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11/20/23 Weekly Market Commentary

11/20/23 Weekly Market Commentary

November 20, 2023

What happened last week...        

The stock market continued to make gains in November as all three major indices notched three consecutive weeks in the green. It marked the first three-week win streak for both the DJIA and the S&P 500 since July, and the first since June for NASDAQ. Furthermore, the S&P 500 continues to impress as it has made gains in 13 of the past 15 trading sessions and is up 7.6% this month, as of November 17.


Beginning in the second half of next year, Amazon (AMZN) will allow auto dealers to sell vehicles through its website, with Hyundai being the first partner. Customers will be able to purchase a vehicle through Amazon and then pick it up or have it delivered by a local dealership.


Exxon Mobil (XOM) plans to produce lithium for electric vehicle batteries at its facility in Arkansas with first production targeted for 2027. The company acquired the rights to 120,000 gross acres of a geological site called the Smackover Formation where it aims to supply the manufacturing needs of more than one million electric vehicles per year by 2030.


The inflation rate year-over-year for October bested expectations (3.3%) as it decreased to 3.2% from 3.7%, which is the first reading in decline since June. The rate peaked last year at 9.1% in June. The coreinflation rate year-over-year for October beat expectations (4.1%) as it decreased to 4.0% from 4.1%, which is the lowest reading since September 2021 (4.0%).


According to FactSet, as of November 17, 94% of S&P 500 companies have reported earnings with 82% having a positive EPS surprise and 62% having a positive revenue surprise. The blendedearnings growth for the S&P 500 is 4.3%, which would be the first quarter of year-over-year growth since Q3 2022. The blended revenue for the index is 2.4%, which would be the 11th straight quarter of growth.


This week…

The following companies report earnings this week: LOW, NVDA.


On Tuesday, existing home sales for October are expected to decrease to 3.90 million from 3.96 million, which was the lowest reading since October 2010 (3.83 million) and the fourth straight monthly decline.


On Thursday, the stock market will be closed in observation of Thanksgiving. The following day, Friday, the stock market will close early at 1:00 PM EST.

Happy Thanksgiving!

- The Rockline Team

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

 Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.

 The Dow Jones Industrial Average is comprised of 30 stocks that are major factors in their industries and widely held by individuals and institutional investors.

 The NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on The NASDAQ Stock Market. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index.

The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

Investing involves risk including loss of principal.