Market Summary – April 15, 2024

Last Week’s Summary

  • S&P 500 Index fell 1.52%
  • International Equities fell 1.02%
  • Emerging Markets fell 0.35%
  • U.S. 10-Year Treasury Yield rose to 4.52%
  • Initial Jobless Claims fell to 211k
  • CPI rose to 3.5%; Core stayed at 3.8%
  • PPI rose to 2.1%; Core rose to 2.4%
  • U. of Mich. Sentiment fell to 77.9

What to Watch for This Week

  • M, 4/15/24 Empire Manufacturing, Retail Sales Advance
  • T, 4/16/24 Industrial Production, Housing Starts
  • W, 4/17/24 MBA Mortgage Applications
  • Th, 4/18/24 Initial Jobless Claims, Leading Index

Weekly Market Recap

The markets weathered a rollercoaster week driven by a series of impactful events. The U.S. Core Consumer Price Index for March surged by 0.4% over February, surpassing the 0.3% consensus forecasts, sending equities plummeting nearly 1% on Wednesday.

However, Thursday brought some relief as producer prices arrived cooler than expected, allowing the market to recover most of its losses from the day before. Just as optimism was beginning to creep back in, geopolitical tensions pushed the S&P 500 to worst week since October, as news reports indicated that Israel was bracing for a potential attack by Iran on government targets.

The specter of a direct confrontation between these two nations loomed large, threatening a significant escalation in the Middle East conflict and the subsequent surge in oil prices.

The S&P 500 bore the brunt of this uncertainty, dropping by 1.5% on Friday. This decline marked the largest weekly drop for the Index in 2024. Two-Year Yields, which had briefly breached 5% earlier in the week, plunged on Friday. Earnings season kicked off with a mixed bag. JPMorgan Chase & Co. and Wells Fargo & Co. reported net interest income that fell short of estimates, citing rising funding costs.

In contrast, Citigroup Inc. exceeded expectations, buoyed by corporations seeking financing and consumers relying on credit cards. The heightened volatility of the week was underscored by Wall Street’s “fear gauge,” the VIX, spiking to levels not seen since October.

As we brace for the upcoming week, the remainder of the financial sector is set to announce its results, keeping investors on edge.

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