Economic Data and Market Highlights
Global markets edged down for the week and euphoria from the Trump trade cooled down. CPI data and jobless claims came in close to expectations, but concerns related to the Fed’s direction at the December meeting came into view. The S&P 500 fell 2.05% as Information Technology and Materials fell 3.16% and 3.26% respectively. Health care names fell 5.52% while Utilities, Energy, and Financials finished in positive territory.
As the incoming administration’s cabinet continues to develop, according the Bank of America, record inflows have occurred since the election.
Despite the loss this week, 2024 is near the top in terms of the number of new highs.
Much of the economic attention going forward will be on the consumer, employment and wage growth. From the recent Senior Loan Officer Opinion Survey, larger banks have not curtailed credit standards but smaller banks have. According to data compiled by Yahoo Finance from the NY Fed and Equifax, consumer debt levels have hit a new high but income levels have increased too.
The Past Week’s notable US data points
The Upcoming Week’s notable US data points
