Solid Gains for Thanksgiving Week

A Heartfelt Thank You!

We are overwhelmed with gratitude for the amazing support shown for this year’s Casa Toy Drive! Thanks to your generosity, countless children in foster care will experience the joy and warmth of the holiday season.

Each toy and gift card you donated will brighten a child's day and remind them of the love and care in our community. Your contributions truly make a difference, and we couldn't have done it without you.

Thank you for helping us make this holiday season unforgettable for those who need it most. Together, we’ve shown the power of kindness and compassion.

Wishing you all a happy and joyful holiday season!
— McKnight Advisory Group

Stocks posted solid gains over a short and busy holiday week as investors parsed fresh economic data, comments on potential future trade policy, and a few Q3 reports from technology companies.

The Standard & Poor’s 500 Index gained 1.06 percent, while the Nasdaq Composite Index advanced 1.13 percent. The Dow Jones Industrial Average rose 1.39 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, added 2.02 percent.^1,2

Rally Extends

Stocks staged a broad-based rally to start the week as investors reacted to the nominee for Secretary of the Treasury. Small-cap stocks continued their month-to-date surge as the Russell 2000 Index rose to an all-time high. News that consumer confidence rose in November appeared to contribute to gains.^3,4

Then stocks took a pre-Thanksgiving pause as investors digested economic data. Also, disappointing Q3 updates from two computer hardware manufacturers weighed on the tech sector in pre-Thanksgiving trading.⁵

Semiconductor stocks rallied on Friday, pushing all three averages higher for a second straight week. The Dow cracked 45,000 for the first time, and the S&P 500 hit a new record high—with each index closing out its best month of 2024.⁶

Global Growth Dependent on a Resilient US

The 2025 global economic outlook is mixed, with the U.S. and India driving growth, supported by strong labor markets and business investments, while Europe faces modest growth due to high energy prices and geopolitical tensions, and China struggles with a real estate downturn and trade uncertainties. The IMF projects 2.2% growth for the U.S., with economists suggesting the economy is transitioning to a mid-cycle phase, potentially averting recession until 2028. In response to challenges, central banks globally have started interest rate cuts, which historically benefit financial markets during non-recessionary periods. Overall, global growth prospects vary, with monetary easing potentially providing market support.

^{Click here to read the full article: Economic outlook: Global growth dependent on a resilient U.S.}

Tariff Talk

Some of the post-election rally has been driven by investor expectations for less regulation and lower corporate taxes proposed by the incoming administration. One area of concern has been the economic impact of proposed tariffs.

Some market observers believe that the markets have already priced in the impact of these tariffs. In contrast, others see a new Treasury Secretary as a potential buffer in the tariff talks.⁷

This Week: Key Economic Data

Monday:ISM Manufacturing Index. Construction Spending. Fed Official John Williams speaks.

Tuesday:Motor Vehicle Sales. Fed Official Austan Goolsbee speaks.

Wednesday:ADP Employment Report. Fed Official Alberto Musalem speaks. Factory Orders. EIA Petroleum Status Report.

Thursday:Jobless Claims. International Trade in Goods and Services. Fed Official Thomas Barkin speaks. Fed Balance Sheet.

Friday:Employment Situation. Consumer Sentiment. Fed Officials Mary Daly, Beth Hammack and Austan Goolsbee speak.

^{Source: Investors Business Daily - Econoday economic calendar; November 29, 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:Salesforce Inc. (CRM), Marvell Technology, Inc. (MRVL)

Wednesday:Synopsys, Inc. (SNPS)

Thursday:The Kroger Co. (KR)

^{Source: Zacks, November 29, 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.}

“I imagine one of the reasons people cling to their hates so stubbornly is because they sense, once hate is gone, they will be forced to deal with pain.”

