We issue this week’s Insight somewhat early, given the Thanksgiving holiday, allowing all to hopefully relax and recall those things for which we’re thankful.
U.S. equities were basically flat since our last Insight.
Stocks Surge on Lower Inflation
Equities surged last Thursday when the Consumer Price Index (CPI) came in lower than expected. The S&P 500 jumped 5.55% on the day, the largest single-day gain since March 2020.
Consumer Focused Data Week
With consumers representing almost 70% of the gross domestic product (GDP) in the U.S., this week’s economic news gave us a picture of how they are doing.
The Fed Fails to Pivot, Sparking Reversal in Equities
The S&P 500 ended the week down 1.8% thanks to a 3.6% drop in the last 90 minutes of trading as Federal Open Market Committee (FOMC) Chair Jerome Powell extinguished hopes of a bullish Fed pivot.