Market Report Nov 15 2023

After a few days away, we returned on Tuesday to observe the details from Saturday’s training day play out with a bullish market continuation.

The major averages concluded with substantial gains and elevated trading volumes. Notably, the S&P 500, after approaching the 4100 low on October 27, tested the 4500 during the session, eventually closing just under this threshold. We discussed small caps in a recent MaR webinar and yesterday the Russell 2000 experienced a remarkable surge of 5.4%, elevating it to a YTD gain of 2.1%.

The CPI figures were more favourable than anticipated, reinforcing the market's belief that the Fed may cease its rate hikes.

In tech news, MSFT is poised to reveal its latest AI innovations at the upcoming Ignite 2023 event today. It is rumoured that MSFT might introduce its own AI processor, potentially reducing its reliance on NVDA. This follows NVDA recent unveiling of a new AI chip.

Javid Shaik

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