A look back
- Equity markets faced continued downward pressure as the S&P 500 fell 2.1% last week, while the NASDAQ fell into correction territory, down 10% year to date. International developed markets fared better, up 0.05% and emerging markets fell 1.74%.
- U.S. Treasury yields surged to multi-month highs, with the 10-year yield rising to 4.43%, the highest since July 2025. The 2-year yield remained elevated at 3.90%, depicting a “higher-for-longer” repricing as oil prices remain elevated over $100/Barrell.
- U.S. economic indicators continue to show “divergence”, as ISM manufacturing and services PMIs remain in expansion while the University of Michigan consumer sentiment slips to 3-month lows
A look ahead
- Investors will pay close attention to the March employment report to be released on Friday, April 3. A significantly weaker-than-expected print could intensify recession fears, while a stronger reading might complicate the Federal Reserve's path toward potential rate cuts.
- Markets remain sensitive to developments around the Straight of Hormuz. Investors are monitoring for signs of an Iranian de-escalation or further retaliatory threats; any breakdown in negotiations could signal prolonged supply chain disruption.
- Economic releases: FHFA House Price Index, Non-farm payrolls, U.S. retail sales.
Our full report is reserved for clients only. Let’s work together.
A caring advisor can help you uncover opportunities and take on challenges—and provide greater confidence, clarity, simplicity, and direction.