Market open (Monday, November 13th)- 

Dow Jones- 34,253.51 

S&P 500- 4,397.97

NASDAQ- 13,706.49

Market Close (Friday, November 17th)-

Dow Jones- 34,947.28

S&P 500- 4,514.02

NASDAQ- 14,125.48

Last week, the Nasdaq Composite emerged from correction territory, signaling a potential similar move for the S&P 500. On Wednesday, the S&P 500 recorded a 0.5% increase, reaching 4,516.63, having entered correction territory on October 27. To formally exit this phase, it must close 10% above the recent low, with the critical level to monitor set at 4,529.11.

Following its entry into correction territory on October 27th, the S&P 500 embarked on an eight-day rally. This market surge was instigated by a retreat in the 10-year Treasury yield and a consumer price index (CPI) reading softer than expected. This development heightened optimism that the Federal Reserve might steer clear of additional rate hikes. Subsequent data released last Wednesday revealed the most significant decline in producer prices in 3-1/2 years in October, mainly attributed to cheaper gasoline, offering further proof of alleviating price pressures.

Investors kept a close eye on the first meeting in a year between U.S. President Joe Biden and Chinese leader Xi Jinping last week, anticipating positive outcomes in discussions related to military conflicts, drug trafficking, and artificial intelligence.

Contributing to the positive sentiment, the U.S. House of Representatives passed a temporary spending bill with broad bipartisan support, potentially averting a government shutdown.

As of last Wednesday, the Dow Jones Industrial Average rose by 163.51 points, or 0.47%, reaching 34,991.21. The S&P 500 gained 7.18 points, or 0.16%, closing at 4,502.88, and the Nasdaq Composite added 9.46 points, or 0.07%, closing at 14,103.84. Both the S&P 500 and Nasdaq witnessed their most significant daily percentage gains in over six months on Tuesday, following the release of consumer price data.

The Russell 2000 index continued its upward trend this week, posting a 5.4% rise on Tuesday. This was attributed to the potential relief for smaller companies, particularly those more dependent on floating rate loans, due to the prospect of stalled rate hikes.