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Afternoon Note

So Far So Good

By Karina Hernandez, Senior Research Analyst
11/7/2023 1:52 PM

The major indices have reclaimed positive territory helped by gains in the heavyweight growth sectors. The S&P 500 is set for its longest daily positive run since November 2021.

The TLT action is good so far, while still below November’s high, the trend is encouraging. 

Technology is the best performing sector led by gains from Gen Digital (GEN) after posting better-than-expected results. Energy is the biggest laggard alongside oil prices. 

Fed Governor Waller delivered a speech today but did not speak about policy recommendations in his remarks. However, he noted that after “amazing” job growth, “the labor market is cooling a bit…it’s clearly calming down,” with recent job growth almost in line with levels seen before the pandemic. This is a development Fed policymakers feel is necessary for inflation to return to the 2% target. 



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