November 13, 2023
Good morning,
Both the bond and stock market had something for every type of investor last week, with significant daily moves up and down for both markets. In the end, bonds gave back some of the massive gains from two weeks ago – yields moved up across the entire duration curve, just more so on the short end. Jerome Powell failed to validate the dovish market interpretation of the last Fed meeting in his comments last Thursday, taking some air out of the rate-cut camper’s rally-cry.
When the dust settled Friday for equities, the S&P 500 Index was +1.31% for the week, after being up +1.56% for the day on Friday. The 4400 resistance level on the SPX, mentioned in last week’s Morning Note, crumbled on Friday providing fuel for more gains as the index closed at 4415 – a clear break, and reason to smile for bullish traders.
More tangible drivers of the bond market (compared to parsing JP’s every word) will arrive tomorrow with another key inflation data point, the CPI release.
Be well,
Mike
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