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Stocks Pull Back
The major U.S. stock indexes pulled back from record highs, retreating around 1% to 3% for the week. The results marked a shift from the previous week, when the indexes surged around 5% to 6% in the immediate aftermath of the November 5 election.
A monthly Consumer Price Index reading came in slightly above the previous month’s figure, with October’s annual rate of 2.6% topping September’s 2.4% result. While the latest reading was in line with economists’ expectations, it was a further indication of recently uneven progress in bringing inflation closer to the U.S. Federal Reserve’s 2.0% long-term target.
Yields of U.S. government bonds extended their recent climb, with the yield of the 10-year Treasury closing around 4.44% on Friday after briefly eclipsing the 4.50% level for the first time in more than five months. As recently as mid-September, the yield had been as low as 3.62%.
Comments from U.S. Federal Reserve Chair Jerome Powell and other Fed officials fueled expectations of a potential slowdown in the pace of further interest-rate cuts, including the prospect that the Fed may forego a cut at its mid-December meeting. On Thursday, Powell said, “The economy is not sending any signals that we need to be in a hurry to lower rates.”
A report released on Friday showed that U.S. retail sales topped expectations by rising 0.4% in October relative to the previous month; in addition, September’s initial reading was revised sharply upward with the availability of further data. Another encouraging sign came on Thursday, when new claims for unemployment benefits fell to the lowest level in six months.
Major retail companies reported results as quarterly earnings season neared an end. As of Friday, analysts were expecting S&P 500 companies overall to post a 5.4% third-quarter earnings increase compared with the same quarter a year earlier, according to FactSet. That figure was up from the 4.2% growth rate that analysts had expected entering earnings season on September 30.
The price of the most widely traded cryptocurrency rose to a record high for the second week in a row. After finishing the previous week at around $77,000, Bitcoin was trading around $91,000 on Friday afternoon. A couple days earlier, the price briefly climbed as high as $93,000.
Source: John Hancock Investment Management
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The Election is Over...Now What? | |
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Andrew and John look to what is ahead now that the 2024 presidential election is behind us. We discuss tax rates, trade deficits and long-term market performance (regardless of which party is in power). We hope you enjoy this quick video on where to shift your focus now.
Click here to watch.
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Turkey, mashed potatoes, and cranberry sauce have been on the Thanksgiving table for a long time. In many homes, though, the holiday meal has evolved to include regional dishes, cultural treats, and family favorites. People who responded to a social media post asking about unique Thanksgiving dishes reported that their meals include:
- Sliced tomatoes, cucumbers, olives, and onions with oil and vinegar,
- Chorizo cornbread with jalapeños,
- Sashimi and grilled salmon collar,
- Cranberries, grapes, walnuts and whipped cream salad,
- Quinoa with roasted delicata squash, kale, and pistachios,
- Creamed pearl onions,
- Spinach casserole,
- Twice baked potatoes,
- Shrimp and mirlitons (pear-shaped squash), and many other dishes.
Another reason Thanksgiving meals have evolved is dietary preferences. Some families include one or more vegetarian or vegan members, and others are eating less meat for health reasons.
Of course, grocery stores have played a significant role in the evolution of Thanksgiving dinner. “The average grocery store today has 300,000+ [items in stock], nearly eight times more than the average store of the 1970s,” reported Andy Nelson in Supermarket Perimeter. Having access to a wider variety of ingredients makes it possible to prepare holiday feasts that make your taste buds happy.
What is your family’s favorite Thanksgiving dish?
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AJ Advisors
www.ajadvice.com
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Phone: (615) 709-8709
Fax: (615) 505-3306
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John Stauffer, CFP®
Partner
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Andrew Quinn, CFP®
Partner
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