The Pulse on the Economy and Capital Markets: November 2024 

To Summarize: The stock and bond markets remain mixed as the Federal Reserve and election dynamics have influenced investor sentiment. Consumers are showing more stability despite stickier inflation. The housing market is feeling the impact of higher mortgage rates. We unpack this and more in the November edition of The Pulse. 

In the Markets: Domestic market growth has been on the rise in the fourth quarter as international markets fall. With faster U.S. growth, less reliance on exports, and higher-than-expected interest rates, investors have shifted their preference towards U.S. markets compared to a few months ago. Bond yields are rising, which reflects expectations of stronger economic growth and persistent inflation. The more interest rate sensitive bonds, such as Government and Investment Grade bonds, have fared worse than their high yield counterparts. 

The Resilient Consumer: Global economic data continues to beat expectations and consumer balance sheets have remained healthy, which is surprising given stickier inflation. Overall, consumers continue to spend on services, such as travel and restaurants, while spending has slowed on physical items at stores. 

Residential Housing Market Complexity: Higher mortgage rates continue to impact the speed of sales in the residential housing market. While the pace of home sales may be slow, strong balance sheets and mortgages in the hands of safer borrowers have resulted in foreclosures reaching below pre-pandemic levels.  

Top Headlines: We’re reading about how Three Mile Island’s restart could be a turning point for nuclear energy, why Home Depot made a big bet on the professional business, what the recent Apartment List National Rent Report has to say about the multifamily housing market, and why Wonder “Food Halls” are suddenly everywhere.  

Related resources:

• Three Mile Island restart could mark the turning point for nuclear energy 
• Why Home Depot made an $18.25 billion bet on the professional business 
• What the Apartment List National Rent Report implies for the multifamily housing market 
• What’s the deal with Wonder, the food hall that’s suddenly everywhere 

Disclosures

Investment advisory services are offered by Aprio Wealth Management, LLC, a Securities and Exchange Commission Registered Investment Advisor. Opinions expressed are as of the publication date and subject to change without notice.  Aprio Wealth Management, LLC shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses or opinions contained herein or their use, which do not constitute investment advice, are provided as of the date written, are provided solely for informational purposes and therefore are not an offer to buy or sell a security. This commentary is for informational purposes only and has not been tailored to suit any individual. References to specific securities or investment options should not be considered an offer to purchase or sell that specific investment. 

 This commentary contains certain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially and/or substantially from any future results, performance or achievements expressed or implied by those projected in the forward-looking statements for any reason.  No graph, chart, or formula in this presentation can be used in and of itself to determine which securities to buy or sell, when to buy or sell securities, whether to invest using this investment strategy, or whether to engage Aprio Wealth Management, LLC’s investment advisory services. 

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