A look back
- Stocks soared last week with the S&P 500 finishing 3.6% higher, boosted by Tuesday night’s announcement of a ceasefire in the Middle East. International developed markets gained 4.4%, while emerging markets climbed 7.4%.
- U.S. Treasury yields were little changed on the week. The 2-year U.S. Treasury yield edged up to 3.80%, while the 10-year ended at 4.31%.
- Energy costs pushed the March Consumer Price Index (CPI) up to a 3.3% annual rate. The Federal Reserve’s (Fed) preferred inflation measure, Core Personal Consumption Expenditures, rose 3.0% year over year in February, remaining above the Fed’s roughly 2.0% target.
A look ahead
- First quarter earnings season begins this week, with several large U.S. banks scheduled to report. Investors will focus on management’s guidance, particularly around the impact of higher oil prices and supply chain disruptions tied to the closure of the Strait of Hormuz and continued hostilities.
- Developments in the Middle East will remain top of mind after U.S.-Iran negotiations over the weekend failed to result in a deal, leaving the two week ceasefire in doubt as the U.S. pursues measures aimed at restricting Iranian shipments.
- Economic releases: Existing Home Sales, Producer Price Index, Import Price Index.
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