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Weekly Market Updates
Inflation and Real Interest Rates Peak?
US stocks rose, led by technology, after the Federal Reserve announced no change to key interest rates at the May meeting but announced its intentions to slow its quantitative tightening (QT) of its balance sheet. Powell also reiterated the central bank’s overall confidence and its base view that inflation is…
Seasonal Weakness Hits
Equity markets continued their weak month of April last week with the S&P 500 approaching a -5% fall from its late March ATH’s. The S&P 500 fell -3.2% by last Friday on the week, with technology, consumer discretionary and communication services posting the biggest declines alongside some steep selloffs from…
1q24 EPS Reports Begin
Sitting in the heart of the quite period, equities broadly struggled to overcome higher long-term interest rates. The S&P 500 dropped –0.95% on the week. This was its worst week since the beginning of the year. Strong economic data sent most interest rate maturities higher. Rate-sensitive defensive areas like real…
Powell Drops the Mic
Markets were weak ahead of last week’s FOMC meeting, as many investors expected the Fed to turn hawkish on Wednesday. Fed Chairman, Jerome Powell, surprised both bulls and bears by keeping 3 rate cuts on the table for 2024, downplaying the risk of an inflation reacceleration, and bringi9ng his concerns about…
Earnings End, Quarter End Nears
Last week, Treasury yields spiked 23 bps to 4.31% after the disappointing CPI report. Investors’ rate-cut expectations for this year dropped to barely three cuts, half as many as expected in December of 2023. With that, most equity markets struggled last week due to the U.S. inflation data further pushing…
NVDA Lifts All
The S&P 500 drifted lower to begin last week before Nvidia’s blowout earnings report sent tech stocks surging and the overall markets back higher. The semiconductor company, whose chips are leading the AI arms race, reported material revenue and earnings upsides again and eclipsed $2 trillion in market value. NVDA’s…
S&P 500: 5000 Stall Continues
U.S stock markets are closed today for the Presidents’ Day holiday. The S&P 500 fell -0.4% as gains in value sectors, banks and energy were offset by weakness in year-to-date leading sectors, technology, and communication services. No surprise to the OHFG investment team that last week’s economic data all came…