Daily Market Commentary

November 28, 2023

Bonds & Stocks
Stocks drifted sideways, with traders awaiting remarks from a slew of Federal Reserve speakers while wading through the latest readings on the economy. The S&P 500 was little changed after the benchmark hit “overbought” levels in a rally that put the market on pace for one of its biggest November gains on record. Treasury 10-year yields advanced two basis points to 4.4%, while the dollar retreated.

Economy
Home prices in the US extended their climb, reaching a fresh record high. A national gauge of prices rose 0.7% in September from August, according to seasonally adjusted data from S&P CoreLogic Case-Shiller. It was the eighth straight month of gains for the index, which doesn’t provide a specific dollar figure for homes. Mortgage rates above 7% have chilled the housing market, keeping both would-be buyers and sellers on the sidelines.

World
The Israeli military said Tuesday three separate explosions targeting its troops in northern Gaza and subsequent shootings have violated a truce with Hamas. A number of soldiers were lightly injured during the attacks, Israel Defense Forces said in statement. The troops were positioned in areas that were in line with the cease-fire reached with Hamas last week, the military said.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.