An abridged version this week due to the holiday and family time…
Traders were undeterred by the Thanksgiving-shortened week, pushing equity markets higher. Indeed, major domestic indices tacked on gains of 1.5% or more for the week with the S&P 500, Dow Jones Industrial Average, Nasdaq, and Russell 2000 all reaching record levels. International equities rallied as well, with European stocks gaining 1% and Japanese stocks moving higher by 2.3%. Emerging markets gained 1.3%, but are still down more than 5% month-to-date. Interest rates exhibited less volatility last week, though it is notable that the yield on the 10-year US Treasury Note closed the week at 2.36% – a 52-week high. On the other hand, the price of crude oil was volatile as traders adjusted their views on the odds of OPEC agreeing to production cuts. For the week, WTI Crude gained 1.4% to $46.06 per barrel. Precious metals declined for the week, while Copper continued its reflationary-driven run pushing higher by 8.1% which puts it up more than 21% for the month. The US Dollar moved higher by 0.3% on the week, though its upward momentum appears to be waning after coming into the week on the heels of ten consecutive daily gains resulting in a 4.3% move.
For a detailed view of weekly, month-to-date and year-to-date asset class performance see below or click here.
Be well and Godspeed,