Market Pulse

Market Pulse

March 11, 2024

Market views heading into the week highlight what we're watching and important news ahead.

A look back

  • Stocks in the U.S. slipped last week after being up 16 of the last 18 weeks. The S&P 500 declined by just 0.2%, while international developed markets were up more than 2% and emerging markets up more than 1%.
  • U.S. Treasury yields declined in a close to parallel fashion last week. The 10-year yield fell by 0.10% whereas the 2-year yield fell by 0.06%.
  • The February employment report showed jobs were added in the U.S. at a faster pace than expected. The solid 275K jobs added was countered by a rise in the unemployment rate to 3.9%, a still low level historically

A look ahead

  • Economic releases such as the Consumer Price Index and Retail Sales will be important data points for the Federal Reserve to watch going into their meeting next week.
  • This week will feature $117 billion in new coupon Treasury issuance which will test both domestic and foreign demand at current yield levels.
  • Economic releases: Consumer and Producer Price Index, NFIB Small Business Optimism, Retail Sales, Industrial Production, Capacity Utilization, U. of Michigan Consumer Sentiment.

Japan’s stocks outperformed to start the year

Japan’s stock market has risen by 17% to start the year, compared to an 8% start for the S&P 500. Over the past two years, which started with the Federal Reserve launching their rate hike campaign, the MSCI Japan index has enjoyed its best 2-year relative performance compared to the S&P 500 since 2014. 

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