M Notes: Mon, 11-25
| Weekly close: 11-22-24 | + (-) | % | ||
|---|---|---|---|---|
Dow | 44,296 | +851 | +2.0% | |
S&P | 5,969 | +98 | +1.7% | |
Nasdaq | 19,004 | +324 | +1.7% | |
10-year | 4.41 | -0.03 | -0.7% | |
Oil | 71.25 | +4.26 | +6.4% |
LAST WEEK:
Markets: The Election Rally reengaged last week.
S&P roller coaster last week: Up, Up, Flat, Up, and Up.
Fed Balance Sheet: $6.924 Trillion (last week… down -$43 Billion). Reminder: their balance sheet was closer to $4 Trillion before the Pandemic.
Housing: Starts were down -3.1% in October and were down -4.0% Y/Y. Existing home sales were up +3.4% in October and were up +2.9% Y/Y.
Jobless claims: The weekly number came in at 213,000. The four-week average came in at 218,000.
National Debt: $36.028 Trillion (last week… up +$20 Billion).
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THIS WEEK:
Focus of the week: Inflation and The Fed. The Federal’s Reserve’s Minutes from their last meeting come out tomorrow afternoon. We’ll be looking for that morsel, inside those Minutes, that we didn’t know yet. And the Inflation metric the Fed watches the most is the PCE. That gets updated Wednesday morning; expectations are it will climb from 2.1% up to 2.3%.
Calendar: Fed Meeting Minutes, New home sales (Tue); the PCE, durable goods orders, the first read on Q3 GDP, jobless claims (Wed): and Thanksgiving (Thu).
Earnings: Earnings season is winding down. Some of the companies reporting this week: Best Buy, Dell, Dick’s Sporting Goods, HP, and Smucker.
Holiday: US Markets will be closed on Thanksgiving Day, and will close early at 1pm on Black Friday.