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Weekly Market Update – June 3, 2024

Price Return Last Week

S&P 500 (0.5%) S&P Mid Cap +0.2% Russell 2000 0.0% MSCI EAFE (0.1%) MSCI EM (3.1%)

10 Yr US Treasury Rate – rose from 4.47% to 4.51%

Source: Refinitiv Eikon

 

Recent News


Core PCE – April: 0.2% (Reuters Poll est. 0.3%) March: 0.3%

For the first time this year, the month-over-month change in Core PCE came in below expectations.  A contributing factor to the lower increase was services prices, which rose 0.3%, an improvement over the 0.4% increase in the prior month. 

Source: Refinitiv Eikon, Bureau of Economic Analysis, CNBC.com


Mexico Election – Mexico elects its first female president in a landslide victory.  Claudia Sheinbaum, the candidate of the Morena party, won by roughly 30 points, the largest margin of victory since the 1982 election.  This may allow her party to make several constitutional changes, including replacing the autonomous election agency, allowing a popular vote for judges, and lowering the number of members in Congress.

Source: The Wall Street Journal


GDP Revisions – Q1: 1.3% (Reuters Poll est. 1.3%) 2023 Q4: 3.2%

The rate of advance for the economy in Q1 declined slightly compared to previous estimates.  Initial estimates had the rate of growth at 1.6% and revisions put the new estimate at 1.3%.  One of the largest contributing factors to the lower estimate was consumer spending, which was revised lower by 50 basis points to 2.0%.  Both estimates were notably slower than the previous quarter’s growth at 3.2%. 

Source: Refinitiv Eikon, Bureau of Economic Analysis, Thomson Reuters


Golf Insurance – While it is commonplace for a golfer to buy the clubhouse a round of drinks after making a hole-in-one, Japanese golfers take it a step further.  In Japan, tradition warrants that golfers who make a hole-in-one buy everyone in their life a gift (spouses, siblings, mailmen, etc.).  As a result, over 40% of golfers in Japan have hole-in-one insurance should they suffer this terrible fate.

Source: Golf Digest

 

Upcoming Events


6/3 – ISM Manufacturing PMI


6/4 – India Election, JOLTS Job Openings


6/5 – ADP National Employment, ISM Non-Manufacturing PMI


6/6 – ECB Meeting


6/7 – Jobs Reports

Source: Refinitiv Eikon

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