From the Desk - Economic Commentary
Scott Goedken, Institutional Strategies Director - 11/09/2026
U.S. stocks are sharply higher this morning after an unusually volatile election week. The DJIA is up approximately 1.6%, while the S&P 500 and Nasdaq are higher by roughly 1.7% and 2.0%. Compared with Election Day’s close, the DJIA is now about 0.6% higher, while the S&P 500 and Nasdaq remain approximately 0.9% and 1.2% lower. The rebound has narrowed the losses from the market’s recent peaks, but the DJIA is still about 3% below its early-November high, the S&P 500 is 4% below its October record and the Nasdaq remains roughly 9% below its peak.
Treasury yields are mixed this morning but lower relative to one week ago. The 2-year yield is near 4.54%, approximately 5 basis points lower than last Monday, while the 10-year is around 4.85%, approximately 6 basis points lower. The curve has changed little over that period, with the spread between the two maturities holding near 30 basis points. Despite Friday’s stronger employment report, yields remain well below their October highs as the market waits for this week’s inflation data to provide a clearer read on whether the Federal Reserve will raise rates again in December.
WTI crude is down more than 3% this morning to approximately $87 per barrel. Oil has fallen nearly 10% from its November 2 close and is trading at its lowest level since late August as concerns about supply disruptions have eased.
The U.S. Census Bureau reported that wholesale sales increased 2.8% in September, while inventories rose 0.7%. The inventory-to-sales ratio fell to 1.21 from 1.34 a year earlier as sales continued to grow faster than inventories.
Tuesday’s Consumer Price Index will be the week’s first major economic release. Thursday brings initial jobless claims and existing home sales, followed by the Producer Price Index on Friday. Together, the reports will provide the week’s most important readings on inflation, labor conditions and housing.
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