Weekly Market Recap
Week ended December 6
Market-moving news
Three in a row
The NASDAQ rose more than 3%, posting its third weekly gain in a row and joining the S&P 500 in record territory. The latter index added 1% for the week while the Dow finished down fractionally after retreating from a record closing high that it set on Wednesday.
Jobs rebound
The labor market recovered in November, as a monthly gain of 227,000 jobs topped economists’ expectations and was far above the previous month’s upwardly revised figure of 36,000. Relative to October, November’s annual wage growth was unchanged at 4.0%, and the unemployment rate rose to 4.2% from 4.1%.
Bitcoin tops $100K
The price of the most widely traded cryptocurrency climbed above the $100,000 level for the first time on Thursday, extending a recent rise. The price briefly reached as high as $103,900 before slipping to around $101,000 on Friday afternoon. At the start of November, Bitcoin was trading around $70,000.
Growth tops value
An index of U.S. large-cap growth stocks outperformed its value counterpart by a wide margin, extending the growth equity style’s year-to-date outperformance. The growth index finished up 3.6% for the week while a value index was down 1.9%.
Rising sentiment
A gauge that tracks U.S. consumer sentiment rose for the fifth month in a row, reaching its highest level since last May. Friday’s preliminary reading from the University of Michigan’s Consumer Sentiment Index showed the gauge rising to 74.0, up from November’s final reading of 71.8.
European market resilience
A European stock index posted a weekly gain, despite political instability in France that on Wednesday triggered the forced resignation of the country’s prime minister. The European index posted a nearly 2% gain for the week.
Inside Q3 earnings
Communication services posted the strongest earnings growth at the sector level in the recently completed earnings season with a 23% increase relative to the previous year’s third quarter, according to FactSet. Across all S&P 500 sectors, earnings grew by an average of 5.8%—the fifth consecutive quarter of earnings growth.
Inflation report ahead
A Consumer Price Index report that’s scheduled for release on Wednesday will give the U.S. Federal Reserve another key data point ahead of its December 17–18 meeting. The most recent CPI report covering October showed an annual rate of 2.6%, up from September’s 2.4% figure—a further indication of recently uneven progress in bringing inflation closer to the Fed’s 2.0% long-term target.
The week ahead: December 9-13
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Investment returns
Equities
U.S. equity size and style total returns as of 12/6/24 (%)
1 week
| -1.9 | 1.0 | 3.6 | Large | |
| -1.7 | -0.6 | 2.5 | Medium | |
| -1.5 | -1.0 | -0.5 | Small | |
| Value | Core | Growth | ||
YTD
| 20.5 | 29.4 | 37.0 | Large | |
| 19.9 | 23.3 | 33.4 | Medium | |
| 16.1 | 20.3 | 24.7 | Small | |
| Value | Core | Growth | ||
Index/market total returns as of 12/6/24 (%)
| Close | 1 week | YTD | |
|---|---|---|---|
| Dow Jones Industrial Average | 44,642.5 | -0.5 | 20.6 |
| NASDAQ Composite Index | 19,859.8 | 3.4 | 33.2 |
| S&P 500 Index | 6,090.3 | 1.0 | 29.3 |
| MSCI EAFE Index | 2,355.0 | 1.7 | 8.6 |
| Cboe Volatility Index | 12.8 | -5.2 | 2.4 |
International/developed (%)
| 1 week | YTD | |
|---|---|---|
| EAFE | 1.7 | 8.6 |
| Europe | 2.0 | 7.1 |
| France | 2.8 | -2.1 |
| Germany | 3.8 | 16.4 |
| Italy | 4.1 | 17.1 |
| Japan | 2.1 | 11.4 |
| Spain | 3.7 | 17.0 |
| Switzerland | 0.6 | 3.7 |
| U.K. | 0.4 | 11.1 |
Emerging markets (%)
| 1 week | YTD | |
|---|---|---|
| EM | 2.5 | 10.8 |
| Brazil | -1.5 | -24.4 |
| China | 2.6 | 19.6 |
| India | 2.5 | 18.6 |
| Indonesia | 3.4 | -5.7 |
| Korea | -2.7 | -19.4 |
| Mexico | 3.2 | -22.3 |
| Russia | #N/A | #N/A |
| Taiwan | 5.4 | 36.5 |
S&P 500 sectors (%)
| 1 week | YTD | |
|---|---|---|
| S&P 500 Index | 1.0 | 29.3 |
| Communication services | 4.1 | 40.9 |
| Consumer discretionary | 5.9 | 34.6 |
| Consumer staples | -0.7 | 20.1 |
| Energy | -4.5 | 11.5 |
| Financials | -1.7 | 35.7 |
| Healthcare | -2.0 | 7.2 |
| Industrials | -2.3 | 24.7 |
| Information tech | 3.4 | 39.6 |
| Materials | -2.9 | 8.7 |
| Real estate | -2.6 | 11.9 |
| Utilities | -3.8 | 29.0 |
Fixed income, currencies, and commodities
U.S. fixed-income style total returns as of 12/6/24 (%)
1 week
| 0.2 | 0.3 | 0.8 | High | Credit quality |
| 0.2 | 0.4 | 0.8 | Medium | |
| 0.3 | 0.5 | 0.7 | Low | |
| Limited | Moderate | Extensive | ||
| Interest-rate sensitivity | ||||
YTD
| 4.5 | 3.3 | -0.3 | High | Credit quality |
| 4.1 | 3.8 | 4.6 | Medium | |
| 9.4 | 9.2 | 8.6 | Low | |
