Market Recap (11/5/23)
Market Recap of the week of October 30, 2023 - November 3, 2023
Source: Apple Stocks Application
Overall Market Trends:
Last week, the stock market experienced severe gains. Several indices saw their best weeks in over a year. The Dow Jones Industrial Index (DOW) rose an astonishing 1,401 points (4.29%), the New York Stock Exchange posted weekly gains of 664 points (4.49%), the S&P 500 increased 205 points (4.93%), and the tech-heavy NASDAQ rose 702 points (5.49%). One of the primary factors driving this surreal week was a weak jobs report.
The latest jobs report fueled investor optimism about a potential break from the Federal Reserve raising interest rates. One of the things mentioned in the report was that the U.S. added a mere 150,000 jobs as opposed to the projected 170,000 which points toward cooling demand for labor. This cooling of the job market could mean a halt in rate hikes by the Fed since one of the reasons they raised interest rates was their concern about the overheated economy. An ISM barometer of U.S. business conditions for service-oriented businesses like restaurants and retailers reached a 5-month low of 51.8% (1.2% lower than the forecasted value) further indicating a slowing of the economy.
On a side note, the U.S. Treasury released their plans to toll down on long-term debt issuance which also boosted bond and stock prices. Treasury yields having its worst week since March also assisted in the large weekly gains seen throughout the stock market.
Past Earnings Reports:
Looking Towards the Future
Future Earning Reports:
