Weekly Market Bullets

for the week ending 10/18/2024

• US Equity Markets rose for the sixth consecutive week to fresh record highs, as positive earnings reports gave investors increased confidence about the outlook for the US economy. The S&P 500 was up 0.9% for the week to bring its gains for the year to 23.0%. The Nasdaq rose 0.8% for the week and is now up 23.2% for the year, while the Russell 2000 (small cap stocks) was up 1.9% for the week to bring its gains for the year to 12.3%.

• Global Equity Markets posted modest losses last week despite another rate cut by the European Central Bank and better-than-expected economic growth out of China, as geopolitical tensions weighed on investors. Developed Markets decreased 0.2% for the week and are now up 8.3% for the year. Emerging Markets fell 0.4% for the week to bring its gains for the year to 12.8%.

• Rising global uncertainty drives gold prices to record highs. The escalating tensions in the Middle East, uncertainty around the upcoming US elections, and debates on the direction of central bank policies globally caused gold prices to hit all-time highs last week. The price of gold closed the week at $2,736.60 per ounce, up 32% for the year.

• Holiday sales growth is forecast to be the slowest in six years. According to the National Retail Federation, holiday sales are projected to increase 2.5% to 3.5% this year, That is down from 2023's growth of 3.7% and would be the lowest growth rate since 2018 when sales growth was 1.8%. While less impactful, Halloween sales are forecast to drop 5% this year. While many metrics around the US consumer remain favorable, such signs of potential weakness bear watching.

Market Data

for the week ending 10/18/2024