Market Note – November 20, 2023
By Hightower Great Lakes on November 20, 2023
Stephanie Link Interview With Barron’s
Last week, Stephanie Link had a conversation with Barron’s Advisor to discuss her views on fixed income versus equities, where she sees opportunities in the markets, and a lookback on the economy’s performance in 2023.
Additionally, Stephanie spoke candidly about what it’s like to be on live TV and her career path that led her to where she is today. Read the full interview here: “Hightower Investment Strategist Stephanie Link: Bonds Are Back, but Don’t Forget Stocks.”
Fixed Income
U.S. bonds rallied this week after the CPI, PPI and jobless claim data all came in softer than expected. U.S. yields ended the session Tuesday richer by 14–24 bps across the curve with 2/10s finishing the week at -47 bps (this spread hit a high of -14 bps on October 31).
Market participants now priced in that the Fed is done with its rate hike regime and could lower the fed funds rate by 75-100 bps by the end of 2024. High yield spreads tightened this week by 3 bps to +431 bps. Munis outperformed on the week, with yields lower by 18-29 bps across the curve.
The Week Ahead
Earnings – Tuesday: LOW, J, NVDA; Wednesday: DE.
Economics – Tuesday: FOMC Minutes (November); Wednesday: Durable Orders (October).
Return for Selected Indices[1]
Click here to read last week’s Market Note (11/13).
Disclosures
Investment Solutions is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.
This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is neither indicative nor a guarantee of future results. The investment opportunities referenced herein may not be suitable for all investors.
All data or other information referenced herein is from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other data or information contained in this presentation is provided as general market commentary and does not constitute investment advice. Investment Solutions and Hightower Advisors, LLC or any of its affiliates make no representations or warranties express or implied as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Investment Solutions and Hightower Advisors, LLC assume no liability for any action made or taken in reliance on or relating in any way to this information. The information is provided as of the date referenced in the document. Such data and other information are subject to change without notice.
This document was created for informational purposes only; the opinions expressed herein are solely those of the author(s) and do not represent those of Hightower Advisors, LLC, or any of its affiliates.
[1] Source: Bloomberg. As of November 12, 2023.
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Hightower Great Lakes is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.
This is not an offer to buy or sell securities, nor should anything contained herein be construed as a recommendation or advice of any kind. Consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. No investment process is free of risk, and there is no guarantee that any investment process or investment opportunities will be profitable or suitable for all investors. Past performance is neither indicative nor a guarantee of future results. You cannot invest directly in an index.
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