– James Baldwin

The Phantom Guardian of Natchez Trace

The Guardian Dog of Natchez Trace is a heartwarming legend of a ghostly canine that appears to lost or weary travelers along the historic Natchez Trace Parkway. Known for its glowing presence and comforting demeanor, the dog is said to guide people back to safety, embodying loyalty and kindness. Rooted in the Trace's rich history, this spectral protector symbolizes the enduring bond between humans and animals, offering a glimmer of hope to those who tread its storied paths.

Winter Spiced Apple Crisp

IngredientsFor the Filling:

• 6 medium-sized apples (Granny Smith or Honeycrisp), peeled, cored, and sliced
• 1/3 cup granulated sugar
• 1/3 cup brown sugar
• 1 teaspoon cinnamon
• 1/2 teaspoon nutmeg
• 1/4 teaspoon ground ginger
• 1/8 teaspoon ground cloves
• 1 tablespoon lemon juice
• 1 tablespoon all-purpose flour

For the Topping:

• 1 cup rolled oats
• 1/2 cup all-purpose flour
• 1/2 cup brown sugar
• 1/2 teaspoon cinnamon
• Pinch of salt
• 1/2 cup (1 stick) unsalted butter, cold and cubed

Instructions

1. Preheat the ovento 350°F (175°C). Grease an 8x8-inch baking dish.

2. Prepare the filling:

   • In a large bowl, combine the sliced apples, sugars, cinnamon, nutmeg, ginger, cloves, lemon juice, and flour. Mix well until the apples are evenly coated.
   • Spread the apple mixture into the prepared baking dish.

3. Make the topping:

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

4. Assemble and bake:

   • Sprinkle the oat topping evenly over the apple filling.
   • Bake for 40-45 minutes, or until the topping is golden brown and the apples are bubbling.

5. Serve:

   • Let the crisp cool for about 10 minutes before serving. Enjoy warm with a scoop of vanilla ice cream or a dollop of whipped cream.

How to Verify Your Identity When Calling the IRS

When calling the IRS, you can expect them to verify your identity before delving into personal information. Here’s what you’ll need to verify your identity:

• Social Security number
• Birthdate
• An Individual Taxpayer Identification Number if you have one instead of your SSN
• Your filing status
• Your prior tax return. You may need information from your prior year’s return to answer certain questions.
• A copy of the tax return you’re calling about
• Any letters or notices you’ve received from the IRS

Important note: the IRS will only ask for this in documents or online. Never offer this info to someone who calls you and says they are from the IRS.

Having all this information handy before you call the IRS will make the process faster because IRS phone operators will only speak with the taxpayer or a legally designated representative.

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

Tip adapted fromIRS⁸

How to Get the Recommended 10,000 Steps a Day

Getting 10,000 steps in throughout the day (or moving at all!) might sound impossible, but you can make minor tweaks to get those feet moving. Here are a few ideas:

• When running errands, park your car further away and walk from there.
• Create a “loop” in your hours that you can walk in between meetings or when you need to get up from your desk. Your loop could even be around the kitchen island!
• Walk in place while watching TV.
• Listen to a great podcast or audiobook while you walk. It will make the time go by faster!

Tip adapted from Organizing Moms⁹

What has one eye and yet can’t see?

Last week’s riddle: A palindrome is any word, phrase, or number that reads the same, either forward or backward. Can you think of a palindrome word spelled in all capitals that looks the same backward, forwards, or upside down? Answer: NOON.

Indonesian Turtle Hatchling

Ujung Genteng, West Java, Indonesia

Footnotes and Sources

^{1. The Wall Street Journal, November 29, 2024}

^{2. Investing.com, November 29, 2024}

^{3. The Wall Street Journal, November 25, 2024}

^{4. CNBC.com, November 26, 2024}

^{5. The Wall Street Journal, November 27, 2024}

^{6. The Wall Street Journal, November 29, 2024}

^{7. CNBC.com, November 26, 2024}

^{8. IRS.gov, October 23, 2023}

^{9. Organizing Moms, July 24, 2024}