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Weekly Market Update – January 16, 2024

Price Return Last Week

S&P 500 +1.8% S&P Mid Cap +0.6% Russell 2000 0.0%

MSCI EAFE +0.9% MSCI EM -0.6%

10 Yr US Treasury Rate – fell from 4.04% to 3.95%

Source: Refinitiv Eikon

 

Economic Data

CPI – December: 0.3% (Reuters Poll est. 0.2%) November: 0.1%

Month-over-month change came in slightly higher than expectations but likely not enough to change the projected interest rate path at the Federal Reserve.  The year-over-year change is at 3.4%.

Source: Refinitiv Eikon


PPI ex Food & Energy – December: 0.0% (Reuters Poll est. 0.2%) November: 0.0%

The Producer Price Index (PPI) gives a more narrow view on price changes in the economy than CPI by focusing mainly on the prices received from domestic manufacturing producers for their goods and ignoring many services.  However, it is still good news that we saw lower prices reported in December than anticipated and the year-over-year change for this measure is now at only 1.8%. 

Source: Refinitiv Eikon


Office Vacancies – Moody’s Analytics reports that 20% of office space in the largest U.S. cities was unleased at the end of the year.  The highest level of vacancy since 1986 and approximately 1% higher than a year ago.

Source: The Wall Street Journal


Taiwan Election  – Taiwanese Vice President Lai Ching-te won the Taiwan Presidential Election on Saturday, beating the closest competitor by approximately 7 percent.  Lai is a member of the Democratic Progressive Party that has been in power for the previous eight years and has been denounced by China as a separatist force.

Source: The Wall Street Journal


Elton John – By winning an Emmy for his Farewell from Dodger Stadium concert special on Monday, Elton John becomes the 19th person to claim EGOT status given to those who have won an Emmy, Grammy, Oscar, and Tony.  John was first nominated at the 13th Grammy Awards for his self-titled debut album but wouldn’t win a Grammy until 1986.

Source: The Hollywood Reporter, Grammy.com


 

Upcoming Events

1/16 – Notable Earnings Reports: Morgan Stanley, Goldman Sachs, PNC


1/17 – Retail Sales, Notable Earnings Reports: Discover, Kinder Morgan


1/18 – Housing Starts, Notable Earnings Reports: Truist, Northern Trust, Fastenal, PPG Industries


1/19 – Existing Home Sales, Consumer Sentiment, Notable Earnings Reports: Schlumberger, State Street, Fifth Third Bancorp

Source: Refinitiv Eikon

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