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Weekly Market Update – June 10, 2024

Price Return Last Week

S&P 500 1.3% S&P Mid Cap (2.1%) Russell 2000 (2.1%) MSCI EAFE +0.6% MSCI EM +2.3%

10 Yr US Treasury Rate – fell from 4.51% to 4.43%

Source: Refinitiv Eikon

 

Recent News


Jobs Report – May: 272k (Reuters Poll est. 185k) April: 175k

Job gains were significantly higher than expectations with strong gains reported in restaurants and bars amongst other sectors.  The odds of a rate cut in September fell after the report with the current odds at roughly 50%.

Source: Thomson Reuters


ECB Cuts Rates – The European Central Bank lowered interest rates from 4% to 3.75%.  The first cut by the ECB in nearly five years.  While inflation changes have been similar in the Eurozone and the U.S., Europe’s economy has had a more difficult time growing, unable to surpass a 0.5% annual growth rate in any of the last four quarters. 

Source: Refinitiv Eikon, The Wall Street Journal


India Election – Indian Prime Minister Narendra Modi retained power as leader of the country after recent elections, despite his Hindu nationalist party losing their outright majority for the first time in ten years.  Investors have been supportive of Modi and the Indian stock market fell over five percent on concerns that he wouldn’t be able to implement as many policies as originally hoped.

Source: Thomson Reuters


Brent Crude Falls Below $80 – Oil prices fell below $80 per barrel for the first time since February.  The price move came after OPEC+ members agreed to begin phasing out voluntary output cuts.

Source: AFP


Flag Day – The current version of our flag was created by a 17-year-old boy named Robert Heft that did so after his high school teacher asked his class to design a new flag to incorporate Hawaii and Alaska as part of the Union.  His teacher originally gave him a B-minus on the project because he thought the design was unoriginal but changed it to an A once the design became the official flag.

 

Upcoming Events


6/10 – Apple WWDC


6/11 – Notable Earnings Reports: Oracle


6/12 – CPI, Fed Meeting, Notable Earnings Reports: Broadcom


6/13 – Notable Earnings Reports: Adobe


6/14 – Consumer Confidence

Source: Refinitiv Eikon

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