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Weekly Market Update – March 18, 2024

Price Return Last Week

S&P 500 (0.1%) S&P Mid Cap (1.0%) Russell 2000 (2.1%)

MSCI EAFE (1.4%) MSCI EM (0.2%)

10 Yr US Treasury Rate – rose from 4.09% to 4.30%

Source: Refinitiv Eikon


Recent News

Core CPI – February: 0.4% (Reuters Poll est. 0.3%) January: 0.4%

This was the third consecutive month that the Core CPI report came in above estimates.  Shelter costs moderated from their unexpectedly high reading in January.  Airline ticket, used car, and car insurance prices came in higher than the previous month.  There are still six more inflation reports scheduled between now and the Fed’s meeting in June allowing for ample time for prices to moderate before a cut is expected to occur.

Source: Refinitiv Eikon, U.S. Bureau of Labor Statistics

Retail Sales – February: 0.6% (Reuters Poll est. 0.8%) January: -0.8%

Sales bounce back following a January dip, lending credence to the view that January’s decline may have been weather-related.  This was a small miss compared to economist expectations, but still was solidly positive implying continued economic growth.

Source: Refinitiv Eikon

Bank of Japan – Expectations for Bank of Japan officials to raise rates this week have moderated following comments from Bank of Japan Governor Kazuo Ueda on Tuesday.  Ueda said that “Japan’s economy is recovering moderately, although weakness has been seen in some data.”  The Bank of Japan has had negative interest rates in place since 2016.

Source: Thomson Reuters

Bracket Buster – The NCAA Tournament kicks off on Tuesday with 68 teams set to compete for the collegiate basketball national title.  The tournament first began in 1939 with just eight teams competing against one another.  It wasn’t until 1985 when the field expanded to 64 teams and 2011 when four additional teams were added, totaling 68.  The lowest ever seed to advance to the Final Four is an #11 seed.  This has happened on five occasions: LSU in 1986, George Mason in 2006, VCU in 2011, Loyola Chicago in 2018, and UCLA in 2021.

Source: NCAA.COM, The Associated Press


Upcoming Events

3/18 – Bank of Japan Meeting, NVIDIA Conference

3/19 – Housing Starts, NVIDIA Analyst Day

3/20 – FOMC Meeting, Notable Earnings Reports: Tencent

3/21 – Global PMI’s, Bank of England Meeting, Notable Earnings Reports: Accenture, Academy Sport & Outdoors, Darden Restaurants, FedEx, Lululemon, Nike

Source: Refinitiv Eikon


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