STOCK MARKETS TURN IN A MOSTLY SOLID WEEK ALTHOUGH SMALLER CAPS DON’T SEEM TO BE PARTICIPATING IN THE MINI-RALLIES
Weekly Market Update — November 11, 2023
|Weekly Market Performance
*Source: Bonds represented by the Bloomberg Barclays US Aggregate Bond TR USD. This chart is for illustrative purposes only and does not represent the performance of any specific security. Past performance cannot guarantee future results.
Stock Markets Advance Again Except for Small Caps
It was a mostly positive week for stocks, except for small-caps which retreated more than 3% and are down about that much for the YTD. In terms of better news, on Wednesday the S&P 500 was very close to matching its longest winning streak in nearly 20 years as it recorded its 8th straight gain. NASDAQ, not to be outdone, recorded its 9th straight gain.
It was also another big week of earnings reports and generally speaking, earnings surprised on the upside. This was especially true from the big tech firms and seemed to pull markets along (except for small-caps). And according to research firm FactSet, with 92% of S&P 500 companies reporting:
From a sector standpoint, most of them advanced, with Information Technology once again leading the pack. And the almost 5% drop in WTC Crude prices pushed the Energy sector to once again hold the title for worst weekly sector performance.
Economic Data Received This Week
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