SPY
S&P 500
Last Week: 0.97%
YTD: 20.56%
1 Year:
14.89%
DIA
Dow Jones Industrial Average
Last Week: 1.25%
YTD: 8.68%
1 Year: 5.55%
YTD: 8.68%
1 Year: 5.55%
ONEQ
NASDAQ
Last Week: 0.82%
YTD: 38.03%
1 Year: 27.76%
YTD: 38.03%
1 Year: 27.76%
Russell 2000
Last Week: 0.58%
YTD: 4.00%
1 Year: -1.63%
YTD: 4.00%
1 Year: -1.63%
Large Growth
YTD: 26.08%
1 Year: 19.94%
*As of 10/31/2023
Large Value
YTD: .56%
1 Year: 2.86%
*As of 10/31/2023
Entertainment Costs
A measure called “funflation” tracks the costs of entertainment and live sporting event prices. Sports ticket prices were over 25% higher year over year from October 2022 to October 2023. Coming out of the COVID-19 pandemic, we have seen consumers willing to spend a premium to do the things they want and enjoy. The Consumer Price Index (CPI) tracks inflation, which is averaging 3.2% on an annual basis, though the cost of live events and sports is not in that measurement.
Market Rally
The US stock market indices are coming off a four-week winning streak as we come into the last week of November. The rally comes despite consumer spending cooling off and the US 10-year Treasury retreating off its high mark of 5% in October. Retailers have also raised flags that they expect retail sales to slow and have decreased guidance in recent earnings calls. This could be a sign the Fed’s hawkish rate hikes are starting to work. We will be closely watching news on Black Friday retail data.
Mortgage Demand
New mortgage applications jump to a six-week high as interest rates continue to fall. Refinancing also jumped 2% last week, though still down 4% from a year ago. The average 30-year fixed-rate mortgage dropped from 7.61% to 7.41% (loans under $726,200). In the real estate market, we have seen more supply for single-family homes and may start to see demand pick up as rates come down. Many homeowners who bought a home during the pandemic report being “stuck.” They purchased a home they were not necessarily very satisfied with, but due to low interest rates have a lower monthly payment and are not able to move due to the current real estate environment. Will we see them on the move once rates come down?
