Market Pulse

Market Pulse

February 12, 2024

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

A look back

  • More records were broken last week for stocks with the S&P 500 breaking through 5,000 for the first time ever. U.S. led international stocks with developed markets only rising by 0.1%, whereas the S&P 500 was up 1.4%.
  • Although the three record Treasury auctions were met with good demand, yields still rose on the week. The 10-year yield rose by 0.15% while the 2-year yield climbed 0.12%.
  • Annual Consumer Price Index (CPI) revisions confirmed the progress that inflation was making during Q4 of last year, buoying risk markets. 

A look ahead

  • Important data points for the Federal Reserve (Fed) are released this week as the CPI and Producer Price Index will show how inflation in January fared. Retail Sales also will show the consumer’s willingness to spend to start the year.
  • The markets will continue to get insights on how Fed officials are thinking with 9 speakers this week giving their viewpoints on how soon cuts may start.
  • Economic releases: Consumer and Producer Price Indexes, Empire Manufacturing, Retail Sales, Housing Starts, Building Permits.

S&P 500 outperforming commodities still

The S&P 500 outperformed commodities on a relative basis for over 10 years after the Great Financial Crisis. After Russia invaded Ukraine in 2022, oil and other commodities spiked, while equities faltered. The past year and a half, stocks have hit new all-time highs whereas commodities have come back down to more normal levels, hitting a fresh relative low to the S&P 500. 

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