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Weekly Market Update – April 8, 2024

Price Return Last Week

S&P 500 (1.0%) S&P Mid Cap (1.9%) Russell 2000 (2.9%)

MSCI EAFE (1.3%) MSCI EM +0.5%

10 Yr US Treasury Rate – rose from 4.19% to 4.38%

Source: Refinitiv Eikon

 

Recent News

Jobs Report – March: 303k (Reuters Poll est. 200k) February: 275k

The March jobs report was strong with an increase in the number of jobs added compared to the previous month and higher than the 231,000 average monthly gain over the last year.  The construction industry was a bright spot with over double the number of jobs added compared to its average over the last twelve months.  Of the 2.9 million jobs added over the last year, private education and healthcare have been the biggest contributors with 1.5 million jobs added in these combined sectors.

Source: Refinitiv Eikon, Bureau of Labor Statistics, The Wall Street Journal


ISM Manufacturing PMI – March: 50.3 (Reuters Poll est. 48.4) February: 47.8

Manufacturing activity in the U.S. grew for the first time since September 2022 according to a new survey from the Institute for Supply Management.  A PMI reading above 50 indicates growth while a reading below 50 indicates contraction.  The PMI reading has been below 50 for 16 consecutive months, the longest contractionary period since 2002.

Source: Thomson Reuters


Euro zone Inflation – Underlying inflation within the Eurozone fell from 3.1% to 2.9% for the month of March.  Goods inflation has led to the reduction while services inflation has remained steady at 4.0%.  Despite a better-than-expected report, investors see little chance of a cut at the European Central Bank’s policy meeting this week.  One of the concerns highlighted by ECB policymakers is that an interest rate cut prior to the Federal Reserve cutting rates could weaken the euro and lead to imported inflation.

Source: Thomson Reuters


End Your Enthusiasm – After 12 seasons and over 50 Emmy nominations, the HBO sitcom “Curb Your Enthusiasm” aired its series finale last night.  Show creator, Larry David, reportedly named the series “Curb Your Enthusiasm” so viewers would not expect it to be as successful as Seinfeld and because of his belief that too many people are overly enthusiastic about their lives and should keep their enthusiasm to themselves.

Source: TIME

 

Upcoming Events


4/10 – CPI, FOMC Minutes


4/11 – ECB Rate Decision


4/12 – Consumer Sentiment, Notable Earnings Reports: BlackRock, Citigroup, JPMorgan Chase, Wells Fargo, State Street

Source: Refinitiv Eikon

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