Week in Review for the week ending May 17th
Hey there, I’m back with another look at the stock market and economy. This past week was quite eventful, with some significant milestones and data releases that caught investors' attention.
The NASDAQ set a record high on Tuesday, while the S&P 500 and Dow followed suit the next day as per Factset, thanks to fresh data on inflation and a brighter outlook for eventual interest-rate cuts. On Friday, the Dow closed above the 40,000-point mark for the first time!
In April, the Consumer Price Index rose 0.3% over the previous month and 3.4% over the same month a year earlier, breaking a recent trend of hotter-than-expected inflation data. This report lifted investors' expectations for interest-rate cuts later this year, causing government bond yields to fall. The yield on the 10-year U.S. Treasury bond closed at 4.42% on Friday, down from 4.69% at the end of April as per Factset.
Looking Ahead
As we move into the week of May 20-24, several important economic reports are on the horizon:
Existing home sales data will be released by the National Association of Realtors.
The U.S. Department of Labor will publish its weekly unemployment claims.
The U.S. Census Bureau will provide figures for new home sales and durable goods orders.
The University of Michigan will release its Index of Consumer Sentiment.
These reports will give us more insight into the health of the housing market which has been one of the largest drags on inflation coming down, labor market trends, and consumer confidence.
If you have any questions or concerns about your investments, feel free to reach out to me by phone or email. I'm always here to help you navigate these market movements.
Until next week,
Jeremy Raffer, MBA
Director & Wealth Manager
m. 201-747-2705
e. jeremy.raffer@stewardpartners.com
Steward Partners
115 W. Century Rd, Suite 145
Paramus, NJ 07652
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