The rally continued this week into record territory. Will markets continue at this pace or will they stop to catch their breath?
Monday S&P 500 0.24% | NASDAQ 0.97%
Another trading day, another record close. Markets built off gains from last week following the biggest monthly haul of the year (November). Corporate earnings were light today, but improvements were noted in manufacturing and construction spending.
Tuesday S&P 500 0.05% | NASDAQ 0.40%
Markets continued to rally, with technology stocks leading the way. An early indicator of job health was released with job openings increasing in October. Highly anticipated job data will be released on Friday of this week.
Wednesday S&P 500 0.61% | NASDAQ 1.30%
No looking back. Trading has powered forward as pro-growth optimism continues to reinforce economic strength and market outlook. The Federal Reserve indicated they can be cautious with the direction of rate cuts given the slower pace of inflation and steady wage growth. The S&P500 and NASDAQ reached all-time highs at close.
Thursday S&P 500 -0.19% | NASDAQ -0.17%
Markets let off the gas on Thursday as no surprises were announced. All eyes are looking ahead to Friday’s non-farm payroll figures.
Friday S&P 500 0.25% | NASDAQ 0.81%
More record-highs to close out the week. Markets took the jobs data reports as positive following the previous month of poor job data ridden by hurricanes and strikes. The consensus on another rate cut on December 18th has largely favored another .25% cut.
Conclusion S&P 500 0.96% | NASDAQ 3.34%
The first week of December ended much like the last week of November on optimism of near-term growth. Consumers have seemingly remained undeterred and rich market values lend themselves to a strong finish to 2024, as is often the case in the final stretch of the year. Treasury markets are showing agreement with an expected rate cut in two weeks as the 10-year treasury has fallen. The Federal Reserve is closely watching their mandate of keeping prices under control while wages grow, and jobs continue to be added which proved to be the biggest takeaway of the week. Other alternative investments, specifically in the cryptocurrency space, have garnered quite a bit of attention in the past month but most asset classes are flowing with the current. With the first week of December under our belt, the rest of the year will require a tactical approach as we sprint to the finish. Given the importance of remaining well-diversified, it is prudent to remain spread across asset classes, especially in rich market environments.
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