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Weekly Market Recap: Nov. 25, 2019

The week in review

  • Housing starts/permits at 1.314M/1.461M
  • Existing home sales at 5.460M
  • Flash mfg./srvs. PMI at 52.2/51.6
  • Consumer sentiment at 96.8
  • Jobless claims rose to 227K

The week ahead

  • 3Q19 real GDP (2nd est.)
  • Trade balance
  • Consumer confidence
  • Durable goods orders
  • PCE/Core PCE

Thought of the week

This week, millions of families will gather around the table to enjoy a carefully curated array of classic Thanksgiving dinner foods, ranging from a tender 16-pound turkey to a tray of delicious sweet potatoes. Luckily, according to data from the American Farm Bureau, the average cost of a Thanksgiving meal for a family of 10 this year is essentially unchanged when compared to last, rising just $0.01 to $48.91. Interestingly, as shown in this week’s chart, the price change across some individual dinner items hasn’t been as stable. The centerpiece item – the turkey – has fallen by $0.91 to $20.80, due in part to ample supply, but is partially offset by a rise in the price of milk and sweet potatoes, climbing $0.18 and $0.36, respectively. In general, however, overall food price stability is likely to be reflected in the personal consumption figures released Wednesday. Notably, the year-over-year change in the purchased meals and beverages component has averaged a stable 2.0% this year, relative to the 4.3% pace experienced in 2018. All things considered, families can take some comfort in the fact that the cross-table banter will likely consist of politics and social topics, rather than a more expensive Thanksgiving dinner.

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Past performance does not guarantee future results.

Diversification does not guarantee investment returns and does not eliminate the risk of loss.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. International investing involves a greater degree of risk and increased volatility. There is no guarantee that companies that can issue dividends will declare, continue to pay, or increase dividends. Investments in commodities may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage.

JPMorgan Distribution Services, Inc., member of FINRA.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. and JPMorgan Asset Management (Canada) Inc.

©JPMorgan Chase & Co., November 2019

Unless otherwise stated, all data is as of November 25, 2019 or as of most recently available.

Disclosure: J.P. Morgan

Past performance does not guarantee future results.

Diversification does not guarantee investment returns and does not eliminate the risk of loss.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. International investing involves a greater degree of risk and increased volatility. There is no guarantee that companies that can issue dividends will declare, continue to pay, or increase dividends. Investments in commodities may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage.

JPMorgan Distribution Services, Inc., member of FINRA.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. and JPMorgan Asset Management (Canada) Inc.

 

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