S&P 500 Earnings Update: Big Week For Labor Market Data; Treasuries Rallied Sharply Last Week

Summary

• The S&P 500 is back into “P/E expansion” mode since early October ’24, with much of it happening in November post the election results.
• The first week of December ’24 is heavy with labor market data releases, culminating with the Friday, December 6th release of the November ’24 nonfarm payroll report.
• The Treasury rally this past week was somewhat surprising, and maybe it’s an early warnings indicator of what November job creation and the unemployment rate will look like.

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The following table from Briefing.com lists the scheduled economic data releases for December 2nd through December 6th, and like the first week of every month, the first week of December ’24 is heavy with labor market data releases, culminating with the Friday, December