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Weekly Market Update – February 5, 2024

Price Return Last Week

S&P 500 +1.4% S&P Mid Cap +0.1% Russell 2000 -0.8%

MSCI EAFE 0.0% MSCI EM +0.3%

10 Yr US Treasury Rate – fell from 4.15% to 4.03%

Source: Refinitiv Eikon


Economic Data

Q4 Earnings – Through Friday, 46% of companies in the S&P 500 had reported Q1 earnings.  Of the companies that have reported, earnings were up 6% year-over-year and revenues were up 3% year-over-year.  Both of these metrics beat analyst estimates prior to reporting. 

Source: Refinitiv Eikon

Jobs Report – January: 353k (Reuters Poll est. 180k) December: 216k

Strong jobs report where the jobs added in January was nearly double the estimate.  In addition to the strong January figures, December’s report was adjusted from 216,000 jobs added to 333,000 jobs added.  In total, there were nearly 300,000 more jobs added in the last two months than expected.

Source: Refinitiv Eikon

Fed Meeting – The Federal Reserve chose not to adjust interest rate policy after a two-day meeting.  Fed Chair, Jerome Powell, noted in a press conference afterwards that it was unlikely Fed officials would agree to cut rates in March.  “This is a good situation.  Let’s be honest.  This is a good economy,” Powell continued.

Source: The Wall Street Journal, USA TODAY

Employment Cost Index – Compensation rose 4.2% year-over-year in Q4.  This is the lowest annual increase in the index since Q4 2021.

Source: U.S. Bureau of Labor Statistics

EU Funds Ukraine – European Union leaders reach agreement on a package of aid for Ukraine totaling $54 billion over the next four years.  Britain’s Secretary of State for Defence, Grant Schapps, states “We find ourselves at the dawn of a new era.  The Berlin Wall a distant memory. And we have come full circle…from a postwar to a prewar world.”

Source: The Wall Street Journal

A New Big Apple? – AO Architects has proposed building a new skyscraper, Legends Tower, in Oklahoma City at 1,907 feet tall that would become the tallest in America.  The current tallest, One World Trade Center, stands at 1,776 feet.  While the height for One World Trade Center was meant to be a nod to the year the Declaration of Independence was signed, the height for Legends Tower was meant to be a nod to the year Oklahoma became a state.

Source: People Magazine


Upcoming Events

2/5 – ISM Non-Manufacturing PMI, Notable Earnings Reports: Caterpillar, Air Products & Chemicals, Estee Lauder, McDonalds, Vertex Pharmaceuticals

2/6 – Notable Earnings Reports: Dupont De Nemours, Eli Lilly, Linde, Amgen, Cognizant Technology, Gilead Sciences, Ford Motor, Chipotle, Prudential

2/7 – Notable Earnings Reports: Yum! Brands, Bunge, CVS, Hilton, Uber, Allstate, Walt Disney, PayPal

2/8 – Notable Earnings Reports: Masco, Intercontinental Exchange, ConocoPhillips, Expedia

2/9 – U.S. CPI Revisions, Notable Earnings Reports: Pepsico

Source: Refinitiv Eikon

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