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Weekly Market Update – February 26, 2024

Price Return Last Week

S&P 500 +1.7% S&P Mid Cap +1.1% Russell 2000 (0.8%)

MSCI EAFE +1.4% MSCI EM +1.2%

10 Yr US Treasury Rate – fell from 4.30% to 4.26%

Source: Refinitiv Eikon

 

Recent News

Earnings Roundup – With 91% of companies in the S&P 500 having reported Q4 earnings, results have largely been better than expected with revenue increasing 4% year-over-year and earnings growth up 9% year-over-year.

Source: Refinitiv Eikon


Fed Minutes – FOMC minutes note that while inflation was moving towards a better balance, “most participants noted the risks of moving too quickly to ease.”  The committee highlighted their uncertainty with how long rates should remain restrictive and “emphasized the importance of carefully assessing incoming data.”

Source: The Federal Reserve


Looming Government Shutdown – A partial government shutdown is set to begin Friday night unless Congress is able to pass a funding bill this week.  Reports indicate that Republicans are pushing for increased border restrictions while Democrats want to see additional aid for Ukraine, Israel, and Taiwan.

Source: The Wall Street Journal


Et tu, Caesar? – Due to Leap Day, salaried employees in 2024 find themselves working one extra day than usual while receiving the same pay as non-Leap years.  They can blame Julius Caesar who started the tradition on January 1st, 45 B.C.E.  Prior to this, the Romans didn’t have a standard calendar and the days of the year would vary from year to year.  This would cause them to be out of alignment with the solar year on occasion, upon which they would add days to February to realign with the solar cycle.


 

Upcoming Events


2/26 – Notable Earnings Reports: ONEOK, Workday, Zoom


2/27 – Durable Goods, Notable Earnings Reports: Autozone, American Tower, Lowe’s, eBay, First Solar


2/28 – Notable Earnings Reports: TJX, Salesforce, Monster Beverage, HP, Snowflake


2/29 – PCE, Notable Earnings Reports: Kroger, Autodesk

Source: Refinitiv Eikon

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