FINANCIAL STOCK MARKET  WEEK "Stocks faltered for the second straight week " 04/15/2024 by Wendy Nelson" 

The Markets (as of market close April 12, 2024)

Stocks faltered for the second straight week as investors dealt with market-moving inflation data and a less-than-impressive start to first-quarter corporate earnings season.  Both the Consumer Price Index and the Producer Price Index rose higher last week.  Taken together, increases in the CPI and the PPI support a more cautious approach relative to the Federal Reserve's current monetary policy.  It is certainly not likely that the Fed will lower interest rates in June.  Also, last Friday, earnings reports from some major banks fell short of expectations. Each of the benchmark indexes listed here ended the week in the red.  Among the market sectors, only information technology and communication services gained.  Financials, health care, real estate, and materials each lost at least 2.0%.  The dollar and gold prices edged higher.  Crude oil prices slipped lower.

Wall Street saw stocks open mixed last Monday, with the Russell 2000 (0.5%) and the Global Dow (0.4%) posting gains, while the S&P 500, the Dow, and the Nasdaq ended flat.  Ten-year Treasuries closed at 4.42%, the highest yield in over four months. Investors seemed to be tempering expectations of an interest rate cut by the Federal Reserve, while bracing for the release of the Consumer Price Index later in the week.  Real estate, consumer discretionary, and financials were the best performing sectors, while health care, industrials, and energy lagged.  Crude oil prices fell for the first time in several sessions, dipping to $86.48 per barrel.  The dollar slipped minimally, while gold prices rose 0.5%.

The Russell 2000 and the Nasdaq rose 0.3% last Tuesday to lead the benchmark indexes listed here.  The S&P 500 gained 0.1%, while the Dow and the Global Dow were flat.  Ten-year Treasury yields dipped to 4.36%.  Crude oil prices fell $1.09 to settle at $85.34 per barrel.  The dollar closed where it began.  Gold prices gained 0.8%.  Industrials and financials trended lower, while real estate outperformed the remaining sectors.

Stocks ended sharply lower last Wednesday following the release of the latest Consumer Price Index (see below), which dimmed hopes of an interest rate cut any time soon.  Most now expect the federal funds target rate will remain at its 23-year high in June. Each of the benchmark indexes listed here declined.  The Russell 2000 dropped 2.5%, the Dow fell 1.1%, the S&P 500 and the Global Dow lost 1.0%, and the Nasdaq slid 0.8%.  The 10-year Treasury yield jumped 19.4 basis points to 4.56%, its highest since November 2023.  Gold prices slipped from recent all-time highs, falling $11.20 per ounce. Crude oil prices rose $1.00 to $86.22 per barrel.  The dollar gained 1.0%.

Wall Street moved generally higher by the close of trading last Thursday.  The Nasdaq gained 1.7%, while the Russell 2000 and the S&P 500 advanced 0.7%. The Global Dow ticked 0.2% lower, while the Dow was flat.  Ten-year Treasury yields ended the session at 4.57%. Crude oil prices dipped $0.60 to $85.86 per barrel.  The dollar ended the day where it began, while gold prices rose $42.70 to $2,391.10 per ounce.  A slightly lower-than-expected Producer Price Index (see below) gave some encouragement to investors following the release of a higher-than-expected Consumer Price Index.

Last Friday was not a good day for equities. Each of the benchmark indexes listed here fell by at least 1.0%, led by the Russell 2000 (-1.9%) and the Nasdaq (-1.6%). The large caps of the S&P 500 (-1.5%) and the Dow (-1.2%) also declined, while the Global Dow lost 1.0%. Ten-year Treasury yields fell 7.7 basis points to settle at 4.49%. Crude oil prices gained nearly $0.50. The dollar gained 0.7%, while gold prices fell 0.5%.

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Wendy Nelson, CEO of Wind River Wealth Advisors, aims to provide beneficial investment management, retirement planning, financial planning, asset management, and portfolio management to protect your money with knowledgeable strategies and plans by utilizing a personal independent financial advisor.