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Market Watch: GDP Surges, Spending Declines, Powell Firm on Rates

Woman carrying Christmas shopping bag

Market Watch: GDP Surges, Spending Declines, Powell Firm on Rates

SPY
S&P 500
Last Week: 0.97%
YTD: 20.56%
1 Year: 14.89%
DIA

Dow Jones Industrial Average

Last Week: 2.66%
YTD: 9.61%
1 Year: 6.77%
ONEQ
NASDAQ
Last Week: 0.43%
YTD: 38.45%
1 Year: 27.59% 
Russell 2000
Last Week: 3.70%
YTD: 6.64%
1 Year: 1.12% 
Large Growth
YTD: 36.63%
1 Year: 26.17% 
*As of 11/30/2023
Large Value
YTD: 5.03%
1 Year: 2.21%
*As of 11/30/2023

Gross Domestic Product

The US economy grew at a faster pace than expected during the 3rd quarter. The economy grew 5.2% compared to the original expectation of 4.9%. Corporate profits and efficiencies lead to the increase as well as government spending. Consumer spending declined more than projected. The good news is a recession is not currently on-going. The measure to watch is how consumers behave during the holiday shopping season going into 2024.

Inflation

Inflation rose to the expected levels, up 3.2% from last year and up .2% for the month. This rise to the expected levels gives the Fed more reason to keep rates higher for longer, but an increase may not be needed. Energy prices were down, with food prices being up, both measures in tracking inflation and CPI.

Jobless Claims

Initial weekly jobless claims were below expectations. Jobless claims rose to 218,000, an increase of only 7,000. However, this was lower than the projected number of 220,000 jobless claims analysts forecasted. The markets are seeming to price in the Fed keeping rates the same, but seeing conflicting data may reverse the recent rally we have seen.

Fed Chairman Speaks

The Federal Reserve Chairman, Jerome Powell, spoke on Friday. He pushed back on the notion that interest rates will be drastically cut in the coming year and that it is far too early to declare victory over inflation. Despite the news of inflation easing and strong GDP growth, the Federal Open Market Committee plans to keep monetary policy tight until inflation is strongly headed back down to their 2% target.
  • Alex Wolfe

    Alex is a Certified Financial Planner™. He brings nearly a decade of experience working with individuals, families, and business owners. Prior to working for Base Wealth Management, Alex worked for Fidelity Investments and an independent wealth management firm in Venice, FL. Through many years of practice, he specializes in helping clients navigate their financial goals through comprehensive financial planning. He received his bachelor’s degree in economics from Texas A&M University.

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