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Weekly Market Insights - November 13, 2023

Weekly Market Insights - November 13, 2023

November 13, 2023

A powerful Friday rally sent stocks higher last week and extended the market’s early November gains.

Ahead lies another data heavy week with big reports on CPI, retail sales and industrial production alongside quarterly earnings releases from Home Depot (HD), Target (TGT) and Walmart (WMT).

Stocks Extend Gains

In a news-light week, stocks added to the gains of the previous week’s rally, helped by stable bond yields. Last week’s advance did not go smoothly, however, as the week’s accumulated gains were erased on Thursday by the combination of a 30-year Treasury bond auction that saw lower-than-expected investor demand, which sent bond yields sharply higher, and disconcerting remarks by Powell that disappointed investors harboring hopes for the conclusion of the Fed’s rate-hike cycle.

Stocks rebounded strongly on Friday as investors reconsidered Powell’s comments, and bond yields retreated, leaving the rally from October lows intact.

Powell Speaks

In last week's presentation to a gathering sponsored by the International Monetary Fund, Fed Chair Powell said that while he and other Fed officials were encouraged by the progress in bringing down inflation, he was “not confident” that the Fed’s current restrictive monetary policy stance was sufficient to achieve the Fed’s target inflation rate of two percent.4

His comments, which followed the Fed’s two successive decisions to pause on fresh interest rate increases, emphasized that there remained a long way to go to achieve their goal, and the Fed is committed to doing what’s necessary to reach that target, whether that’s through additional rate hikes or by keeping rates high for longer.

This Week: Key Economic Data

Tuesday: Consumer Price Index (CPI).

Wednesday: Producer Price Index (PPI). Retail Sales.

Thursday: Jobless Claims. Industrial Production.

Friday: Housing Starts.

Source: Econoday, November 10, 2023
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.

This Week: Companies Reporting Earnings

Tuesday: The Home Depot, Inc. (HD)

Wednesday: Cisco Systems, Inc. (CSCO), Target Corporation (TGT), The TJX Companies, Inc. (TJX)

Thursday: Walmart, Inc. (WMT), Applied Materials, Inc. (AMAT), Palo Alto Networks, Inc. (PANW), NetEase, Inc. (NTES)

Source: Zacks, November 10, 2023
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.

"Don't look for big things, just do small things with great love... The smaller the thing, the greater must be our love."

– Mother Teresa

The lovely flowing waterfalls of Poco da Ribeira do Ferreiro on Flores Island, Azores.

Footnotes and Sources


1. The Wall Street Journal, November 10, 2023.

2. The Wall Street Journal, November 10, 2023.

3. The Wall Street Journal, November 10, 2023.

4. CNBC, November 9, 2023.

5. IRS.gov, April 5, 2023

6. Sustainablejungle.com, July 19, 2023

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.

The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.

The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.

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Please consult your financial professional for additional information.

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