US Equity Markets hit all-time highs last week in holiday-shortened trading, helped by a sharp drop in interest rates following news of Trump's pick for Treasury Secretary. The S&P 500 increased 1.1% for the week to bring its gains for the year to 26.2%. The Nasdaq also rose 1.1% for the week and is now up 28.0% for the year, while the Russell 2000 (small cap stocks) was up 1.2% for the week to bring its gains for the year to 20.1%.
Global Equity Markets were mixed last week as concerns about US tariffs offset rate declines in Asia. Developed Markets were up 1.7% for the week and are now up 4.9% for the year. Emerging Markets dropped 0.8% for the week to bring its gains for the year to 5.4%.
Interest Rates tumbled last week on investor optimism on Scott Bessent's nomination as Treasury Secretary, hopeful for lower US deficits. The yield on the US 10-Year Treasury closed at 4.17% last week vs. 4.41% the prior week. Investors are currently placing a 66% probability that the Fed will reduce interest rates by another 0.25% at its meeting in December.
Of Interest to Us
The month of December is usually a positive one for equity markets. Since 1928, the average return of the S&P 500 has been 1.3% for the month of December, while the median return has been 1.5%. Over this same period of time, the S&P 500 posted positive returns for the month of December 73% of the time.
Market Data
for the week ending 11/29/2024
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