| Limited | Moderate | Extensive | ||
| Interest-rate sensitivity | ||||
U.S. Treasury bond yields as of 12/6/24 (%)
| END OF WEEK | PRIOR YEAR END | YTD CHANGE (BPS) | |
|---|---|---|---|
| 2 Yr | 4.09 | 4.25 | -16 |
| 10 Yr | 4.15 | 3.88 | 27 |
| 30 Yr | 4.33 | 4.03 | 30 |
| 2-10 spread | 6 | -37 | 43 |
| 10-30 spread | 18 | 16 | 2 |
U.S. bond sector total returns (%)
| 1 week | YTD | |
|---|---|---|
| Aggregate | 0.5 | 3.4 |
| Bank loans | 0.1 | 8.0 |
| Convertible | 0.2 | 15.4 |
| Corporate | 0.5 | 5.3 |
| High yield | 0.5 | 9.2 |
| MBS | 0.5 | 3.5 |
| Municipal | 0.3 | 2.9 |
| Preferreds | -0.7 | 5.2 |
| TIPS | 0.2 | 3.7 |
| Treasury | 0.4 | 2.5 |
Global bond total returns (%)
| 1 week | YTD | |
|---|---|---|
| EM Local | -0.1 | -0.9 |
| EMD USD | 0.8 | 8.9 |
| Global Agg | 0.3 | 0.7 |
| Global Agg Ex-U.S. | 0.1 | -0.9 |
| Multiverse | 0.3 | 1.0 |
Commodities (%)
| 1 week | YTD | |
|---|---|---|
| BBG Com Ind | -0.6 | 3.7 |
| Oil (WTI) | -1.1 | 6.1 |
| Gold | -0.7 | 27.1 |
Currencies (USD) (%)
| 1 week | YTD | |
|---|---|---|
| EM FX | 0.3 | 0.9 |
| AUD | -1.9 | -6.4 |
| CAD | -1.0 | -6.7 |
| CHF | 0.4 | -4.1 |
| EUR | 0.0 | -4.4 |
| GBP | 0.3 | 0.0 |
| JPY | 0.2 | -5.9 |
GDP
Jobs
Inflation
Ex-U.S.
Regions/countries
| GDP Growth (%) annualized | Inflation Rate (%) CPI | Unemployment Rate (%) | 10-Year Government Bond (%) | Sovereign Credit Rating | |
|---|---|---|---|---|---|
| Eurozone | 0.9 | 2.3 | 6.3 | _ | _ |
| China | 4.6 | 0.3 | 5.0 | 1.96 | A+ |
| Germany | -0.3 | 2.2 | 6.1 | 2.11 | AAA |
| Japan | 0.3 | 2.3 | 2.5 | 1.05 | A+ |
| U.K. | 1.0 | 2.3 | 4.3 | 4.28 | AA |
Fund industry overview
Total net flows: open-end funds and ETFs as of 10/31/24 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| U.S. Equity | -3.1 | 116.3 | 15,432.4 |
| Sector Equity | 0.2 | -20.3 | 1,405.7 |
| Allocation | -5.3 | -86.9 | 1,409.5 |
| International Equity | 4.6 | 5.4 | 4,211.7 |
| Alternative | 7.5 | 33.1 | 242.1 |
| Commodities | 4.0 | 2.6 | 195.4 |
| Taxable Bond | 59.9 | 469.6 | 5,680.2 |
| Municipal Bond | 8.5 | 42.3 | 915.6 |
| Total all long-term funds | 78.7 | 561.6 | 29,791.3 |
Leading Morningstar fund categories by monthly net flows as of 10/31/24 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| Intermediate Core Bond | 16.9 | 132.3 | 1,419.5 |
| Large Blend | 15.7 | 221.1 | 8,018.8 |
| China Region | 9.5 | 7.4 | 38.9 |
| Intermediate Core-Plus Bond | 8.3 | 65.3 | 820.9 |
| Inflation-Protected Bond | 7.5 | -1.7 | 130.8 |
Lagging Morningstar fund categories by monthly net flows as of 10/31/24 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| Large Growth | -10.2 | -42.5 | 3,007.9 |
| Foreign Large Growth | -4.8 | -26.2 | 515.1 |
| Diversified Emerging Mkts | -3.5 | -0.2 | 681.3 |
| Large Value | -3.5 | -31.5 | 1,866.8 |
| Moderate Allocation | -2.7 | -31.7 | 783.9 |
Important disclosures
Unless otherwise noted, all data is from FactSet.
The data provided is for informational purposes only and is not an endorsement of any security, mutual fund, sector, or index. This does not illustrate the performance of any John Hancock fund. The information contained here is not guaranteed as to accuracy or completeness. All economic and performance information is historical and does not guarantee future results.
The Dow Jones Industrial Average is a price-weighted index comprising 30 widely traded blue chip U.S. common stocks. The NASDAQ Composite Index is a market-value-weighted index of all common stocks listed on the NASDAQ stock exchange. The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of publicly traded large- and mid-cap stocks of companies in those regions. The Cboe Volatility Index (VIX) shows the market’s expectation of 30-day volatility and is constructed using the implied volatilities of a wide range of S&P 500 Index options. Weekly and year-to-date figures for the VIX show percentage changes, not investment returns. It is not possible to invest directly in an index.
The Treasury yield curve is derived from available U.S. Treasury securities trading in the market and is provided directly by the U.S. Federal Reserve. The spread measures the difference in yield between two government securities. A normal (positive) yield curve occurs when longer-term rates are higher than shorter-term rates. The opposite holds true for an inverted yield curve. Year-to-date changes in U.S. Treasury bond yields are shown in basis points (BPS). One hundred basis points equals one percent.
Oil prices are represented by West Texas Intermediate (WTI) crude oil.
The G20 countries comprise a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, and over 75% of global trade.
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