November 2023 Economic & Market Highlights

Both the stock and bond markets enjoyed a rally in November. This performance was influenced by mixed signals from Federal Reserve officials regarding future interest rate hikes.
The Federal Reserve's communication suggested a potential pause in rate hikes due to cooling inflation along with economic indicators pointing towards an apparent slowing of the economy.
Amid the indications of a slowing economy came record sales numbers for Black Friday and Cyber Monday, up 2.5% and 9.6%, respectively, compared to last year.
After three months of consecutive declines, small-cap stocks saw significant gains, implying a broadening of market participation away from the Magnificent 7 (top 7 stocks in the S&P 500 by weight), which are responsible for around 80% of the S&P S00's performiance year-to-date.
Treasury yields experienced a notable decline, reflecting market expectations of a potential rate cuts by the Fed in the latter half of next year, in conjunction with revised GDP growth figures and indications of subsiding inflation.

Source: Morningstar- All performance is percentage change of total return

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of [FA NAME] and not necessarily those of Raymond James. The S&P500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market.

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