The S&P 500 fell 1.5% last week, now down 9.8% on the year with only five of 16 weeks in the green. International developed markets rose 4.3% as emerging markets rose 2.3%.
U.S. Treasury yields were lower on the week after a sharp rise in the prior week. The 2-year closed the week at about 3.8% and the 10-year at 4.3%. Meanwhile, gold reached another all-time high, pushing through $3,300 per ounce last week.
On the economic data front, March retail sales came in above consensus at 1.4% as auto sales rose by 5.3%. However, new housing starts for March reversed trend, down 11.4%.
A look ahead
In the week ahead, earnings season will kick into high gear with more than 120 S&P 500 companies scheduled to report Q1 results.
Economic data releases and news out of the White House will also compete for the spotlight. Trade-related uncertainty remains in focus but headlines on the Federal Reserve’s (Fed) policy stance has garnered more attention ahead of the Fed Beige Book release this week.
Economic releases: Leading Indicators, Manufacturing & Services PMIs, New & Existing Home Sales, Consumer Sentiment (final).
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