Market Recap 01/11/2021

  • Market Recap 01/11/2021


    Market Recap

    November 1st, 2021

    Markets

    US equity markets continued to break new highs as positive earnings surprises offset inflation concerns.  The Nasdaq (2.7%) led while the Dow Jones (0.4%) lagged.  The VIX (5.4%) rose

    Sectors

    Consumer discretionary soared (4.0%) on the back of Tesla’s +43% rally, followed by IT (2.0%) despite the mixed results among Big-Tech.  Energy (0.8%) lagged as oil prices took a breather

    Rates

    The yield curve flattened as US intermediate and long-term treasury yields slipped on expectations of slowing long-term economic growth, while short-term yields rose on an increasingly hawkish tone from the Fed and other major central banks.  The MOVE index (14.9%) rose

    Currencies & FX

    Oil (0.2%) edged lower with the first weekly decline in 10 weeks.  Gold (1.3%) and silver (1.9%) detracted, while the USD (0.5%) rose vs. major currencies basket

    Last Week's Headlines

    Our Favorite Charts

    S&P 500 IT Earnings Yield Spread

    Source:Bloomberg

    Real-Estate-Related Activities Contribution to GDP in Major Economies

    Source: Harvard (Kenneth Rogoff), IMF, WSJ

    Market Performance

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