Market/Portfolio Happenings

Hello and welcome to this week’s Jones Financial Blog! Our goal at Jones & Associates is to help keep you up to date with interesting current economic/market happenings as well as some proprietary portfolio happenings. Knowledge is power and thought we would share some of ours with you. Enjoy!

All data is for the week ended December 3, 2021

Economic/Market happenings:


  • Equities were lower across most of the global indices, with the S&P 500 down 1.17%, the NASDAQ declining 2.60% and the Russell 2000 dropping 3.82%. Overseas, the developed market index (MSCI EAFE) fell 0.94% while the emerging markets index (MSCI EM) edged 0.20% higher. In the US small and mid-cap stocks were the poorest performers. By sector, utilities and real estate were the best performers while communications services and consumer discretionary were the laggards. (1)

Fixed Income

  • The yield curve continued to flatten as shorter term treasuries (2 year) rose 10 basis points to 0.60% while 10-year treasury rates declined 13 basis points to 1.35% and the 30-year rate declined 14 basis points to 1.69%. (2)


  • Oil prices fell on news that OPEC will continue to produce at recent rates. However, subsequent details about the caveats involved – including enforcement of restrictions on those countries which have been exceeding their allocations – calmed fears of OPEC+ disregarding Omicron risks. For the week the price of West Texas crude fell 2.77% to $66.26 per barrel. (3)

​Economic Data

  • Employment as measured by non-farm payrolls rose just 210,000 last month vs. expectations in the 550,000 area. However, the unemployment rate fell to 4.2% – better than expected – since more people came back into the labor force than anticipated. (1)

  • Home prices rose 19.1% on an annual basis in September for the 20-city index, decelerating slightly from the 19.6% gain in August. It remains significantly faster than the index’s historical growth rates. Cities with the highest price increases were Phoenix, Tampa and Miami. (4)

Proprietary portfolio happenings:

Company News (5)

  • DocuSign Inc, (DOCU), a Core Select and G33 holding, dropped 45.88% last week after management gave disappointing revenue and earnings guidance last week. (6)

  • Norfolk Southern Corp (NSC), a G50 holding, rose 4.30% last week after it was announced a smooth transition plan over the next several months (an internal choice) for their CEO role. (7)

  • Okta Inc. (OKTA), a G33 holding, reported revenues and earnings that exceeded expectations and raised guidance for the coming quarter. (8) Shares were down 3.64% for the week.


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(1) JP Morgan Weekly Market Recap 12-6-21

(2)US Treasury

(3), “Confidence and Caveats Calm Oil” 12-3-21

(4) S&P Case Shiller Home Price Index 11-30-21

(5) All weekly changes in company stock prices: Yahoo Finance

(6) DocuSign Inc. press release 12-2-21

(7) Norfolk Southern Corp. press release 12-2-21

(8) Okta Inc. press release 12-1-21

Herstle Jones, LUTCF, CLTC President & Founder

With over 20 years of experience in the financial services industry,

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