Rally Loses Steam; Fed Weighs Move

This holiday season, McKnight Advisory Group is proud to partner with CASA Rutherford County to support children in foster care. CASA’s dedicated volunteers advocate for these children, helping them find safe, permanent homes where they can flourish.

How You Can Help:

Contribute to our Toy Drive by donating a new, unwrapped toy worth $20 or more, or a $25 Walmart or Target gift card. Your generosity will bring warmth and happiness to a child, showing them the caring spirit of our community.

Details:

• Deadline:December 2, 2024
• Drop-Off Location:McKnight Advisory Group
  1800 S. Rutherford Blvd., Suite 202, Murfreesboro

Let’s make this holiday season brighter for children in need!

Rally Loses Steam; Fed Weighs Move

Stocks fell last week as the postelection rally lost momentum amid an inflation uptick and cautious comments from Fed officials.

The Standard & Poor’s 500 Index fell 2.08 percent, while the Nasdaq Composite Index declined 3.15 percent. The Dow Jones Industrial Average lost 1.24 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, dropped by 2.38 percent.^1,2

Rally Fizzles, Data Rattles

Stocks began the week with modest gains as all three major indexes hit record highs. On Tuesday, stocks took a breather with monthly inflation pending.³

News that the Consumer Price Index (CPI) ticked up slightly in October injected some uncertainty into the markets. The Producer Price Index released the following day showed wholesale inflation ticked up last month. While both the CPI and PPI aligned with expectations, investors hoped for better news.

Comments from Fed Chair Powell that the Fed wasn’t “in a hurry” to cut rates were a bit unexpected, which put stocks under more pressure.^4,5

Stocks dropped again on Friday as strong October retail sales seemed to reinforce Powell’s comments about Fed rate adjustments. News that Boston Fed President Susan Collins expressed doubts about what the Fed might do in December, putting further pressure on stocks.⁶

Staying Invested 

^{Article from gsam.com: Staying Invested} 

Tug-O-War 

The inflation data that came in last week—retail and wholesale—show that the path to the Fed’s stated goal of 2 percent inflation may prove bumpy.

For the past couple of years, inflation has been the focus of the Fed's efforts to manage rising prices by tightening the money supply. Ironically, strong retail sales numbers—while a sign of a strong economy—send a mixed message to investors. Confident consumers tend to spend money, which may take some pressure off the Fed as it looks to manage economic activity.

This Week: Key Economic Data

Monday: Fed Official Austan Goolsbee speaks. Housing Market Index.

Tuesday:Housing Starts and Permits.

Wednesday:Treasury Buyback Announcement.

Thursday:Existing Home Sales. Weekly Jobless Claims. Fed Official Beth Hammack speaks.

Friday:Consumer Sentiment.

^{Source: Investors Business Daily - Econoday economic calendar; November 15, 2024
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.}

This Week: Companies Reporting Earnings

Tuesday:Walmart Inc. (WMT), Lowe’s Companies, Inc. (LOW), Medtronic (MDT)

Wednesday:NVIDIA Corporation (NVDA), The TJX Companies, Inc. (TJX), Palo Alto Networks, Inc. (PANW), Target Corporation (TGT)

Thursday:Intuit Inc. (INTU), Deere & Company (DE)

^{Source: Zacks, November 15, 2024.
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.}

With alternative investments, it’s critical to sort through the complexity.

“If we all worked on the assumption that what is accepted as true were really true, there would be little hope of advance.”

– Orville Wright

Caramel Apple Crisp

Serves: 6-8
Prep Time: 15 minutes
Cook Time: 40 minutes

Ingredients:

For the Filling:

• 6 medium apples (Granny Smith, Honeycrisp, or Fuji), peeled and sliced
• 1/3 cup granulated sugar
• 1 tablespoon lemon juice
• 1 teaspoon ground cinnamon
• 1/4 teaspoon nutmeg
• 1/3 cup caramel sauce (store-bought or homemade)

For the Topping:

• 1 cup old-fashioned oats
• 3/4 cup all-purpose flour
• 1/2 cup packed brown sugar
• 1/2 teaspoon cinnamon
• 1/4 teaspoon salt
• 1/2 cup cold unsalted butter, cut into small cubes

Instructions:

1. Preheat the Oven:

   • Preheat your oven to 350°F (175°C). Grease a 9x9-inch baking dish.

