Weekly Commentary | October 27, 2024 | Opps Rights, NAVs Come In, Discounts Widen

Macro Picture

The S&P 500 broke its streak of 6 straight weekly gains as it appears to be pricing in fewer rate cuts over the next 12 months. Small caps took it a bit harder than large caps.

The Fed's first rate cut since Covid marked the bottom in rates as of this cycle as both short and long-term have risen steadily.