This Weekly Financial Markets Update reviews the top market headlines: Bitcoin Soars in Crypto Bull Market, Home Sales Post First Annual Gain Since July 2021, Leading Indicators Suggest Economic Challenges
  • The price of Bitcoin has risen more than 40% in November
  • Existing home sales increased 2.9% in October versus the prior year
  • Leading Indicators fell by 0.4% in October

Top Three Market Headlines

Bitcoin Soars in Crypto Bull Market: The price of Bitcoin approached the $100,000 milestone last week, marking an extraordinary rally of more than 40% since the start of November. The cryptocurrency's dramatic recent surge has been fueled by post-election expectations of a more crypto-friendly regulatory landscape. Spot Bitcoin ETFs, which were introduced in early 2024, have been a significant driver of this momentum, recording $6 billion in trade volume during election week alone. This resurgence stands in stark contrast to the 75% collapse in Bitcoin's price to less than $17,000 just two years ago.

Home Sales Post First Annual Gain Since July 2021: Sales of existing homes in the U.S. rose in October by 2.9% compared to the prior year, according to the National Association of Realtors. This was first year-over-year increase in unit sales since August 2021. Climbing 3.4% from the prior month, October sales totaled 3.96 million units (seasonally adjusted annual rate). Versus the prior year, sales advanced in the Midwest, South, and West, but were flat in the Northeast. Meanwhile, the median existing home sales price rose 4.0% over last year to $407,200, the 16th straight month of year-over-year price gains.

Leading Indicators Suggest Economic Challenges: The Conference Board's U.S. Leading Economic Index (LEI), intended to indicate significant turning points in the economy, fell by 0.4% in October. The latest decline, the eighth straight monthly drop, was led by weakness in manufacturers' new orders. In addition, manufacturing hours work posted their largest drop since December 2023. The Conference Board noted that the index suggested challenges ahead for economic activity but was not necessarily signaling an impending recession.

Please note: There will be no Weekly Financial Markets Update published next Monday, December 2. We would like to wish everyone a happy Thanksgiving!

As of November 22, 2024 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 1.40% 0.41% 19.15% 25.66%
S&P 500 1.72% 3.79% 26.70% 32.85%
Russell 2000 4.49% 8.08% 20.15% 35.93%
MSCI EAFE 0.00% -7.67% 4.32% 11.12%
MSCI Emerging Markets 0.23% -7.15% 8.50% 13.17%
FTSE NAREIT Equity 2.21% -0.40% 15.47% 29.88%
Bloomberg Commodity 3.08% -0.70% 5.11% 2.03%
Bloomberg U.S. Aggregate 0.19% -2.80% 1.52% 6.22%

Conference Board 11/21/2024, AP 11/21/2024, National Association of Realtors 11/21/2024. Data from Morningstar Direct. Returns for periods greater than one year are annualized. Investment advisory, named and independent fiduciary services are offered through Gallagher Fiduciary Advisors, LLC, an SEC Registered Investment Adviser. Gallagher Fiduciary Advisors, LLC does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. Gallagher Fiduciary Advisors, LLC is a single-member, limited-liability company, with Gallagher Benefit Services, Inc. as its single member. Neither Arthur J. Gallagher & Co., Gallagher Fiduciary Advisors, LLC nor their affiliates provide accounting, legal or tax advice. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your Gallagher Fiduciary Advisors consultant before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.