News Summary

• The veteran growth investor expects the year to end at highs, “the only ones with lumps of coal in their stocking this season are the bears.”The S&P 500 rose a scant 0.2% Friday as a slump in Apple Inc.’s shares weighed on equities gauges..
• Treasuries were mixed in Friday trading with the yield on the US 10-year bond hovering around 3.9%.“We’ll argue the market was biased for a downside surprise which has translated to a somewhat counterintuitive price response” Ben Jeffery of BMO Capital Markets wrote after Friday’s PCE data..
• US bonds booked a fourth-straight week of gains — their best streak since March.“The soft landing narrative is fully in charge: The economy remains strong while inflation keeps trending down,” Louis Navellier of Navellier & Associates wrote..
• At the same time a reading on new-home sales in the US unexpectedly tumbled, though it may only be a temporary setback for an expected housing market recovery.The dollar steadied amid a weekly rout that had the greenback trading around five-month lows against its Group-of-10 rivals..
• “We expect the proximity to the early close and long weekend will usher in a long winter’s nap for Treasuries.”Additional reports Friday showed consumers were also gaining conviction that inflation in the world’s largest economy was on the right track..
• Swaps traders are betting interest rates will be eased by more than 150 basis points in 2024, double the Fed’s forecast.Read more: Fed’s Preferred Inflation Gauges Cool, Reinforcing Rate-Cut TiltGlobal bonds were primed for another win as of Thursday, data compiled by Bloomberg show..