The Federal Reserve skipped raising interest rates for the second meeting in a row but left the door open to future rate hikes if needed to help curb inflation.
U.S. economic growth accelerated to an annualized 4.9% in the third quarter,much faster than the 2% pace over the first half of the year. Solid consumer spending, rising inventories and more homebuilding activity were key supports for this surprising growth.
Year-to-date performance remains mixed with narrow market leadership.Communication Services, Information Technology and Consumer Discretionary stocks have carried the market in 2023. Performance has lagged in all other sectors, including negative returns year-to-date (through October) for Utilities, Real Estate, Health Care and Consumer Staples stocks.
Earnings projections for 2023 and 2024 remain stable. Consensus earnings expectations — approximately $220 and $245 per share in 2023 and 2024, respectively, according to Bloomberg, FactSet and S&P Cap IQ — have remained relatively stable for the last month or so.
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