Market Pulse

Market Pulse

March 4, 2024

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

A look back

  • Equities continued the upward trend last week as the S&P 500 gained just under 1.0% and ended the week at another fresh all-time high. Small-caps notching a 1.3% gain, while international developed stocks lagged, but were still up 0.7%.
  • The 10-year U.S. Treasury yield ended 0.07% lower at 4.18% and the 2-year yield fell 0.15% to 4.53%, a tailwind for stocks in the week.
  • Markets digested a busy data week including fourth quarter GDP which was revised downward, Core Personal Consumption Expenditures (PCE) coming in as expected, and Consumer Sentiment well below consensus.

A look ahead

  • In a loaded week of economic data releases, the February jobs report will take the spotlight later in the week. Consensus expects the unemployment rate to remain at 3.7%.
  • Federal Reserve Chair Powell will be making appearances on Capitol Hill to deliver monetary policy testimonies to Congress.
  • Economic releases: S&P Global U.S. & ISM Services, Durable Goods Orders, Wholesale Inventories, Nonfarm Payrolls, Unemployment Rate, Average Hourly Earnings.

U.S. outperformance continues in February

The S&P 500 has risen for the fourth-straight month and small-cap stocks have begun to pick up momentum in February, as the U.S. continues to outperform international markets. We continue to favor U.S. stocks over international equities and large caps relative to small caps.

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