U.S. equities experienced a slight decline this week, with the S&P 500 dropping about 1%, although large cap tech names stayed strong. In fixed income, U.S. rates rose, particularly the 10-year Treasury yield, which climbed to 4.39%, alongside market adjustments to rate cut expectations for 2025. Commodities saw oil prices recover within a certain range due to geopolitical factors, while gold ended the week nearly flat after initial gains. Inflation data remained slightly above the Federal Reserve's target, with core CPI and PPI rising modestly, but not enough to prevent an expected Fed rate cut.

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

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U.S. equities reached a new high with the S&P 500 peaking at a 4.5% price-to-earnings ratio, while tech stocks outperformed as interest rates fell. In fixed income, short-term interest rates dropped amid mixed economic data, with the 10-year treasury yield remaining stable and the 2-year yield hitting a six-week low. Oil prices dipped due to a tepid U.S. jobs report, and Bitcoin crossed the $100,000 mark for the first time. Economic data reflected mixed results with improved manufacturing indexes but a higher unemployment rate, indicating labor market normalization.

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

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The Market Minute for November 25th, 2024, covers U.S. equities making steady gains with the equal weight S&P 500 up 2.5% and notable events like Alphabet's DOJ suit and Nvidia's earnings. In fixed income, rapid shifts in Fed expectations have catalyzed a steady uptrend in the two-year Treasury yield, while broader fixed income performance saw high yield outperforming. Commodities saw crude oil prices rising due to geopolitical tensions, and a 5% rebound in gold prices driven by the reflationary Trump trade, while Bitcoin surged near $100,000. Economic highlights include a decrease in initial jobless claims to a six-month low and mixed housing data with increased existing home sales but a decline in housing starts.

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

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In U.S. equities, initial post-election gains were partly reversed due to a stronger dollar and higher interest rates, resulting in declines for the S&P and Nasdaq. The bond market reflected concerns over wider deficits, with the 10-year yield nearing 4.5% and the Fed showing no rush for rate cuts. The dollar surged, especially against the Euro, while oil prices fell amid bearish outlooks, and natural gas prices rose. Retail sales were mixed, with a notable contribution from auto sales, and jobless claims remained low, indicating a robust labor market.

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

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In this week's FS Investments Market Minute, U.S. stocks soared following Donald Trump's electoral victory, with notable gains in sectors like Tesla, financials, and chip firms. Despite the boost in equities, rate-sensitive sectors suffered as the S&P 500 touched 6,000 for the first time. The Federal Reserve cut rates by 25 basis points, with Fed Chair Powell affirming he would not resign if asked by President-elect Trump. In commodities, oil prices remained steady while industrial metals and agricultural commodities gained; economic indicators showed rising consumer sentiment and improved ISM services survey results.

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

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U.S. stocks ended the week down less than 1%, with mixed earnings reports and big tech disappointments like Microsoft's 6.05% drop. The 10-year yield hit 4.35% after a volatile week influenced by low job gains possibly due to hurricanes. Crude prices fluctuated, ending at $70 per barrel amidst geopolitical tensions and OPEC+ supply speculations. Economic data showed strong Q3 GDP growth and consumer spending, but weak labor market performance with only 12,000 jobs added in October.

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

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U.S. equities recovered early week losses, led by consumer discretionary stocks, with Tesla's 22% surge making headlines. International stocks underperformed as the U.S. dollar strengthened, and Chinese equities remained flat. Fixed income yields rose, spurred by election uncertainties and strong economic data, with the 10-year yield reaching up to 4.25%. Crude oil prices modestly increased, while gasoline and gold prices showed resilience. The housing market continued its slump, and jobless claims fell. Attention is now on the upcoming monthly jobs report, with expectations of 120,000 jobs added and a 4.1% unemployment rate.

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

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US stocks ended the week modestly higher with real estate, utilities, and consumer durables leading, despite a steep decline in MSML. Fixed income yields remained steady, though data continued to prompt sell-offs, with the 10-year yield spiking due to strong retail sales data. Commodities saw a drop in crude prices by 9% amidst concerns of oversupply, while gold reached a record high of $2,700 an ounce. The economic overview highlighted stronger-than-expected retail sales and a boost in GDP estimates, although industrial production slightly declined due to disruptions from natural disasters.

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

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As of October 14, 2024, U.S. stock indices have hit record highs despite rising 10-year Treasury yields, with notable gains from Nvidia and JPMorgan. Globally, Chinese stocks and the yen have fluctuated due to macroeconomic factors. In fixed income, bond yields increased following the Fed's September rate cut. Commodity prices, including crude oil and gold, remained stable amid recent global events. The economic overview highlights a slight inflation drop with key drivers outside rent, and an increase in jobless claims attributed to Hurricane Helene impacts. The University of Michigan consumer sentiment index dipped to 68.9.

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

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With U.S. indexes lacking direction, developed markets face tightening conditions. The Chinese market surges, but U.S. rate-sensitive sectors falter. A blockbuster payroll report impacts yield curves and Fed rate predictions, while tensions in the Middle East affect crude prices. Discover the implications of a strong jobs report and shifting sentiments in the manufacturing and services sectors

A weekly recap of equities, fixed income, commodities, and macroeconomic analysis from the FS Investments research team.

To read the full market minute or to sign up for the weekly email, with charts and data, go to https://fsinvestments.com/marketminute