Since the last update the markets have moved past the election – (it’s now old news), earnings season has wound down and the most recent inflation report (PCE) came in below expectations. Appropriately, the market has given back more than it took the prior week, making it 3 out of 4 nicely up markets week to week.
In fact, every benchmark we track was up except for Commodities. And, those that were up mostly posted positive numbers not seen since June of 2020 or even as far back on a daily basis as 2002.
From a year-to-date vantage point, everything that’s been beaten up most, leapt the highest and those least lagging climbed high, just not so much.
US Equities were up from 4.0% to more than 7.0% except for HealthCare, + 1.8%.
Foreign stocks broadened the bench keeping up with and, in one case exceeding US stocks, gaining 7.3% in Foreign Growth. Even Emerging Markets clawed back 4.2%.
Foreign and Emerging Market Bonds performed above par on the week, up over 4.0% and 2.3% respectively. Intermediate Corporate Bonds climbed 1.7% and TIPS were up 1.4%.
Since the November-December stretch tends to be the best market months of the year, the ultimate shape of election results has settled in, inflation appears to be tapering, and it’s not unreasonable to hope the year ends more like it began. With six weeks to go, more like these last few would be nice.
Have a great weekend!
All performance reported in the graph and performance references are from the following index list: DJ Industrial Average TR USD, S&P 500 TR, DJ US TSM Large Cap Growth TR USD, NASDAQ 100, Technology NTTR TR USD, DJ US Health Care TR USD, DJ US TSM Large Cap Value TR USD, DJ US TSM Mid Cap Growth TR USD, DJ US TSM Mid Cap Value TR USD, DJ US TSM Small Cap Growth TR USD, DJ US TSM Small Cap Value TR USD, FTSE NAREIT All Equity REITs TR, DJ Gbl Ex US Select REIT TR USD, Bloomberg Commodity TR USD, MSCI EAFE NR USD, MSCI EAFE Growth NR USD, MSCI EAFE Value NR USD, MSCI EAFE Small Cap NR USD, MSCI EM NR USD, BBgBarc US Corporate High Yield TR USD, FTSE WGBI NonUSD USD, JPM EMBI Plus TR USD, BBgBarc US Govt 1-3 Yr TR USD, ICE BoafAML 1-3Y US Corp TR USD, BBgBarc Intermediate Treasury TR USD, BBgBarc Interm Corp TR, BBgBarc US Treasury US TIPS TR USD. This material has been prepared solely for informational purposes based upon data generally available to the public from sources believed to be reliable. All performance reporting is for indexes, not specific securities. Performance of specific securities will vary from indexes. Past performance is not an assurance of future results. Indexes cited are provided to illustrate market trends for certain asset classes. It is not possible to invest directly in an index. Indexes do not reflect individual investor costs of trading, expense ratios & advisory or other fees