Market Recap (4/14/24)
Market Recap of the Week of April 8, 2024 - April 12, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week, the market started relatively steady and then went downhill from there, falling sharply. The New York Stock Exchange Composite dropped 538 points (-2.96%), the S&P 500 fell 84 points (-1.62%), the NASDAQ Composite decreased 87 points (-0.53%), and the Dow Jones Industrial Average posted weekly losses of 981 points (-2.52%).
The market stayed relatively steady on both Monday and Tuesday as increased Treasury yields wiped out potential gains.
Stocks tanked on Wednesday with the release of the Consumer Price Index (CPI) - a prime inflation gauge for the Fed - and the release of the Fed minutes from the March meeting. The CPI came in hotter-than-expected rising 0.4% as opposed to the 0.3% estimated for March, similar to February. Additionally, the Fed minutes for the March meeting exposed Fed officials’ concerns that inflation is not dropping fast enough to reach the Fed’s 2% inflation objective. With all this in mind, investors have begun to pull back hopes of a June rate cut, and some large firms, including Barclays, have shifted expectations to just one rate cut this year. This, in turn, caused indices to drop nearly 1% on just Wednesday.
The S&P 500 and the NASDAQ Composite both rose sharply on Thursday as the technology industry rebounded with magnificent seven stocks such as Apple and Nvidia surging. However, the Dow Jones Industrial Average was unable to finish the day positive.
Stocks tanked again on Friday as inflation worries continued with the S&P 500 and Dow Jones falling over 1.5%. Major banks such as JP Morgan fell over 6% and tensions in the Middle East continued to rise with an anticipated Iranian attack on Israel, both largely contributing to the decline.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Monday: Empire State Manufacturing Survey; U.S. Retail Sales; Business Inventories; Home Builder Confidence Index;
Tuesday: Housing Starts; Building Permits; Industrial Production; Capacity Utilization
Thursday: Initial Jobless Claims; Philadelphia Fed Manufacturing Survey; Existing Home Sales; U.S. Leading Economic Indicators
Future Earnings Reports: