Weekly Market Update:
Each week we will offer a very brief market update to help keep you informed on the latest. Want the latest delivered right to your email? Click HERE to provide your email address.
Week of May 29, 2023 – Global stocks closed 1.54% higher for the week, a 12 month high. International stocks closed 0.98% higher. In the U.S., large-cap stocks closed 1.88% higher while small-cap stocks closed 3.33% higher. The U.S. payrolls report for May exceeded expectations, adding 339,000 jobs for the month, well above the 190,000 Dow Jones estimate. This was the 29th straight month of positive job growth. The unemployment rate rose to 3.7% in May compared to the 3.5% estimate. It’s the highest unemployment rate since October 2022, though still near the 1969 low.
Week of May 22, 2023 – Global stocks closed 0.33% lower for the week while international stocks closed 1.49% lower. In the U.S., large-cap stocks closed 0.33% higher while small-cap stocks closed 0.02% higher. President Joe Biden and House Speaker Kevin McCarthy reached a deal over the weekend to raise the debt ceiling. It’s now up to Congress to finalize its passing. Investors will receive some closely watched economic data this week including job openings on Wednesday, ISM manufacturing data on Thursday, and the April jobs report due Friday.
Week of May 15, 2023
Global stocks closed 1.38% higher while international stocks closed 0.69% higher. In the U.S., large-cap stocks closed 1.71% higher while small-cap stocks closed 1.96% higher. Investors won’t have a ton of economic data to monitor this week but they will receive the second reading of Q1 GDP on Thursday and some inflation related data on Friday. President Joe Biden and House Speaker Kevin McCarthy plan to meet Monday afternoon following Biden’s return from the G-7 summit in Japan.
Week of May 8, 2023
Global stocks closed 0.66% lower for the week while international stocks closed 1.36% lower. In the U.S., large-cap stocks closed 0.25% lower for the week while small-cap closed about 1.0% lower. Inflation rose 4.9% in April from a year ago, less than the 5.0% estimate by economists and the lowest annual pace since April 2021. Month over month CPI rose 0.4% which was in line with expectations. Investors will get a few production related data points this week but won’t be short of listening to Fed Governors scheduled to speak.
Week of May 1, 2023
Global stocks closed 0.30% lower for the week while international stocks closed 0.50% higher, but both closed well off their lows thanks to a strong day on Friday. In the U.S., large-cap stocks closed about 0.80% lower while small-caps closed about 0.45% lower. President Joe Biden will meet with congressional leaders on Tuesday to try and break the stalemate over how to increase the debt ceiling. Investors will get inflation related data this week including the Consumer Price Index (CPI) on Wednesday and the Producer Price Index (PPI) on Thursday.
Week of April 24, 2023
Global stocks closed 0.46% higher for the week while international stocks closed flat. In the U.S., large-cap stocks closed 0.90% higher while small-cap stocks closed 1.33% lower. Stocks are carrying strong momentum into May but enter the middle of earnings season with the Federal Reserve set to raise rates on Wednesday. Investors don’t expect the Fed to raise rates again in 2023, with only a 26% chance of another one in June. Uber, AMD, Ford, Starbucks, Apple, and Moderna all report this week.
Week of April 17, 2023
Global stocks closed 0.14% lower for the week while international stocks closed 0.22% lower. In the U.S., large-cap stocks closed flat while small-cap stocks closed about 0.60% higher. Earnings season is in full force this week with Microsoft, Alphabet, Meta, and Amazon all reporting. Investors will also get a taste for how restaurant companies are handling the environment with McDonald’s, Chipotle, and Domino’s reporting as well. Investors will receive GDP data on Thursday and various inflation related numbers on Friday.
Week of April 10, 2023
Global stocks closed 1.14% higher for the week, their fifth consecutive weekly gain. International stocks closed 1.63% higher. In the U.S., large-cap stocks closed 0.80% higher while small-cap stocks closed 1.51% higher. Earnings season kicked off last week with a busier slate this week. Bank of American, Goldman Sachs, Netflix, IBM, and Tesla all report. Economic data is fairly light this week, but investors will receive some housing and employment-related data.
Week of April 3, 2023
In a shortened week, global stocks closed 0.11% higher while international stocks closed 0.41% higher. In the U.S., large-cap stocks closed 0.05% lower while small-cap stocks closed 2.53% lower. Non-farm payrolls came in at 236,000 on Friday, in line with the 238,000 Dow Jones estimate. The unemployment rate fell to 3.5%, lower than the 3.6% estimate. The monthly report confirms the continued strength of the job market. Investors will receive inflation and retail sales data this week combined with a series of Federal Reserve Presidents set to speak.
Week of March 27, 2023
Global stocks closed 3.52% higher for the week while international stocks closed 3.44% higher. In the U.S., large-cap stocks closed 3.45% higher while small-cap stocks closed 3.85% higher. A closely watched Fed inflation gauge rose slightly less than anticipated in February. The personal consumption expenditures price index (PCE) increased 0.3% for the month, lower than the 0.4% estimate. This figure excludes food and energy. Investors will get the monthly employment report for March this Friday. It’s estimated the economy created 235,000 jobs in March with the unemployment rate holding steady at 3.6%.
Week of March 20, 2023
Global stocks closed 1.72% higher for the week while international stocks closed 2.41% higher. In the U.S., large-cap stocks closed 1.48% higher while small-cap stocks closed 0.70% higher. Some clarity was brought from the government concerning the banking system. Both President Joe Biden and Treasury Secretary Janet Yellen said the government stands ready to protect depositors if there’s continued turmoil. The Federal Reserve raised interest rates by 0.25%, bringing the benchmark funds rate to a range of 4.75% to 5%.
Week of March 13, 2023
Global stocks closed 0.24% higher while international stocks closed 1.60% lower. In the U.S., large-cap stocks closed 1.44% higher while small-cap stocks closed 2.81% lower. Swiss banking giant UBS agreed to buy the struggling bank Credit Suisse. The agreement took place on Sunday with a price tag of about $3.2 billion. The Federal Reserve’s Policy Committee is set to meet this week. Investors are expecting a 0.25% increase to the Federal Funds rate but will be listening closely to how Powell will set the agenda for the months ahead, following what has been a very challenging couple weeks for banks and the recessionary fears that have followed.
Week of March 6, 2023
Global stocks closed 4.29% lower for the week while international stocks fell 3.61%. In the U.S., large-cap stocks closed about 4.50% lower while small-cap stocks closed about 8.0% lower. According to an article on CNBC, “Federal regulators stepped in this weekend to cover customers of Silicon Valley Bank who were at risk of losing their money because of a $250,000 cap on guaranteed deposits. The plan calls for FDIC insurance to cover depositors and won’t rely on bailouts or taxpayer dollars.” Investors will be monitoring some retail and inflation data this week as well.
