Financial Weekly Market Update: 8.21.2023 | Your Best Path

Market Update Week 50

Gordon Achtermann |
Categories
Investing

Market Update

Week of Dec.9 through Dec.13 2024

The S&P 500 index slipped 0.6% for its first weekly drop since mid-November.

The market benchmark ended Friday's session at 6,051.09 and while this snapped a three-week winning streak, the S&P 500 is still solidly in positive territory for 2024 with a year-to-date climb of 27%.

Data this week showed the US consumer price index increased 0.3% in November, ticking up from 0.2% in each of the previous four months. Annually, inflation accelerated to 2.7% from October's 2.6% pace. However, both measures were in line with forecasts in a Bloomberg-compiled survey.

November's producer prices, meanwhile, rose more than expected as wholesale costs of goods climbed amid a jump in the food component. The US producer price index increased 0.4% month over month on a seasonally adjusted basis in November versus a consensus estimate for a 0.2% increase. Year over year, producer prices were up 3% in November, outpacing the 2.6% gain analysts were expecting.

S&P 500 sector returns and market style box

Next Up

The FOMC (Federal Open Market Committee) meeting will be a primary focus of the market. Also, economic reports will include the second revision to Q3 gross domestic product. November US retail sales, housing starts and building permits will also be released, among other data.

 

"President-elect Trump’s proposed tariffs could reignite core goods inflation, derailing future progress.  While the Fed has emphasized that it won’t preemptively adjust policy, and it may well cut rates by 25 bps this week, this concern could impact its projections, signaling fewer rate cuts in 2025. Overall, with so much uncertainty around tariffs and inflation, bond market volatility is unlikely to fade any time soon."

Source: J.P.Morgan Asset Management

 

It's nice to see JPM coming over to my point of view.

 

All the Best,
Gordon Achtermann, CSRIC®, MBA, CFP®

Gordon@yourbestpathfp.com
703-573-7325


Your Best Path Financial Planning delivers comprehensive planning and investment management to families and individuals, whether you live in Fairfax, Virginia, Northern Virginia, or nationwide.