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.
Market Updates
Week of September 18 – Global stocks closed 2.63% lower for the week and international stocks declined 2.08%. For the U.S., large-cap stocks fell 2.92% in the week while small-cap stocks closed 3.81% lower. On Wednesday, the Federal Reserve kept interest rates constant with the Fed Funds rate remaining between 5.25% – 5.50%. Coming this week, Congress continues to work on passing a spending bill before Oct. 1st in order to prevent a government shutdown. Additionally, investors will have a GDP (revision) print on Thursday along with inventory and inflation-related data on Friday.
Week of September 11 – Global stocks rose 0.48% higher for the week and international stocks closed 1.49% higher. In the U.S., large-cap stocks fell 0.13% while small-cap stocks closed 0.20% lower. The Producer Price Index (PPI) rose 0.7% in August, 0.3% higher than expectations. However, the Consumer Price Index (CPI) increased in-line with August expectations of 0.6%. This week, investors will be looking ahead to the Federal Reserve’s meeting on Wednesday.
Week of September 4, 2023 – Global stocks closed 1.49% lower for the week while international stocks closed 1.86% lower. In the U.S., large-cap stocks closed 1.26% lower while small-cap stocks closed 3.63% lower. The yield on the U.S. 10-Year Treasury continues to trade up against it’s over decade-long high of 4.30%. Investors will be monitoring key inflation numbers this week. The Consumer Price Index (CPI) will be reported on Wednesday while the Producer Price Index (PPI) will be reported on Thursday.
Week of August 28, 2023 – Global stocks closed 2.42% higher for the week while international stocks closed 1.98% higher. In the U.S., large-cap stocks closed 2.55% higher while small-cap stocks closed 3.72% higher. Nonfarm payrolls increased by 187,000 in August which was higher than the estimate of 170,000. Unemployment, however, increased to 3.8%. This was above the 3.5% estimate and the highest reading since February 2022.
Week of August 21, 2023 – Global stocks traded 0.80% higher for the week while international stocks closed 0.76% higher. In the U.S., large-cap stocks closed 0.79% higher while small-cap stocks closed 0.35% lower. Investors have many reasons to watch markets closely this week with multiple economic data prints coming; housing price data will come Tuesday, GDP (revision) and inventory numbers on Wednesday, personal income/spending and inflation related data on Thursday, with employment numbers to wrap up the week on Friday.
Week of August 14, 2023 – Global stocks closed 2.48% lower for the week while international stocks closed 3.15% lower. In the U.S., large-cap stocks closed 2.05% lower while small-cap stocks closed 3.32% lower. Several retailers will report earnings this week including Lowe’s, Macy’s, Kohl’s, Nordstrom and Dollar Tree. Nvidia, arguably the year’s most watched stock after being up nearly 200%, will report on Wednesday. Jerome Powell will deliver a speech at Jackson Hole, Wyoming on Friday morning that will kick off the Federal Reserve’s annual economic conference.
Week of August 7, 2023 – Global stocks traded lower for the second consecutive week closing 0.55% lower, while international stocks closed 0.73% lower. In the U.S., large-cap stocks closed 0.26% lower while small-cap stocks closed 1.64% lower. Earnings season is winding down, but some of the major retailers will be reporting this week including Home Depot, Target, TJX Companies and Walmart. Investors will also receive retail sales, housing, and manufacturing data.
Week of July 31, 2023 – Global stocks closed 2.58% lower for the week after three consecutive weeks of higher closes, while international stocks closed 3.15% lower. In the U.S., large-cap stocks closed 2.21% lower while small-cap stocks closed 1.15% lower. Investors will be monitoring inflation data this week with the consumer price index (CPI) being reported on Thursday, and the producer price index (PPI) being reported on Friday.
Week of July 24, 2023 – Global stocks closed 1.23% higher for the week while international stocks closed 1.57% higher. In the U.S., large-cap stocks closed 1.05% higher while small-cap stocks closed 1.01% higher. The Federal Reserve provided a highly anticipated interest rate hike on Wednesday that lifted their benchmark rate to its highest level in more than 22 years. The Fed Funds rate now sits between 5.25% – 5.50%. Investors will receive various economic data prints this week with job openings and ISM manufacturing on Tuesday, ISM services on Thursday, and additional employment related data on Friday.
Week of July 17, 2023 – Global stocks closed 0.32% higher while international stocks closed 0.12% lower. In the U.S., large-cap stocks closed 0.65% higher while small-cap stocks closed 1.53% higher. The Federal Reserve is expected to increase interest rates on Wednesday after pausing last meeting. The personal consumption expenditures (PCE) index, the Fed’s preferred inflation measure, is due out Friday. According to CNBC, “With 18% of S&P 500 companies reporting as of Friday, earnings for the quarter had fallen 7.9% from prior-year period, but topped Wall Street’s expectations by 7.4%”. Earnings releases this week will be dominated by big-cap tech with Alphabet, Microsoft, Meta, and Intel all reporting.
Week of July 10, 2023 – Global stocks closed 3.14% higher for the week while international stocks closed 4.0% higher. In the U.S., large-cap stocks closed 2.45% higher while small-cap stocks closed 3.69% higher. Earnings reports will pick up this week with Bank of America and Morgan Stanley reporting on Tuesday. Goldman Sachs, Netflix, and Tesla report on Wednesday, while Johnson & Johnson and American Airlines report on Thursday. A light week for economic data but investors will receive retail sales figures on Tuesday and additional housing data on Wednesday and Thursday.
Week of July 3, 2023 – Global stocks closed 1.28% lower for the week while international stocks closed 1.52% lower. In the U.S., large-cap stocks closed 1.07% lower while small-cap stocks closed 1.37% lower. The consumer price index (CPI) and producer price index (PPI) are due out Wednesday and Thursday, respectively. Earnings season will kick off this week with some of the major banks reporting their Q2 results. JPMorgan, Wells Fargo, and Citigroup all report on Friday while PepsiCo and Delta Air Lines report on Thursday.
Week of June 19, 2023 – Global stocks closed 2.26% lower for the week while international stocks closed 3.50% lower, both snapping a three week win streak. In the U.S., large-cap stocks closed 1.42% lower while small-cap stocks closed 2.89% lower. Earnings season will come to a close this week as S&P 500 earnings were broadly better than expected in Q1. Investors will get to hear Fed Chair Jerome Powell speak on Thursday. Revised GDP for Q1 will be out on Thursday as well with some inflated related data to be reported on Friday.
Week of June 12, 2023 – Global stocks closed 2.61% higher for the week while international stocks closed 2.52% higher. In the U.S., large-cap stocks closed 2.60% higher while small-cap stocks closed 0.49% higher. The Federal Reserve left interest rates unchanged last week, but members indicated two more hikes could be coming later this year. The “dot plot”, which is individual Fed member’s expectation for the future Federal Funds Rate, pushed up to 5.6% by the end of 2023. The current target of the Fed Funds Rate is 5.0% – 5.25%.
Week of June 5, 2023 – Global stocks closed 0.54% higher for the week while international stocks closed 0.63% higher. In the U.S., large-cap stocks closed 0.46% higher while small-cap stocks closed 1.94% higher. May consumer price index (CPI) is due Tuesday offering the latest on how much prices are increasing, and could offer clues on the Federal Reserve’s administration of future rate hikes. Investors will receive more inflation related data on Wednesday as well as retail sales on Friday.
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.
