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Weekly Market Update for November 24, 2021

by Jim Ulland

We expected the Thanksgiving week to be quiet because many in the industry take the week off.  Four events or news stories intervened causing a lot of market volatility. First, interest rates, as represented by the 10 Yr. Treasury, went up sharply Monday and Tuesday in reaction to inflation before stabilizing Wednesday.  Second, crude oil pushed higher after the President said oil would be released from the Strategic Petroleum Reserve. Crude was up 3.4% through Wednesday. This was a little ironic since the goal for releasing oil from the reserve was to have the opposite market response.  The third major news item of this holiday-shortened week came from unemployment filings.  Weekly unemployment filings were the lowest since 1969 implying that exceedingly few employers are laying off workers. This reflects both the strength of the economy, holiday hiring, and the shortage of workers. Finally, Covid cases kicked up even among the vaccinated.  Some countries like Austria instituted a rather severe lockdown.

If you are not working Friday, get your booster shot.  It will immediately restore your protection to near 100%.  Our office will be very lightly staffed on Friday when the market is only open until noon.  While the market is open, we will respond to any urgent needs that cannot wait until Monday.

Through Wednesday, the S&P 500 was up +0.07%, the NASDAQ -1.32%. Monday the S&P 500 was down -0.32%, Tuesday +0.17%, Wednesday +0.23%.

Next week also is expected to be quiet.  We’ll see.  The one news item of market moving potential will be the Friday jobs report which gives the net new jobs created in November.  This will be one indicator of the country’s economic health.

Warmest wishes during this traditional week of family gatherings.

 

The information contained in this commentary is not investment advice for any person. It is presented only for informational purposes to assist in explaining factors that may have had an impact in the past or may have an impact in the future on client portfolios or composites. All expressions of opinion reflect the judgment of the firm on this date and are subject to change. Included information has been obtained from sources considered reliable, but we do not guarantee that the foregoing materials are accurate or complete. Investors should contact Ulland Investment Advisors for individualized information prior to deciding to participate in any portfolio or making any investment decision. Ulland Investment Advisors does not provide tax advice. All investors are strongly urged to consult with their tax advisors regarding any potential investment.

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Ulland Investment Advisors

4550 IDS Center · Eighty South Eighth Street · Minneapolis MN 55402 · Telephone: 612-312-1400 · Facsimile: 612-204-3464