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Weekly Market Update – May 6, 2024

Price Return Last Week

S&P 500 +0.6% S&P Mid Cap +1.2% Russell 2000 +1.7%

MSCI EAFE +1.5% MSCI EM +1.9%

10 Yr US Treasury Rate – fell from 4.67% to 4.50%

Source: Refinitiv Eikon

 

Recent News

Fed Meeting – The Federal Reserve left interest rates unchanged following their meeting on Wednesday while leaving the door open to cuts later in the year.  In an important statement, Fed Chair Jerome Powell stated that it was “unlikely” that they would increase rates again but noted that it “will take longer than previously expected” for policymakers to be comfortable enough to lower rates.

Source: Thomson Reuters


Jobs Report – April: 175k (Reuters Poll est. 243k) March: 303k

Hiring showed signs of slowing increasing the chances that the Fed may still cut rates this year.  However, the Fed doesn’t meet again until June 11 and there will be another jobs report released before the next meeting, minimizing the impact this report had on the market. 

Source: The Wall Street Journal


Employment Cost Index – Q1: 1.2% (Reuters Poll est. 1.0%) Q4 2023: 0.9%

Labor costs surprised to the upside highlighting a still competitive labor market.  Costs are up 4.2% on a year-over-year basis.  Salespeople and hospital workers saw some of the largest increases in compensation while elementary school teachers and construction workers saw slower growth.

Source: Refinitiv Eikon, Bureau of Labor Statistics


Sector Performance – Ten of the eleven sectors in the S&P 500 declined during the month of April.  Real estate and healthcare declined the most at -8.6% and -5.2%, respectively.  Utilities stocks posted the best returns, up 1.6% for the month.

Source: Morningstar


Mother’s Day, Not Mothers’ Day – In honor of her late mother, Anna Jarvis is credited with founding Mother’s Day.  As her mother passed away on May 9, Anna chose the second Sunday of May as the day to celebrate so it would always be close to the day her mother died.  Her motto for the holiday was “For the Best Mother who Ever Lived-Your Mother.”  For this reason, the singular possessive is the correct form. 

Source: BBC


 

Upcoming Events


5/6 – Notable Earnings Reports: Simon Property Group, Vertex Pharmaceutical


5/7 – Notable Earnings Reports: Walt Disney, McKesson, Occidental Petroleum, Match Group


5/8 – Notable Earnings Reports: Uber, Fox, News Corp, Airbnb


5/9 – Notable Earnings Reports: Tapestry, Warner Bros Discovery, Constellation Energy


5/10 – Consumer Confidence

Source: Refinitiv Eikon

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