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Weekly Market Update – April 22, 2024

Price Return Last Week

S&P 500 (3.1%) S&P Mid Cap (2.2%) Russell 2000 (2.8%)

MSCI EAFE (2.3%) MSCI EM (3.6%)

10 Yr US Treasury Rate – rose from 4.50% to 4.62%

Source: Refinitiv Eikon

 

Recent News

Stock Market Decline – The decline this past week was the biggest decline since the week Silicon Valley Bank failed in March 2023.  It was the sixth session in a row where the S&P 500 and Nasdaq indexes declined, the longest losing streak since October 2022.  Despite the recent rough patch, the S&P 500 still has a positive total return of 4.1% year-to-date.

Source: Bianco Research, Thomson Reuters


Retail Sales – March: 0.7% (Reuters Poll est. 0.3%) February: 0.6%

March retail sales suggest that the consumer remains strong with positive growth in 10 of the last 12 months.  February sales were also revised higher, from 0.6% to 0.9%.  February’s revised 0.9% increase was the largest month-over-month change in over a year.  Economists at Goldman Sachs raised their first quarter GDP estimate from 2.5% to 3.1% to reflect the increased spending.

Source: Thomson Reuters


Powell Comments – Federal Reserve Chair Jerome Powell stated that “recent data have clearly not given us greater confidence” that inflation is making progress towards 2%.  He continued that it would be “appropriate to allow restrictive policy further time.”

Source: Thomson Reuters


Mortgage Rates Hit New High – Mortgage-finance agency Freddie Mac reports that average 30-year fixed mortgage rates for the previous week were 7.1%.  The highest level reported in 2024 and the largest weekly increase in almost a year.

Source: The Wall Street Journal


Oakland Wiped Off the Map – The Oakland Board of Port Commissioners votes to change the name of Oakland International Airport to San Francisco Bay Oakland International Airport.  Oakland officials hope the change highlights how close the airport is to San Francisco and leads to more flights.  This change occurs just months after Major League Baseball approved the relocation of the Oakland Athletics to Las Vegas.

Source: The Wall Street Journal


 

Upcoming Events


4/22 – Notable Earnings Reports: Verizon, Nucor


4/23 – Notable Earnings Reports: GE, GM, Lockheed Martin, PepsiCo, RTX, UPS, Tesla, Visa


4/24 – Durable Goods, Notable Earnings Reports: Boeing, AT&T, Chipotle, Ford, IBM, Meta Platforms, ServiceNow


4/25 – Q1 GDP, Notable Earnings Reports: American Airlines, Bristol-Myers Squibb, Caterpillar, Comcast, Dow, Honeywell, Merck, Northrop Grumman, Alphabet, Intel, KLA, Microsoft


4/26 – PCE, Notable Earnings Reports: Abbvie, Colgate-Palmolive, Chevron, Exxon Mobil

Source: Refinitiv Eikon

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