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Weekly Market Update – January 29, 2024

Price Return Last Week

S&P 500 +1.1% S&P Mid Cap +0.8% Russell 2000 +1.8%

MSCI EAFE +2.0% MSCI EM +1.5%

10 Yr US Treasury Rate – rose from 4.15% to 4.16%

Source: Refinitiv Eikon

 

Economic Data

Core PCE – December: 0.2% (Reuters Poll est. 0.2%) November: 0.1%

The year-over-year change was reported at 2.9%, a reduction compared to the previous month change at 3.2%.  The last time the year-over-year change was under 3% was March 2021.  The market is currently expecting interest rate cuts from the Fed this year to total 1.25%.

Source: Refinitiv Eikon, Bureau of Economic Analysis, U.S. Department of Commerce


GDP – Q4: 3.3% (Reuters Poll est. 2.0%) Q3: 4.9%

Fourth quarter GDP growth was higher than expected led by consumer spending and government expenditures, amongst other items.  For the full year, real GDP increased 2.5%, an increase over the 1.9% growth experienced in 2022.

Source: Refinitiv Eikon, Bureau of Economic Analysis


Attack in Jordan – Three U.S. troops were killed in a drone strike carried out by Iran-backed militants at a base in Jordan.  Over thirty additional troops were injured as a result of the attack.  It is the first deadly attack against U.S troops since the beginning of the Israel-Hamas conflict.

Source: Thomson Reuters, The Wall Street Journal


Liquefied Natural Gas Approvals Paused – The Biden administration announced they will not approve any new plants for liquefied natural gas exports.  The U.S. is currently the largest LNG exporter in the world with exports tripling over the last five years.  The approval pause does not impact already authorized exports to U.S. allies, including Europe.

Source: The Wall Street Journal


Oscar Nominations – For the first time ever, two primarily non-English language films were nominated for best picture in the same year, “The Zone of Interest” and “Anatomy of a Fall.”  A third nominee, “Past Lives” includes mostly English dialogue but features a significant amount of Korean dialogue as well.

Source: The Associated Press

 

Upcoming Events

1/29 – Notable Earnings Reports: Nucor, Whirlpool


1/30 – JOLTS Job Openings, Notable Earnings Reports: Danaher, GM, Pfizer, Pultegroup, UPS, Chubb, AMD, Microsoft, Alphabet, Stryker, Starbucks


1/31 – ADP National Employment, FOMC Meeting, Notable Earnings Reports: Hess, ADP, Boeing, Mastercard, Thermo Fisher Scientific, Aptiv, Phillips 66, Fortive, Aflac, MetLife, Qualcomm


2/1 – ISM Manufacturing PMI, Notable Earnings Reports: Illinois Tool Works, Honeywell, Broadridge, Merck, Tractor Supply, Apple, Amazon.com, Microchip Technology, Meta Platforms


2/2 – Jobs Report, Notable Earnings Reports: Exxon Mobil, Charter Communications, WW Grainger, Bristol-Myers Squibb, Chevron, Abbvie

Source: Refinitiv Eikon

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