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Market Recap
WEEK OF NOV. 18 THROUGH NOV. 22, 2024
The S&P 500 index rose 1.7% last week with gains in every sector except communication services. The market benchmark ended Friday's session at 5,969.34 and is now up 4.6% for the month and 25% for the year.
US existing home sales increased more than expected sequentially in October and posted the first annual gain in more than three years, according to data released by the National Association of Realtors. Private-sector output in the US rose to the highest level since April 2022 despite continued contraction in manufacturing, while the year-ahead outlook hit a 2.5-year high, according to S&P Global's flash purchasing managers' index.
Other economic data were mixed. The manufacturing index for the US Mid-Atlantic region turned negative this month, while the Midwest contraction unexpectedly improved, separate surveys from the Federal Reserve Banks of Philadelphia and Kansas City showed.
Consumer staples had the largest percentage increase of the week, up 3.1%, followed by a 3% rise in materials and gains of 2.6% each in real estate and utilities.
The gainers in consumer staples included shares of Walmart (WMT), which rose 7.4% as the retailer lifted its full-year outlook and reported stronger-than-expected fiscal third-quarter results amid gains across all segments.
In materials, shares of Corteva (CTVA) climbed 11% as the company held an investor day unveiling a new financial framework through 2027 targeting $1 billion in incremental net sales from growth platforms, approximately $1 billion in cost deflation and productivity benefits and roughly $4.5 billion in shareholder returns. The company also said its board authorized a $3 billion stock buyback plan.
Communication services, the lone sector in the red this week, edged down 0.3% though only three of its components fell, two representing the same company: Google parent Alphabet (GOOGL, GOOG). Alphabet's Class A shares fell 4.4% and its Class C shares shed 4.2% as the US Justice Department and a group of states said in a filing that Google must sell its Chrome browser and take other major steps to end its monopoly on internet searches.
This week's economic data will include November consumer confidence and October new home sales on Tuesday, followed by a slew of reports on Wednesday including October personal consumption expenditures and pending home sales as well as the first revision to Q3 gross domestic product. The market will be closed on Thursday for the Thanksgiving holiday.
