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Weekly Market Update – May 28, 2024

Price Return Last Week

S&P 500 +0.0% S&P Mid Cap (1.3%) Russell 2000 (1.2%) MSCI EAFE (0.9%) MSCI EM (1.5%)

10 Yr US Treasury Rate – rose from 4.42% to 4.47%

Source: Refinitiv Eikon


Recent News

Fed Minutes – Minutes from the Federal Reserve’s meeting at the beginning of May noted that “various participants mentioned a willingness to tighten policy further.”  This contrasts with Fed Chair Jerome Powell’s comments last week that he was skeptical of another hike this year.  The stock market declined modestly following the report.  Expectations remain for an interest rate cut in September.

Source: Thomson Reuters, Refinitiv Eikon

UK Election – British Prime Minister Rishi Sunak called for a national election on July 4.  Despite Sunak’s Conservative party trailing the opposition Labour Party significantly in polls, Sunak is betting that recent economic progress may give him the best shot to continue as Prime Minister.  Should the Labour Party win, it would be their first time in power since 2010.

Source: Thomson Reuters

Existing Home Sales – April: 4.14M (Reuters Poll est. 4.21M) March: 4.19M

A small miss versus expectations in existing home sales for April, but the overall level remains at historic lows.  While April tends to be a strong month for real estate sales, the 2024 April sales were the lowest in over twenty years.

Source: Refinitiv Eikon

Memorial Day – General John Logan is credited with being the first to establish Memorial Day as a day of remembrance for fallen soldiers back in 1868.  Logan had deep roots in Illinois, having been born in Murphysboro and serving three terms as US Senator for Illinois.  Chicago neighborhood, Logan Square, was named after him in 1889.  As a man who sported a robust mustache for much of his life, he would be pleased to find many of the hipster residents in his namesake neighborhood donning similar mustaches today.

Source: The Army Historical Foundation, National Park Service, WLS-TV


Upcoming Events

5/28 – Consumer Confidence

5/29 – Notable Earnings Reports: Salesforce, HP

5/30 – GDP, Notable Earnings Reports: Best Buy, ULTA, Costco, Dell Technologies

5/31 – PCE

Source: Refinitiv Eikon


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