Market Summary – April 22, 2024

Last Week’s Summary

  • S&P 500 Index fell 3.04%
  • International Equities fell 2.48%
  • Emerging Markets fell 3.58%
  • U.S. 10-Year Treasury Yield rose to 4.62%
  • Initial Jobless Claims rose to 212k
  • Leading Index fell to -0.3%
  • Empire Manufacturing rose to -14.3

What to Watch for This Week

  • M, 4/22/24 Chicago Fed Nat Activity
  • T, 4/23/24 S&P Global US Manufacturing PMI
  • W, 4/24/24 Durable Goods Orders, MBA Mortgage Applications
  • Th, 4/25/24 Initial Jobless Claims, GDP, Core PCE Price Index
  • F, 4/26/24 Personal Income, Personal Spending, U. of Mich. Sentiment, U. of Mich. 1 Yr. Inflation, Core PCE Deflator

Weekly Market Recap

Global markets were tumultuous amidst escalating conflict in the Middle East, causing stocks to plummet while oil and safe-haven assets, such as Treasuries and the dollar, surged.

The upheaval followed Israel’s missile strike on Iran, occurring within days of Tehran’s own rocket and drone attacks, as reported by U.S. officials. Reports of an explosion in Iran’s Isfahan further heightened tensions. Tech giants faced a rough week, with a sell-off in the sector weighing on stock markets.

Wall Street braced for a flurry of earnings reports from the industry stalwarts that have been driving the market’s growth.

The S&P 500 experienced its longest losing streak since October 2022, slipping below the 5,000 mark, while the Nasdaq 100 dropped by over 2%. Investor focus intensified on the forthcoming earnings releases from major tech players, collectively known as the “Magnificent Seven,” amidst high expectations for their performance in artificial intelligence.

However, Friday saw notable declines in AI-centric companies like Nvidia Corp. and Super Micro Computer Inc., both plunging by at least 10%. The VIX, a measure of market volatility, surged to its highest levels since October, hovering just below 20 as global markets were rattled by concerns of reduced Federal Reserve easing, fueled by hawkish remarks from officials and strong U.S. economic data.

As earnings season progresses, anticipation mounts for further insights from tech leaders, who are anticipated to temper their optimistic projections in light of the prevailing “higher for longer” narrative communicated by the Fed.

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