Last week was yet another tough week for the market. Some unexpected Fed commentary led the Dow down 2.1%, the S&P down 2.26%, the Nasdaq down 2.3%, and the Russell down a whopping 4.79% on a week over week basis. Fortunately for us though, we have a couple of slow weeks ahead of us, so we can take a bit of a breather and enjoy the holidays!
Last week, the big news was, of course, Fed Chairman Jerome Powell’s commentary surrounding rate cuts. Although rates were cut by 25 basis points, his seemingly hawkish positioning was not what the markets were looking for, sending stocks plunging downward across the board. However, we did see a bit of a rebound toward the end of the week.
Unfortunately, this week will be relatively quiet in terms of economic data releases, given the Christmas Holiday!
Again, given the Christmas holiday this week, there aren’t any significant earnings releases. After a week like last week, we get to take a breath and get our footing before earnings season kicks off again in a couple of weeks!
Monitoring the market conditions this week.
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