PDF Russell 2000 1502 0.77% -3.89% -0.72% 13.35% -0.72% Weekly ...

Stocks finished the week up as trade headlines dominated investment sentiment with the U.S. and China reportedly reaching a "Phase One" trade deal this past Friday. Market gains were dampened later in the week by weaker than expected retail sales growth of just 0.2% in November. U.S. Treasury yields trended up early in the week due to the trade deal announcement, but then fell back down in response to the weak retail data, ending the week at slightly lower levels for the intermediate and long-term spaces. Nine of the 11 S&P 500? sectors finished the week higher, with the information technology sector experiencing gains of 2.0% in part due to strength in the semiconductor space while the real estate sector greatly underperformed, declining 2.6%.

The consumer price index rose more than expected in November, up 2.1% year-over-year. This rise in inflation supports the Federal Reserve position that rate hikes were unlikely in 2020, with Chairman Powell emphasizing that the bar for raising rates is very high. This likely signals a shift in focus to fiscal policy as we enter the new decade.

Initial state unemployment benefits claims rose to 252,000 for the week ending December 7th, the highest level in 2 years, likely due to seasonal volatility. The four-week moving average, considered a better gauge, remains at 224,000 which remains consistent with a strong labor market.

The U.K. Conservative Party secured a decisive victory in the general election last week, reducing Brexit uncertainty as prime minister Boris Johnson is expected to have the power to pass policies more easily. The FTSE 100 Index of U.K. blue-chip stocks closed 0.79% higher after the election results.

Reports, Speeches and Market Movers: Mon: U.S. PMI Composite Tues: U.S. Industrial Production, Japan Merchandise Trade Wed: Bank of Japan Policy Announcement Thur: U.S. Jobless Claims, U.S. Existing Home Sales, Bank of England

Rate Decision, Bank of Japan Rate Decision, Japan CPI

Fri: U.S. GDP, U.S. Personal Income and Outlays

Weekly Market Commentary

Authored By: Mahesh Raman

Index Returns (%) Index Returns are as of 12/13/2019 S&P 500

Lev el 3169

Dow Jones Industrial Av erage

28135

Russell 2000

4071

MSCI EAFE

2016

MSCI Emerging Markets

1087

BBg Barclays U.S. Agg. Bond

2228

BBg Barclays U.S. Corporate High Yield 2164

NASDAQ Composite

8735

1W k 0.77% 0.49% 0.30% 1.72% 3.63% 0.29% 0.76% 0.93%

Yields (%)

2-Yr Treasury 10-Yr Treasury 30-Yr Treasury

12/13/2019 1.61 1.82 2.26

Commodities ($)

U.S. Dollar Index Spot Rate Bbg Barclay Commodity Index W TI Natural Gas Copper Gold

12/13/2019 97.17 79.41 58.99 2.30 6130 1476

Past Performance is No Guarantee of Future Results

1Mo 2.64% 1.63% 3.23% 2.31% 4.18% 0.71% 1.30% 3.11%

QTD YTD

1Yr

6.91% 28.89% 22.00%

5.16% 23.57% 17.21%

7.82% 23.10% 16.01%

6.96% 20.66% 17.11%

8.80% 15.20% 13.17%

0.32% 8.87% 10.00%

1.72% 13.33% 10.77%

9.45% 33.03% 24.91%

12/6/2019 1.61 1.84 2.29

1 Yr Ago 2.73 2.89 3.14

12/6/2019 97.70 78.24 59.20 2.33 5990 1459

1 Yr Ago 97.44 81.27 51.26 3.83 6132 1242

Weekly Market Commentary

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Indexes are unmanaged, do not incur fees or expenses, do not reflect any deduction for taxes, and cannot be purchased directly by investors.

(1) Price-weighted average of 30 actively traded Blue Chip stocks, primarily industrials, but also including other service-oriented firms; may be used as a benchmark for large cap stocks. (2) Widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. (3) Broadbased index of over 5000 companies, which measure all domestic, and non-U.S. based common stocks listed on the NASDAQ Stock Market, Inc. (4) Unmanaged index representing the performance of small-cap U.S. stocks. (5) Unmanaged index consisting of approximately 1,200 stocks in developed market countries outside of North and South America, and represents approximately 85 percent of the total market capitalization in those countries. (6) Unmanaged index of fixed rate investment grade securities with at least one year to maturity combining the Bloomberg Barclays U.S. Treasury Bond Index, the Bloomberg Barclays U.S. Government-Related Bond Index, the Bloomberg Barclays U.S. Corporate Bond Index, and the Bloomberg Barclays U.S. Securitized Bond Index.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Bloomberg Barclays U.S. Treasury Bond Index, the Bloomberg Barclays U.S. Government-Related Bond Index, the Bloomberg Barclays U.S. Corporate Bond Index, and the Bloomberg Barclays U.S. Securitized Bond Index. The Bloomberg Barclays U.S. Corporate High-Yield Bond Index covers the universe of fixed rate, non-investment-grade debt from corporate sectors. The S&P 500? Index is a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. The Russell 2000 Index is a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies. The MSCI EAFE Index is a widely recognized, unmanaged index representative of equity securities in developed markets, excluding the U.S. and Canada. The MSCI Emerging Markets (EM) Index is an unmanaged market capitalization-weighted index of equity securities of companies domiciled in various countries. The Index is designed to represent the performance of emerging stock markets throughout the world and excludes certain market segments unavailable to U.S.based investors.

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