Market Recap (11/12/23)
Market Recap of the week of November 6, 2023 - November 10, 2023
Source: Apple Stocks Application
Overall Market Trends:
This past week, the stock market constantly fluctuated until finally skyrocketing on Friday. The New York Stock Exchange was the sole loser dropping 112 points (0.72%) while the S&P 500, NASDAQ Composite, and Dow Jones Industrial Average all marketed weekly gains - 47 points (1.08%), 277 points (2.05%), and 130 points (0.38%), respectively.
Stocks dropped on Thursday because of hawkish (hints towards interest rate hikes) remarks by Federal Reserve Chair Jerome Powell. Powell told an International Monetary Fund panel that the current interest rate may not be enough to reach the desired 2% inflation rate and also that, if necessary, the Fed will not hesitate to increase rates again. He added that they will move forward with caution and will not let the risk of overtightening and a few good months of data mislead the Fed. Powell then said that due to the limiting ability to reduce inflation through the supply side, most of the reduction will come through tight monetary policy aka interest rates.
However, on Friday stocks shot up with the four major indexes increasing around 1-2% in just a single day. Friday’s surge was primarily due to heavyweight tech and growth stocks as well as lowering treasury yields.
Last Week’s Earning Reports:
Looking Towards The Future
Future Earning Reports:
