Weekly Stock Market Recap & Upcoming Economic Data
This past week was eventful for the stock market, marked by fresh highs across major indices as investors navigated both Election Day and the FOMC meeting with resilience. Small-cap stocks stood out, nearing their all-time highs from 2021, though not quite breaking through. On Friday, the S&P 500 even crossed the 6,000 mark, continuing this year’s historic trajectory. Small-caps led the charge, surging by an impressive 9%—a rally reminiscent of the “Trump trade” boost seen after the 2016 election.
Economic Data Preview for the Coming Week
Looking ahead, the economic calendar is lighter, with CPI and PPI reports taking the spotlight as key indicators to watch, along with Retail Sales data on Friday and a few additional economic updates sprinkled throughout the week.
Expectations suggest a modest increase in CPI and PPI readings compared to last month, though without raising any major red flags. Last week, Fed Chair Jerome Powell reaffirmed that a few higher inflation reports would not shift the Fed’s approach to interest rate cuts:
“One or two bad data months on inflation won’t change the process.” – Fed Chair Jerome Powell
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