Market Pulse

Market Pulse

April 22, 2024

Market views heading into the week highlight what we're watching and important news ahead.

A look back

  • Stocks faced the worst week of 2024 as the S&P 500 dropped by more than 3%. This was led by tech companies which had been leading the way higher before the past few weeks. Emerging markets also shed more than 3% last week.
  • A third-straight week of U.S. Treasury yields rising pushed the 10-year yield up to 4.61%, 0.10% higher on the week. The yield curve rose in a parallel fashion with the 2-year rising as well.
  • U.S. Retail Sales grew much faster than expected in March, rising by 0.7% for the month. Excluding gas and autos, it rose even more, by 1%, driven in large part by online retailers.

A look ahead

  • First quarter U.S. GDP will be released this week. Economists are expecting a drop from last quarter but still above trend with consensus currently expecting 2.5% annualized growth.
  • This week will be an important earnings week as 155 stocks in the S&P 500 will report. Four of the so-called “Magnificent Seven” companies are on deck to report this week.
  • Economic Releases: New Home Sales, Durable Goods Orders, First quarter GDP, Personal Consumption Expenditures.

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