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Stocks hit 2023 high

Stocks are on pace to close out 2023 on a strong note, as several major US market indexes recently set new highs for the year. Here is what’s helping drive the bullish action, and what to look for in the coming week.


Despite new comments from Chairman Powell that the Fed is keeping its option open to once again raise rates later this month, major US market indexes added roughly 1% during the past week. That helped the S&P (9%), Dow (11%), and Nasdaq (9%) surge in November, pushing stocks broadly to or near 2023 highs. With earnings season slowing down, many investors appear to have focused their attention primarily on economic reports and how that may impact the FOMC’s next interest rate decision. To that point, Friday's forthcoming jobs report could help move markets. Among the few major market-moving reports driving stocks over the past week was Salesforce, whose positive Q3 earnings helped boost large caps and the tech sector. In commodity markets, oil prices continued their descent from the September peak, while gold prices surmounted $2,000.

Past week Year-to-date 5-year
S&P 500 0.8% 19.7% 64.6%
Oil (WTI crude) –0.1% –3.0% 41.9%
Gold (New York) 3.8% 9.2% 70.4%
Bitcoin 3.6%



Source:, CNBC, as of December 1, 2023.


The US November jobs report lands on Friday, plus Broadcom earnings may help shape the tech stock trade.  

Ferguson () US motor vehicle sales – Monday
J M Smucker () US factory orders – Monday
Toll Brothers () International trade – Wednesday
Broadcom () EIA petroleum report – Wednesday
Campbell Soup () US weekly jobless claims – Thursday
Lululemon () US employment report – Friday
See the full earnings calendar (login required). See the full economic calendar.

Source:, as of December 1, 2023.


Here are 5 stocks from the Stock Screener with a positive earnings surprise (30 days) of at least 29.5% and an EPS growth rate (3 year) of at least 16.9%, sorted by market cap, as of December 1, 2023:

  • Mitsubishi UFJ Financial ()
  • Shopify ()
  • Snowflake (
  • Williams ()
  • Cheniere Energy ()

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Dow Jones Industrial Average, published by Dow Jones & Company, is a price–weighted index that serves as a measure of the entire US market. The index comprises 30 actively traded stocks, covering such diverse industries as financial services, retail, entertainment, and consumer goods. Nasdaq Composite Index is a market capitalization–weighted index that is designed to represent the performance of NASDAQ stocks. The S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent US equity performance.

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