November’s market rally has investors feeling bullish again. A string of constructive economic data has sent interest rates lower and stocks higher. Recent data indicates that the labor market is softening, but not weak. The economy is growing, but the growth is being driven by increased productivity. Energy prices are falling, taking some pressure off consumers. Stock buybacks. India. A tale of two markets.
1. Sentiment follows price, not the other way around:
![](https://blog.investbcm.com/wp-content/uploads/2023/12/12.8-bull-bear-spread.png)
Source: The Daily Shot 12/4/2023
2. Lower job openings don’t appear to be driven by any one sector:
3. New business applications have remained elevated from pre-pandemic levels, a potential sign of positive economic dynamism:
4. Q3 productivity growth was revised higher again.
![](https://blog.investbcm.com/wp-content/uploads/2023/12/12.8-productivity-growth.png)
Source: The Daily Shot 12/7/2023
5. Natural gas prices are plummeting right as the heating season begins:
![](https://blog.investbcm.com/wp-content/uploads/2023/12/12.8-natural-gas.png)
Source: The Daily Shot 12/7/2023
6. Crude oil prices are approaching the lows of the year:
![](https://blog.investbcm.com/wp-content/uploads/2023/12/12.8-crude-oil.png)
Source: The Daily Shot 12/7/2023
7. Households are in a better financial position than they were prior to the pandemic, although it may not feel that way due to higher prices:
8. Corporations are resuming buybacks at a record pace now that earnings season has largely come to an end:
9. India is a potential beneficiary of increased hostility between the U.S. and China:
10. Homebuilders are selling new homes at prices that are more in-line with what consumers are able to pay: