top of page

Weekly Market Update – May 13, 2024

Price Return Last Week

S&P 500 +1.9% S&P Mid Cap +2.2% Russell 2000 +1.2%

MSCI EAFE +1.6% MSCI EM +1.0%

10 Yr US Treasury Rate – remained flat at 4.50%

Source: Refinitiv Eikon


Recent News

Consumer Sentiment Falls - Consumer sentiment as reported by the University of Michigan declined 13% compared to the previous month, reaching its lowest level in six months.  Surveys of Consumers Director Joanne Hsu notes that “[consumers] expressed worries that inflation, unemployment and interest rates may all be moving in an unfavorable direction in the year ahead.”  Year-ahead inflation expectations rose from 3.2% to 3.5%.

Source: Refinitiv Eikon, University of Michigan Surveys of Consumers

Jobless Claims Rise – Jobless claims reached 231,000 for the previous week, representing the highest level in over eight months.  This may be good news for the Federal Reserve as there had been concerns among Fed officials about an overheated labor market.  Even with the recent increase, jobless claims remain low by historical standards with the 10-year median level at 245,000 per week.

Source: Thomson Reuters, Refinitiv Eikon, U.S. Department of Labor

Bank of England Stands Pat – The U.K. Central Bank left its key interest rate unchanged at 5.25% after meeting on Thursday.  In contrast to the U.S., the central bank believes they hit their 2% inflation target in April but won’t know for a few more weeks.  U.K. also appears closer to cutting rates with 2 of 9 Monetary Policy Committee members voting for a cut this week.

Source: The Wall Street Journal

Won’t You Be My Neighbor – Microsoft announces plans to build a $3.3 billion data center in Racine, Wisconsin.  The same location that Foxconn announced in 2017 that they were going to build a semiconductor manufacturing facility set to employ 10,000 workers that never came to be.

Source: Associated Press


Upcoming Events

5/14 – Notable Earnings Reports: Home Depot

5/15 – CPI, Retail Sales, Housing Starts, Notable Earnings Reports: Cisco

5/16 – Notable Earnings Reports: Walmart, Deere & Co, Copart

Source: Refinitiv Eikon


bottom of page