This past week, we saw markets continue to trend upward, as the Dow was up 0.14%, the S&P was up 0.43%, the Nasdaq was up 0.93%, and the Russell was up a whopping 2.02%. We saw this tremendous amount of green despite a slight downward revision in Q3 GDP and new home sales dropping drastically.
Last week, although the second revision to Q3 GDP came in a bit lower than expectations, at 4.9%, compared to an expected 5.1%, we saw a bit of a turning point in terms of PCE, as month-over-month PCE turned negative, dropping 0.1% in the month of November. While we’re still above the Fed’s target rate of 2%, we’re certainly getting very close to it, with year-over-year PCE coming in at 2.6%!
This week will be rather slow in terms of economic data releases, given the fact that it’s the last week of the year. However, for those who are interested in the health of the housing market, be sure to keep an eye out for pending home sales on Thursday!
Given the holiday week, there aren’t any companies of significance reporting their earnings. Tune in next week for an exciting week of earnings releases!
Monitoring the market conditions this week.
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