Markets gained between Nov. 7 and Nov. 13 as investors remained optimistic regarding the short-term outlook on the equity markets.
Markets gained on Tuesday as treasury yields regressed and technology stocks rallied. The Dow Jones Industrial Average added 0.2%, the S&P 500 added 0.3% and the Nasdaq Composite added 0.9%.
The Technology Select Sector and the Consumer Discretionary Select Sector each increased 1.1%.
The Chicago Board Options Exchange Volatility Index can be used as a gauge for investor sentiment regarding the state of the equity markets. On Tuesday, the CBOE Volatility Index declined 0.5% to $14.81.
The benchmark 10-year Treasury yield fell to 4.58% on Tuesday.
The three major indexes closed mixed on Wednesday as investors considered the future of Federal Reserve rate hikes. The Dow lost 0.1%, the S&P 500 rose 0.1% and the Nasdaq rose 0.1%.
The Technology Select Sector and the Real Estate Select Sector each added 0.6%.
The CBOE Volatility Index decreased 2.4% to $14.45.
The benchmark 10-year Treasury yield declined to 4.522% on Wednesday.
Markets closed in the red on Thursday following Fed Chairman Jerome Powell’s comments concerning the future of interest rate hikes. The Dow lost 0.7%, the S&P 500 lost 0.8% and the technology-heavy Nasdaq lost 0.9%.
The Health Care Select Sector, the Consumer Discretionary Select Sector and the Technology Select Sector fell 2.1%, 1.9% and 0.5%, respectively.
Chair Powell’s outlook largely moved the three indexes, which remained bearish. “The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time,” Chair Powell said in a speech.
On Thursday, the Department of Labor reported that jobless claims decreased 3,000 to 217,000 for the week ending Nov. 4.
The benchmark 10-year Treasury yield rose to a value of 4.62%.
The CBOE Volatility Index added 5.8% to reach a value of $15.29.
By Friday’s close, the three major indexes ended in the green as investors ignored Chairman Powell’s aforementioned comments regarding potential forthcoming rate hikes. The Dow increased 1.2%, the S&P 500 increased 1.6% and the Nasdaq increased 2.1%.
The Technology Select Sector and the Consumer Discretionary Select Sector added 2.6% and 1.7%, respectively.
Markets closed mixed on Monday ahead of the Consumer Price Index report released on Tuesday. The Dow added 0.2%, the S&P 500 decreased 0.1% and the Nasdaq decreased 0.2%.
The CBOE Volatility Index rose 4.2% to a value of $14.76.
Investors should remain vigilant of the forthcoming CPI report for November. Additionally, investors should continue to track developments in the labor market through the weekly jobless claims reading released every Thursday.
