The S&P 500 reversed course last week as the index fell 1.5%, now down 4.8% on the year. Meanwhile, international developed markets fell 1.0% as emerging markets fell 0.9%, both of which remain in the green on the year.
U.S. Treasury yields were little changed on the week after falling sharply on Friday following the release of the Federal Reserve’s preferred inflation gauge. The 2-year closed the week at 3.91% and the 10-year at 4.25%.
The University of Michigan Consumer Sentiment Survey final reading for March sank further while inflation expectations continued to trend higher.
A look ahead
In the week ahead, waves of tariffs are expected to be announced with reciprocal tariffs on the April 2 and auto-related tariffs on April 3.
Economic data will compete for the spotlight as the JOLTS report is scheduled for release midweek and the nonfarm payrolls report on Friday. The unemployment rate is expected to remain unchanged at 4.1% and job gains are expected to have moderated in March.
Economic releases: ISM Manufacturing and Services, JOLTS Job Report, Nonfarm Payrolls.
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