Stocks surged higher last week, fueled by the Fed’s rate cut decision and post-election enthusiasm as investors looked to future policy impacts of a Republican-controlled Senate and executive branch. (The House of Representatives remains undecided.)

The Standard & Poor’s 500 Index spiked 4.65 percent, while the Nasdaq Composite Index gained 5.74 percent. The Dow Jones Industrial Average rose 4.61 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, was flat (-0.02 percent).

Stocks Extend Rally On Election News

It was a shaky start to the week for stocks as investors anxiously awaited election results and the Fed’s interest-rate decision.

On Election Day, stocks rallied broadly before polling places closed. After the election was called early the next morning, stocks opened higher and climbed throughout the trading session. The yield on the 10-year Treasury fell to 4.307 percent.

Stocks opened higher Thursday, and the rally picked up momentum after the Federal Reserve approved its second consecutive interest rate cut. Economic news that showed a 2.2 percent rise in third-quarter productivity helped support the move.

Stocks finished the week with a number of records: the S&P 500 crossed the 6,000 mark, and the Dow breached 44,000 for the first time on Friday. While the S&P and Dow closed slightly below those record levels, each had their best week in a year.

Fed Cuts Rates

As expected, the Federal Reserve cut interest rates by a quarter percentage point at its November meeting.

However, Fed Chair Jerome Powell signaled some uncertainty about the pace of future rate cuts, which slightly unsettled the markets.

Citing a desire to “steer between the risk of moving too quickly and perhaps undermining our progress on inflation, or moving too slowly and allowing the labor market to weaken too much,” Powell said the Fed will continue to monitor the economy’s progress.

Tuesday: Fed Officials Neel Kashkari and Patrick Harker speak.

Wednesday: Consumer Price Index. Fed Officials Lorie Logan, Alberto Musalem, and Jeffrey Schmid speak. Treasury Buyback Announcement.

Thursday: Producer Price Index. Fed Chair Jerome Powell speaks. Weekly Jobless Claims.

Friday: Retail Sales. Industrial Production. Import and Export Prices. Business Inventories.

Source: Econoday

Tuesday: The Home Depot, Inc. (HD), Shopify Inc. (SHOP), Spotify Technology (SPOT)

Wednesday: Cisco Systems, Inc. (CSCO)

Thursday: The Walt Disney Company (DIS), Applied Materials, Inc. (AMAT), Brookfield Corporation (BN)

Source:Zacks.com

Sources: YCharts.com, November 9, 2024

Weekly performance is measured from the close of trading Friday November 4th, to Friday, November 8th close.

Know Your Key Health Numbers

According to the American Heart Association, adults should know their key health numbers, including total cholesterol, HDL (good cholesterol), blood pressure, blood sugar, and body mass index. If you’re unsure what your “numbers” are, schedule a visit with your doctor to monitor them and understand why each is important. Here’s a quick definition of each metric:

• Cholesterol – Cholesterol is a lipoprotein in our body’s tissues that forms and maintains cell membranes.
• Body mass index (BMI) – Your BMI is calculated using your height and weight and can help determine whether you’re underweight, at a healthy weight, or overweight.
• Blood pressure – Blood pressure refers to the amount of force the heart must use to pump blood throughout the body.
• Blood sugar – Blood sugar measures the concentration of glucose in the blood.

Tip adapted from American Heart Association

Turkey Chili

Serves: 4

Ingredients: 

• olive oil
• 2 tablespoons tomato paste
• 1 medium to large onion, chopped
• 5 garlic cloves, minced
• 1/2 red bell pepper, chopped
• 1 teaspoon chili powder
• 1/2 teaspoon hot paprika
• 1/2 teaspoon dried coriander
• 1/4 teaspoon oregano
• 1 dash cinnamon
• 1 pound ground turkey breast
• 1 cup dark beer, such as Leffe Brown
• 1 28-ounce can diced tomatoes
• 1 15 1/2-ounce can kidney beans, drained
• 1/2 teaspoon hot sauce or chile paste
• salt and pepper
• sour cream, chopped chives, cilantro, and/or shredded cheese, for topping

Directions:

1. Heat a bit of olive oil in a large pot over medium heat. Add the tomato paste, onion, garlic, and red pepper. Cook, stirring occasionally, until softened. Add the chili powder, hot paprika, coriander, oregano, and cinnamon; stir and allow to cook until aromatic, 1 minute.
2. Add the ground turkey and cook, breaking it up with a spoon, until lightly browned. Pour in the beer and allow to cook down slightly.
3. Add the tomatoes, beans, and hot sauce or chili paste.
4. Allow the chili to simmer, uncovered, until thickened, about 40 minutes. Season with salt and pepper to taste. Top with sour cream, chopped chives, cilantro, and/or shredded cheese.

Recipe adapted from Food 52

Alignment Stick Drills to Practice

The Hip Bump Transition Drill

1. Place a stick vertically in the ground so it can stand on its own
2. The stick ought to be situated just outside your front foot (left food for a right-handed player)
3. Then, when you hit balls, you want to bump your front hip towards the stick, so that you feel the weight transition forward through impact.

This will help you gain distance in your shots. If you struggle with hitting your irons, try this drill out.

Takeaway Drill

1. Lay an alignment stick on the ground behind the ball, so that it is directly on your target line.
2. Then, when you take your backswing, make sure you do two things:
   1. First try to take your club head back slow and low to the ground, especially with your driver. You can use the alignment stick as a reference point and a place to keep your club head near.
   2. Next, you want to make sure your club doesn’t travel outside the stick. A takaway that starts outside probably will not produce consistent straight shots.

Downward Strike Drill

1. Lay an alignment stick on the ground about 1 in. behind the ball and perpendicular to the target line
2. Then, simply hit balls and work on hitting the ball first and then the ground.
   1. If you make solid impact you won’t hit the stick
   2. Be warned though, if you hit the stick solidly, you can break the alignment stick.
   3. Also, make sure the stick is in a location, so that it doesn’t fly up and hit you if you miss.

Tip adapted from theleftrough.com

Be On The Lookout For Tax Carryovers

Deductions or credits not used fully one tax year that may be eligible to be carried over into future years include:

• When you have a net operating loss
• When your total expenses for a permitted deduction exceed the amount you’re allowed to deduct in a given year
• When a credit you qualify for exceeds the amount of tax you owe in a year
• Adoption tax credits
• Foreign tax credits
• Credits for energy efficiency

Track these (or have your software do it) so you don’t forget them from one year to the next.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS

Photo of the Week

Gateway Arch

Saint Louis, Missouri

Financial planning and investment advisory services offered through Cleveland Wealth, LLC, a Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified wealth advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.