Market Pulse

Market Pulse

February 20, 2024

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

A look back

  • The S&P 500 saw its second down week of the year with a 0.4% decrease, breaking a 5-week up streak. Even so, the S&P 500 remains above 5,000 with 14 of the past 16 weeks in the green. Such a streak has not been seen since 1989.
  • Treasury yields rose for the second week in a row following hotter-than-expected Consumer Price Index (CPI) and Producer Price Index (PPI) reports. The 10-year yield rose 0.1% to 4.3% while the 2-year yield climbed 0.2% to 4.7%.
  • January annual CPI came in at 3.1% and PPI at 0.9%, 0.2% higher than expected for both. Additionally, the January retail sales report showed weakness across the board.

A look ahead

  • As the end to the fourth quarter earnings season approaches, 54 S&P 500 companies will be reporting earnings this week.
  • The markets will continue to analyze policy decision rationale with the Federal Open Market Committee (FOMC) January minutes release on Wednesday.
  • Economic releases: S&P Global U.S. Manufacturing & Services, New & Existing Home Sales, Leading Index.

S&P 500 returns year to date above the 25-year average 

With a slew of negative headlines in the news this past week and potentially a choppy road ahead, it is important to put the S&P 500 performance this year in perspective. Compared to returns in prior years through February 16, the 2024 return of above 5.0% is solidly above the average since 2000 of 0.9%.

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