Chart of the Week
Investors came into the end of October positioned defensively and feeling negative based on sentiment surveys. Strong growth, lower inflation, and the Federal Reserve seemingly done with interest rate hikes led to a stock market rally.
It was the best weekly performance for the S&P 500 since last November. The 5.8% increase places it in the top 2% of weekly changes since 2010. Many strategists point to the positive momentum and seasonally strong period into yearend leading to more gains. Others see geopolitical concerns and valuation keeping investors on the sidelines.
What We’re Reading
Lawsuit Against Real Estate Brokerages, Realtors Will Reshape Home Buying – Business Insider
Outlook for Private Markets – Apollo
What Is the Right 401(k) Contribution Rate? – Morningstar
The Passing of Byron Wien has us remembering his life lessons for the next 80 years – Blackstone
Podcast of the Week
Interview with the Legendary Charlie Munger – Acquired
Last Week
The Fed held interest rates steady at the second straight meeting. This leads investors to believe the last hike of the cycle was in July. The monthly jobs report fell short of expectations and the unemployment rate increased to 3.9%. Services data for October showed expansion but at a slower pace.
The Week Ahead
Consumer sentiment, inflation data, and retail sales are the key reports over the next week that investors will watch.
Thank you for reading.
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