Market Summary – April 29, 2024

Last Week’s Summary

  • S&P 500 Index rose 2.68%
  • International Equities rose 2.42%
  • Emerging Markets rose 3.77%
  • U.S. 10-Year Treasury Yield rose to 4.66%
  • Initial Jobless Claims fell to 207k
  • GDP fell to 1.6%
  • PCE rose to 2.7%; Core rose to 2.8%
  • Core PCE Price Index rose to 3.7%

What to Watch for This Week

  • M, 4/29/24 Dallas Fed Manf. Activity
  • T, 4/30/24 MNI Chicago PMI
  • W, 5/1/24 ADP Employment Change, MBA Mortgage Applications, FOMC Rate Decision
  • Th, 5/2/24 Initial Jobless Claims, Factory Orders, Durable Goods Orders
  • F, 5/3/24 Change in Nonfarm Payrolls, Unemployment Rate

Weekly Market Recap

Equities surged toward their best week in 2024, buoyed by the resounding success stories of tech giants like Microsoft Corp. and Alphabet Inc., whose robust investments in artificial intelligence and cloud computing proved to be lucrative.

The S&P 500 soared on Friday breaching the 5,100 mark. Meanwhile, the yield on 10-Year Treasuries dipped by three basis points to 4.68%. Friday’s PCE data hinted at potential rate adjustments for 2024, though the market anticipates such moves towards the year’s end, with only one rate cut priced in for December, allowing the Federal Reserve ample time to scrutinize forthcoming inflation reports.

However, the underlying U.S. inflation measure surged beyond expectations, clocking in at a rapid 3.7% pace, exacerbating concerns of stagflation amidst GDP figures falling short of projections.

The yen dropped further on Friday, after a recent dip below 155 per dollar earlier in the week, marking a milestone not seen in over three decades, ending the week slightly lower at over 158 per dollar.

Japan’s central bank opted to retain its current, near-zero, interest rates, versus the United States’ notably elevated rates. Looking ahead, as the first month of the second quarter draws to a close, market participants eagerly anticipate the Federal Reserve’s rate decision on Wednesday, widely expected to maintain status quo.

Additionally, earnings season soldiers on, while the market braces for fresh job figures at week’s end.

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