A look back
- The S&P 500 posted its sixth-consecutive weekly gain, rising 2.36% as Q1 corporate earnings have continued to exceed expectations. International developed markets gained nearly 1.05%, while emerging markets rose 6.90%.
- U.S. Treasury yields retreated from their May peaks as inflation-breakeven rates moderated. The 10-year U.S. Treasury yield fell to 4.36% while the 2-year Treasury yield fell to 3.89%.
- U.S. non-farm payrolls increased by 115,000 in April, marking the first back-to-back monthly increase in employment in a year. Private payrolls have added 68,300 jobs on average in the last 6 months, which is also the most in a year.
A look ahead
- The market turns its attention to the April Consumer Price Index (CPI) data to be released this week. Investors will be looking for signs of continued inflation pressures, including potential impacts from geopolitical developments.
- The full Senate is expected to vote this week on Kevin Warsh’s nomination to succeed Jerome Powell, whose term as Federal Reserve (Fed) Chair formally ends May 15. Powell has indicated his intention to remain as a Fed Governor, temporarily, after Warsh’s confirmation.
- Economic releases: April CPI, Producer Price Index (PPI), Retail Sales, Existing Home Sales
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