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Weekly Market Update – April 29, 2024

Price Return Last Week

S&P 500 +2.7% S&P Mid Cap +2.1% Russell 2000 +2.8%

MSCI EAFE +1.7% MSCI EM +3.7%

10 Yr US Treasury Rate – rose from 4.62% to 4.67%

Source: Refinitiv Eikon


Recent News

Core PCE – March: 0.3% (Reuters Poll est. 0.3%) February: 0.3%

Prices rose at the same rate as the previous month for a year-over-year change of 2.8%.  Prices for services grew faster than goods with services increasing 0.4% month-over-month versus goods increasing at just 0.1%.  Food prices actually reported a small decline of 0.1% month-over-month.  At the end of the week, the number of interest rates cuts expected by the market declined from two to one.

Source: Refinitiv Eikon, Bureau of Economic Analysis

GDP – Q1: 1.6% (Reuters Poll est. 2.4%) Q4: 3.4%

GDP growth for the first quarter came in weaker than expected and less than half the rate of growth seen in the previous quarter.  While consumer spending on services has increased, spending on goods dropped significantly versus the previous quarter.  On the positive side, over 1.2% of the decline of the rate of growth can be attributed to reductions in exports and inventory, which tend to be one-time effects. 

Source: The Wall Street Journal, Refinitiv Eikon, Bureau of Economic Analysis

Foreign Aid Bill Passed – Congress passed a foreign-aid package totaling $95B to send aid to Ukraine, Israel, and Taiwan.  In addition, the bill forces a sale of Chinese-controlled TikTok within the next year.  A last-minute change makes $9.5B of the aid to Ukraine a forgivable loan instead of an outright grant.  In a rare show of bipartisanship, the bill passed 79-18. 

Source: The Wall Street Journal

Q1 Earnings – 46% of companies in the S&P 500 have now reported Q1 earnings results.  77% have reported earnings above estimates and 60% have reported revenue above estimates.  The growth rate for earnings on a year-over-year basis is currently 3.5%.  This is the third quarter in a row with earnings growth.  Revenues have climbed 4.0% versus the previous year.

Source: FactSet

A New Den – The Chicago Bears unveiled a proposal to build a new $3.2 billion stadium alongside the lakefront.  The proposed stadium would tear down much of the existing Soldier Field and repurpose it as a park while constructing a domed stadium for NFL games and other events.  The Illinois Sports Facilities Authority is being asked to help fund the construction but remains indebted from the 2002 Soldier Field renovation.  The payments from the 2002 renovation amount to over $50 million per year through 2032.  These funds are supported by Chicago hotel taxes but if hotel tax revenue fails to grow 5.5% each year, Chicago taxpayers make up the difference.  Bears President, Kevin Warren, notes that a domed stadium could allow Chicago to host a Super Bowl or Final Four in the future.

Source: Chicago Sun-Times, Chicago Bears


Upcoming Events

4/30 – Consumer Confidence, Eurozone CPI, Employment Cost Index, Notable Earnings Reports: Illinois Tool Works, Air Products and Chemicals, Ecolab, Coca-Cola, Eli Lilly, McDonald’s, 3M, PayPal, AMD, Amazon, ONEOK, Stryker, Starbucks

5/1 – ADP Employment, ISM Manufacturing PMI, JOLTS Job Openings, Fed Meeting, Notable Earnings Reports: Dupont De Nemours, Yum! Brands, Estee Lauder, Mastercard, CVS Health, Marriott, Pfizer, Kraft Heinz, Allstate, Cognizant Technology, eBay, First Solar, MetLife, VICI Properties

5/2 – Notable Earnings Reports: Linde, Southern, Intercontinental Exchange, Aptiv, Zoetis, Apple, Amgen, EOG Resources, Expedia, Booking Holdings, Novo Nordisk, Monster Beverage

5/3 – Jobs Report, ISM Non-Manufacturing PMI, Notable Earnings Reports: CBRE Group, Hershey

Source: Refinitiv Eikon


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