November 2023 Commentary: Retail Therapy


  • Stocks and bonds ended November in positive territory. Both U.S. small cap and large cap stocks increased 9.1%, and the Bloomberg U.S. Aggregate Bond Index had its best month since 1985, rising 4.5%.
  • The S&P 500’s Q3 earnings grew by 4.3% year-over-year, and revenues increased 2.4%. However, earnings growth is expected to slow in the coming quarters.
  • Although consumer sentiment remains unusually negative, Thanksgiving weekend broke records for U.S. travel, and online shopping levels were robust.
  • Underneath strong consumer spending levels lies growing credit reliance, hinting at an unsustainable trend that could foretell increased economic and market volatility.

Read and download the commentary here.

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Have any questions? Get in touch today.