Major U.S. stock indexes finished the week higher, rebounding from a sharp sell-off at the end of the prior week. Value stocks outperformed growth shares by the widest weekly margin since September, driven in part by outperformance in the energy sector amid higher oil prices and some profit-taking in large-cap tech stocks. The financials sector also posted strong weekly gains, aided by some earnings upside surprises. On the macro side, year-over-year US core inflation (less food and energy) slowed in December to 3.2% versus 3.3% in November and lower than expected. This number provides optimism that the Fed is still making progress on bringing down inflation following several months of elevated readings, which keeps the door open for potential rate cuts later in the year.

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U.S. equities declined during the week. Small-cap stocks underperformed their large-cap peers for the fifth week in the past six weeks, as the Russell 2000 Index dipped into correction territory. Value stocks held up better than their growth counterparts. The Nasdaq Composite fell 2.34%, its biggest weekly drop since mid-November. The week started on a positive note following a report that the incoming Trump administration’s proposed stance on tariffs was likely to be softer than previously indicated. However, optimism faded throughout the week after President-elect Donald Trump refuted these reports and several pieces of economic data fueled concerns about stubborn inflation.

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Major US stock indexes were mixed during the holiday-shortened week, although broad gains on Friday helped indexes finish off their worst levels. On the macro side, the Chicago Purchasing Managers’ Index (PMI) released on Monday came in at 36.9 in December, falling short of consensus expectations of 42.9. December marked the 13th consecutive month of contracting activity and the steepest month-over-month drop since May. Stocks also fell on Thursday, the first trading day of the new year, partially in response to the Atlanta Fed’s downward revision to its Q4 GDP forecast, from 3.1% to 2.6%. In more positive news, the Labor Department reported initial jobless claims of 211,000 for the week ended December 28. US Treasury yields were all lower on the week with the long-end underperforming.

Major US stock indexes produced moderate gains in the final full week of the year. Friday saw a puke in stocks as year-end pension rebalancing hit the market. US macro surprises were negative on the week; , The Conference Board reported that its index of U.S. consumer confidence fell in December to 104.7 from 112.8 in November. For the fourth time in the past six months, new orders for durable goods declined, falling 1.1% versus consensus expectations for a 0.2% rise. New home sales in November also came in slightly below consensus expectations; the Census Bureau reported a seasonally adjusted annual pace of 664,000 compared with expectations for 670,000, Meanwhile, the Labor Department reported on Thursday that applications for unemployment benefits declined slightly to 219,000 for the week ended December 21, the lowest reading since mid-November.

U.S. stocks declined during the week, although a rally on Friday helped major indexes recover some of their lost ground. Losses were broad-based, though smaller-cap indexes generally fared worst. The Fed’s rate cut announcement on Wednesday (25bps) was largely expected. However, sentiment turned negative as investors digested hawkish forecasts and commentary from Fed officials regarding the path forward for interest rates. The hawkish tone helped drive the S&P 500 Index lower by nearly 3% for the day, its second-worst day of the year. Political uncertainty in the form of a looming government shutdown also seemed to rattle investor confidence. In economic news, the U.S. Real GDP grew 3.1% in Q3, outpacing a previous estimate of 2.8%, partially owing to increases in consumer spending.

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Most US equities indexes ended the week lower, although the tech-heavy Nasdaq Composite advanced modestly and cleared the 20,000 mark for the first time. The Russell 2000 Index recorded a second consecutive week of underperformance against the S&P 500 Index. Growth stocks posted a third consecutive week of outperformance versus value, thanks in part to gains in shares of Tesla (12%) and Alphabet (8.4%). On the macro-economic side, stagflation fears started to rise once again. Indeed, YoY CPI and PPI both accelerated. Meanwhile overall macro surprises disappointed for the fourth week in a row: on Thursday, the Labor Department reported a surprise jump in weekly initial jobless claims to a two-month high of 242,000.

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