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Market Recap & Upcoming Week
Last week, economic stability in the U.S. seemed a facade as consumer sectors, notably staples and discretionary, showed significant declines.
High-profile retailers like Dollar General and Target faced reduced spending, a fallout from inflation and pricier fuel. This downtrend made consumer stocks less attractive, pushing investors towards funds outside the consumer-goods sector.
Despite a few exceptions like Costco and Walmart, the overall retail sector struggled, prompting a cautious sentiment among investors. Consequently, there’s a noticeable pivot towards historically resilient investments, with companies like Nike and Mondelez International coming into focus.
Market volatility defined the week, with Federal Reserve Chair Jerome Powell’s comments stirring confusion among investors regarding monetary policy. This uncertainty, coupled with soaring bond yields and geopolitical stressors like the Israel-Palestine war, led major indices to close in the red.
Mixed Q3 earnings added to the chaos, with Netflix making gains, Tesla taking a dive, and regional banks disclosing higher expenses. Amid this, the market’s narrowness was highlighted — a stark contrast to previous bull markets, with gains heavily concentrated in the largest stocks.
Smaller companies, especially those indexed in the Russell Microcap, continued to underperform, missing the bull market’s benefits. This disparity underscores a growing concern in market health, calling for a more cautious approach in anticipation of potential economic shifts.
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.