A look back
- The S&P 500 edged higher last week but lagged international markets for a third-straight week. International developed markets gained 1.6%, while emerging markets advanced 1.8%.
- The U.S. Treasury yield curve steepened during a week that included a Federal Reserve (Fed) meeting, where policymakers left rates unchanged. The 2-year yield fell to 3.53% as the 10-year rose to 4.25%. Precious metals retreated sharply on Friday after stretching to new highs earlier in the week.
- Also on Friday, President Trump nominated former Fed Governor Kevin Warsh to succeed Chair Powell when his term ends in May. In response, the U.S. dollar strengthened but finished lower for the week.
A look ahead
- Q4 earnings season continues this week, with more than 120 S&P 500 companies scheduled to report. So far, among the roughly one-third of companies that have reported, 75% have exceeded consensus earnings-per-share (EPS) expectations – slightly below the five-year average, according to FactSet.
- A busy week of economic data releases begins with Tuesday’s Job Openings and Labor Turnover Survey (JOLTS), followed by Friday’s January employment report, where the unemployment rate is expected to remain steady at 4.4%.
- Economic releases: January ISM Manufacturing & Services, JOLTS, January Employment Report
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