when they hit 10.85% and 3.48% respectively.
Market Data
for the week ending 11/22/2024
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