CEO Sightings

Markets Inch Upward: Fourth Consecutive Week of Gains for S&P 500 and Nasdaq

By:JJ Kinahan

The S&P 500 has climbed nearly 9%—a feat seldom achieved since 1928

  • The S&P 500 and Nasdaq up for the fourth straight week.
  • Diverse commodity moves are occurring as gold reaches highs, oil declines and retail sales fall short of expectations.
  • Global dynamics are affecting Markets as Japanese inflation rises and Cyber Monday raises hope of record-breaking sales.

Last week culminated in marginal market gains with the S&P 500 and Nasdaq Composite inching up less than 1%. This marks four consecutive weeks of stock advances, propelling the S&P 500 nearly 9% higher by the end of November—a feat seldom achieved since 1928.

Amid ascending stock values, market volatility receded to its lowest point this year, signified by the The Chicago Board Options Exchange Volatility Index (VIX) ending at 12.46. However, Nvidia (NVDA) faced a 5% decline because of projections of reduced sales to Chinese companies, sparking some investor concern regarding market leaders.

Data on the horizon

The upcoming week will see a deluge of economic reports. A, highlight is Thursday's release of the personal consumption expenditures (PCE) report, a pivotal inflation measure favored by the Federal Reserve. Presently, the likelihood of a rate hike in December stands below 2%, according to the Chicago Mercantile Exchange.

Asian stocks faced a downturn following Japan's report of higher-than-anticipated inflation, potentially pressuring the Bank of Japan to elevate interest rates because of a tightening job market.

Japanese inflation appears to align with the recent surge in gold prices, which achieved a six-month pinnacle. Gold futures are trading at $2,013 in premarket, climbing 10% since October's onset, despite falling U.S. interest rates—a pattern confounding the inflation hedge narrative typically associated with gold.

Contrarily, crude oil futures declined by approximately 1% in premarket, lingering below $75 per barrel after a 28% plunge since September. This descent in oil prices has helped ease inflationary pressure and reduce gas prices, currently averaging $3.25 per gallon, down from $3.52 a month earlier.

Mixed influences

The recent shopping spree on Black Friday amounted to $9.8 billion, up by 7.5% from last year, although slightly below expectations. Cyber Monday is expected to break records in sales. Meanwhile, Disney's movie, Wish, underperformed expectations, generating revenue below the projected $55 million. Moreover, reports of a respiratory illness in China, with limited details, could cause market jitters if it extends beyond to other parts of the world—especially in the wake of the Covid pandemic.

As the market navigates varied economic indicators and global events, it's crucial to remain aligned with long-term investment strategies and objectives.

JJ Kinahan is CEO of IG North America—which includes tastylive, tastytrade and IG's FX Business. Kinahan traded for 21 years at the Chicago Board Options Exchange. He serves on the CBOE Advisory Board and the SIFMA Options Committee. @thejjkinahan 

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