Thursday, April 11, 2024
We made it through this week’s big market news. It wasn’t easy. There are still some reports left for Friday, but at least we know where we are compared to the beginning of the week. The major indexes were up for most of the session, led by the Nasdaq +1.68%, S&P 500 +0.74% and small-cap Russell 2000 +0.57%, but the Dow Jones Industrial Average slipped slightly into the red as the closing bell rang. -0.006%.
Any sane investor would win here. (Traders may still be looking for another 3-5% drop in value to actually make money.) Although they may not be able to recover a week’s trade, consumer prices Given that we have encountered something like a worst-case scenario in terms of inflation (CPI) this week. Analysts are no longer counting on a 25 basis pint (bps) cut in interest rates after the June Fed meeting. It hasn’t been that long since some people were predicting six or seven rate cuts in 2024, but we’re still getting through this.
In fact, the Nasdaq is currently at a year-to-date high, which is also an all-time high. This is after we get past this dire scenario where the economy is too strong based on March CPI data. The S&P is also close to its year-to-date high, but not quite there yet. Only the small-cap Russell and the blue-chip Dow are shouldering the burden of recent struggles. Even gold hit a new high today, closing at $2,372 per ounce.
The final economic data of the week will be released on Friday morning. These include flash updates on export and import prices for March and consumer sentiment for April. Not surprisingly, several Fed directors are expected to appear, including Rafael Bostic of Atlanta and May Daly of San Francisco. Next week will be the last chance to hear from Fed members before the FOMC meetings on April 30th and May 1st. Although everyone knows they aren’t going to lower that interest rate.
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