The Long and Short of it, week ending 12 Nov 2021

Publication Type: Market Commentaries

Monday saw all three major stock indexes close at record highs supported by Congress’ passage of
the $1+ trillion infrastructure package and continuing the previous week’s strong performance. An
as-expected-but-high PPI release Tuesday pushed markets lower with renewed concerns the Fed
may find it necessary to tighten monetary policy more aggressively. These concerns were increased
with Wednesday’s much higher-than-expected CPI release, pushing stock prices lower and lifting 10-
year U.S. Treasury rates 13bps higher. Stock markets moved higher the remainder of the week,
supported by strong earnings releases and as investors, assisted by a sharply lower consumer
sentiment reading, seemingly reduced their concerns of a more aggressive Fed. At week’s end, the
S&P 500 Index decreased 0.3% to 4,682.85, the Nasdaq Composite Index fell 0.7% to 15,861.00, the
Dow Jones Industrial Average dropped 0.6% to 36,100.37, the 10-year U.S. Treasury rate increased
12bps to 1.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened

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The Long and Short of it, week ending 12 Nov 2021


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