2. Prepare the Filling:

   • In a large bowl, toss the apple slices with sugar, lemon juice, cinnamon, and nutmeg. Transfer the mixture to the prepared baking dish.
   • Drizzle caramel sauce evenly over the apples.

3. Make the Topping:

   • In a separate bowl, mix oats, flour, brown sugar, cinnamon, and salt. Add cold butter and use a pastry cutter or your hands to combine until the mixture resembles coarse crumbs.

4. Assemble:

   • Sprinkle the topping evenly over the apples.

5. Bake:

   • Bake in the preheated oven for 35-40 minutes, or until the topping is golden brown and the apples are tender.

6. Cool and Serve:

   • Let the crisp cool for 5-10 minutes before serving. Drizzle additional caramel sauce on top for extra sweetness.

Nestled in the quiet hills of Bedford County near Flat Creek lies the enduring legend of theDenton Treasure. Thomas Denton, a 19th-century farmer or merchant, is said to have buried a fortune—gold coins, silver ingots, or Civil War-era currency—somewhere in the area.

The reasons behind Denton’s actions are shrouded in mystery. Did he fear thieves? Distrust banks? Whatever his motive, the treasure was never recovered, and Denton’s secrets were lost to time.

For decades, treasure hunters armed with metal detectors and shovels have scoured the land, lured by whispers of cryptic clues and unverified finds. Despite numerous attempts, the exact location—and even the existence—of the treasure remains unproven.

More than a tale of riches, the Denton Treasure symbolizes the allure of discovery and the rich folklore of Middle Tennessee. Could this legendary fortune still lie beneath the soil, waiting for someone to uncover its secrets?

Only time—and perhaps a lucky adventurer—will tell.

What To Do If You Get Mail From the IRS

The IRS sends letters and notices for many different reasons. Some letters need a response or action item, while some are to keep you informed. 

Here’s what to do if you receive mail from the IRS:

• Don’t throw it away
• Don’t panic
• Don’t reply unless directed to do so
• If a response is needed, respond promptly
• Review the information to make sure it’s correct
• Respond to a disputed notice
• If you need to call the IRS, use the phone number printed on the notice
• Avoid scams through email, social media, or text messages

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted fromIRS⁷

A Healthy Side

Do you think you can’t enjoy good flavor while prioritizing healthy eating? Think again! This cauliflower “mac and cheese” is delicious, decadent, and easy to make. 

You’ll need:

• One head of cauliflower
• Salt and pepper to taste
• ¼ cup sour cream or Greek yogurt
• ½ cup shredded cheddar cheese

1. Cut the cauliflower into small florets.
2. Boil the cauliflower for about 5 minutes. 
3. Drain and return to the pot in the low heat setting. 
4. Add salt, pepper, and sour cream/Greek yogurt and stir until combined. 
5. Stir in the cheese until melted. 
6. Garnish with fresh parsley and enjoy!

Tip adapted from Tasty⁸

I’m not alive, yet I grow. I need air, yet I have no lungs. I lack a mouth, yet water will calm me down. What am I?

Last week’s riddle: What common English-language word becomes shorter when you make it longer? Answer: Short.

Guggenheim Museum

Bilbao, Spain

Footnotes and Sources

^{1.The Wall Street Journal, November 15, 2024}

^{2.Investing.com, November 15, 2024}

^{3.CNBC.com, November 12, 2024}

^{4.The Wall Street Journal, November 13, 2024}

^{5.The Wall Street Journal, November 14, 2024}

^{6.CNBC.com, November 15, 2024}

^{7.IRS.gov, May 6, 2024}

^{8.Tasty, July 24, 2024}