Stocks advanced during the holiday-shortened week as investors grew more confident that the Federal Reserve may cut interest rates in December. AI stocks also rebounded, helping drive a broader market lift. While some government data has begun to flow again, many reports remain at least a month behind.
Market & Rate Highlights
- Treasury yields moved lower:
• 30-year: 4.663%
• 10-year: 4.020% - Average 30-year mortgage (Freddie Mac): 6.23%
- Crude oil: $59.28 per barrel
- Natural gas: $4.742
- U.S. dollar index: 99.60
- Gold: $4,221.40 per ounce
Home Prices
- The S&P Cotality Case-Shiller National Index slipped 0.27% in September but remains 1.29% higher year over year.
From the Commerce Department:
- Retail Sales (September):
- Up 0.2% seasonally adjusted (not inflation-adjusted)
- Up 4.5% from a year ago
- Durable Goods Orders:
- Up 0.5% overall
- Excluding defense: up 0.1%
- Transportation equipment: up 0.4%
From the Labor Department:
- Producer Price Index (September):
- Up 0.3% for the month and 2.7% year over year
- Core PPI (ex-food, energy, & trade services): +0.1% for the month, +2.9% year over year
- Goods prices: +0.9%
- Services: unchanged
Source: Labor Department - Jobless Claims (week ending Nov. 15)
- 216,000 initial claims (–6,000)
- Four-week average: 223,750 (–1,000)
- Total unemployed: 1,960,000 (+7,000)
Energy & Industry Data
- EIA Petroleum Report
- U.S. crude production slightly lower: 13.814MM barrels/day
- Natural gas storage fell 11 billion cubic feet, still at a five-year seasonal high
- Baker Hughes Rig Count
- Oil rigs: -12 to 407
- Gas rigs: +3 to 130
If you have questions about the markets or your financial plan, we’re always here to help.
Loren Rex – Emeritus
Erik A Smith, AIF® – President & C.E.O.
Nicholas Acri, CFP® – Partner & Wealth Advisor
Dylan Thomas, CFP® – Partner & Wealth Advisor
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. The Indices mentioned are unmanaged and cannot be invested into directly. The Dow Jones Industrial Average, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. The Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange (more than 2500 stocks).
Sources:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=W
https://ir.eia.gov/ngs/ngs.html
https://www.freddiemac.com/pmms
https://www.wsj.com/market-data?mod=nav_top_subsection
https://bakerhughesrigcount.gcs-web.com/na-rig-count
