Frontier Investment Management
December 6, 2024
First Week of December 2024
THE WELL-TH NOTES
Weekly data-driven insights on the markets and economy
1. Tech triumphs
The S&P 500 and Nasdaq reached record highs as of Wednesday morning, driven by strong performances from tech shares like Salesforce and Marvell Technology. The S&P 500 gained 0.4%, while the Nasdaq advanced 0.9%, and the Dow Jones rose 0.6%. These gains come as investors anticipate new U.S. employment data due Friday and potential insights into the Fed’s next policy moves.[i]
2. Jobs up, hires down
According to the latest Job Openings and Labor Turnover Survey (JOLTS), job openings in October rose to 7.74 million, up 372,000 from September while hiring fell to 5.31 million, down 269,000 from the previous month. Despite the increase in job openings, nonfarm payroll growth was the lowest in nearly four years. The Fed is expected to lower its benchmark borrowing rate this month to address potential labor market weaknesses.[ii]
3. South Korea strife
South Korean stocks swung wildly in the U.S. on Tuesday amid a day of political upheaval in Korea after President Yoon Suk Yeol was forced to lift an earlier emergency martial law decree, raising fears of instability. The iShares MSCI South Korea ETF (EWY) initially dropped 7% but closed down 1.6%, with heavy trading volumes and declines in U.S.-traded shares of Korean companies such as Korea Electric Power and Coupang.[iii]
4. BlackRock’s big boost
BlackRock announced on Tuesday it will acquire HPS Investment Partners for $12 billion in stock, aiming to expand its presence in the booming private credit market. This deal, expected to close in mid-2025, will create an integrated private credit franchise with about $220 billion in assets, enabling BlackRock to offer comprehensive investment solutions.[iv]
5. No more sky-high fees?
Airline executives from American, Delta, United, Spirit, and Frontier defended their seating fees before a Senate panel on Wednesday morning. The panel has accused the airline industry of charging “junk” fees, with airlines collecting $12.4 billion in seating fees between 2018 and 2023. The Biden administration and some lawmakers are pushing to regulate these fees, citing consumer protection concerns.[v]
6. Box office boom
Over Thanksgiving weekend, Disney’s “Moana 2,” Universal’s “Wicked,” and Paramount’s “Gladiator II” collectively set a new five-day box office record, pulling in an estimated $420 million as of Sunday. “Moana 2” alone earned $221 million, surpassing the previous record held by “The Super Mario Bros. Movie.”[vi]
[i] Conlon, Sean, Kailai Han, Lisa, and Kim, Hakyung. “S&P 500 and Nasdaq rise to fresh record highs as tech shares jump: Live updates.” CNBC, 4 Dec. 2024, https://www.cnbc.com/2024/12/03/stock-market-today-live-updates.html. Accessed December 4, 2024.
[ii] Li, Yun and Kim, Hakyung. “South Korean stocks rebound from lows in chaotic trading as president says he’s lifting martial law.” CNBC, 3 Dec. 2024, https://www.cnbc.com/2024/12/03/south-korean-stocks-rocked-after-martial-law-declared.html. Accessed December 4, 2024.
[iii] Li, Yun and Kim, Hakyung. “South Korean stocks rebound from lows in chaotic trading as president says he’s lifting martial law.” CNBC, 3 Dec. 2024, https://www.cnbc.com/2024/12/03/south-korean-stocks-rocked-after-martial-law-declared.html. Accessed December 4, 2024.
[iv] Imbert, Fred and Picker, Leslie. “BlackRock expanding in private credit, buys HPS Investment Partners for $12 billion.” CNBC, 3 Dec. 2024, https://www.cnbc.com/2024/12/03/blackrock-expanding-in-private-credit-buys-hps-investment-partners-for-12-billion.html. Accessed December 4, 2024.
[v] Josephs, Leslie. “Airline executives defend seat fees before Senate panel.” CNBC, 4 Dec. 2024, https://www.cnbc.com/2024/12/04/airline-executives-senate-panel-seat-fees.html.Accessed December 4, 2024.
[vi] Bacon, Auzinea, “‘Moana 2,’ ‘Wicked’ and ‘Gladiator II’ score box office trifecta on Thanksgiving weekend.” CNN, 1 Dec. 2024, https://www.cnn.com/2024/12/01/business/moana-wicked-gladiator-box-office/index.html. Accessed December 4, 2024.
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