After snapping a lengthy winning streak last week, the market returned to its winning ways, and by “market,” we mean the mega-cap stocks. The V anguard Mega Cap Growth ETF (MGK)  rose 2.2%, while the I nvesco S&P 500 Equal Weight ETF (RSP)  fell 1.2%.

The S&P 500 (+0.3%) and Nasdaq Composite (+1.2%), which have more exposure to mega-cap growth, set record closing highs this week. The Dow Jones Industrial Average (-1.4%) and Russell 2000 (-2.9%), which are more exposed to cyclical names, ended the week with 1% and 3% declines, respectively.

The broader market was slowed down by lingering growth concerns after  Walmart (WMT)  and  Target (TGT)  said they will absorb inflation pressures to keep prices down,  Cisco (CSCO)  issued a revenue warnings due to ongoing supply issues, and Austria reimposed a COVID lockdown.

In turn, Treasuries pushed higher in a flight-to-safety trade, and oil prices fell 6% amid expectations for softer demand and potentially increased supply if countries tap into their oil reserves. The 10-yr yield declined four basis points to 1.54%. The U.S. Dollar Index rose 1.0% to 96.03.

From a sector perspective, the consumer discretionary (+3.8%) information technology (+2.4%), and utilities (+0.9%) sectors were the only sectors that closed higher. The energy (-5.2%), financials (-2.8%), materials (-2.0%), and industrials (-1.2%) sectors fell noticeably.

The economic data, meanwhile, was encouraging. Retail sales for October, industrial production and capacity utilization for October, the NAHB Housing Market Index for November, and the Philadelphia Fed Index for November were each better than expected. Weekly jobless claims also showed continued improvement.

In addition, President Biden signed the $1.2 trillion bipartisan infrastructure bill, the House passed the $1.75 trillion Build Back Better Act, and a CDC advisory committee recommended in a unanimous vote for all adults to get COVID-19 booster shots from  Pfizer (PFE)  or  Moderna (MRNA)  six months after the second dose.

Nevertheless, investors leaned defensively with the market at record highs and continued to bid up shares of the mega-cap companies for their dependable earnings growth. Notably,  NVIDIA (NVDA)  rose 8.5% after providing pleasing earnings results and guidance.

A weekly recap of market activity and events, featuring commentary, analysis written with individual investors in mind.

Week in perspective provided by Briefing.com. Briefing.com offers live market analysis on their web site  www.Briefing.com

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On May 17, 1792, 24 brokers gathered under a buttonwood (sycamore) tree outside 68 Wall Street and signed a two-sentence agreement: they would deal only with each other, charge a standard commission of one-quarter percent, and give preference to fellow signers in all negotiations. Simple. But the effect was transformative. By agreeing to hold a higher standard collectively, they rebuilt confidence in the market itself. The Buttonwood Agreement is widely regarded as the founding document of the New York Stock Exchange and of organized American finance. Why Buttonwood Financial Group carries this name Boutique wealth management firms are built on process and trust. When we named our firm Buttonwood Financial Group, the choice wasn't aesthetic; it was philosophical. Our name is a daily accountability measure; a reminder that the values those brokers signed onto in 1792 — integrity, structure, and responsibility — are exactly the values our clients deserve today. The families and individuals we serve aren't looking for surface answers and financial products. They're looking for an experienced team that has been tested across market conditions, that communicates honestly, and that approaches every client relationship from a fiduciary capacity in a long-term commitment. That's what an established boutique wealth management firm looks like in practice. What experience really means Experience in this industry isn't about credentials alone. It means you have been present with clients through market downturns and periods of uncertainty. You have worked alongside families through estate complexity, business transitions, and inheritance conversations. You have coordinated tax strategy, cash flows, and generational goals at the same time; because for most families, those things can't be separated. Our Team brings that depth to every engagement. 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Our advisors work with individuals, families, and business owners on comprehensive, fiduciary-driven financial plans built around your long-term goals. Frequently Asked Questions What is the Buttonwood Agreement? The Buttonwood Agreement was a compact signed on May 17, 1792, by 24 stockbrokers and merchants in New York City. It established standardized rules for securities trading, dealing only among members, and charging a fixed commission. It is considered the founding document of the New York Stock Exchange. When is Buttonwood Agreement Day? Buttonwood Agreement Day is observed annually on May 17, marking the date the original agreement was signed in 1792 outside 68 Wall Street in New York City. Why is the Buttonwood Agreement significant in finance? The Buttonwood Agreement replaced chaotic, unregulated securities auctions with a system of structured, trust-based trading. 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All investing involves risk, including possible loss of principal. Please consult a qualified professional for advice specific to your situation.

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