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In the last session of the month, the stock market as a whole is in the green, with all major indices, except the Russell 2000, on track to post weekly gains, supported by strong corporate earnings.
The Fed’s favorite inflation gauge — the core price consumption expenditure index — came in at 4.6% in March, down from the 4.7% a month earlier but slightly above expectations of 4.5%.
Despite this potentially dampening expectations for Fed rate cuts in the near future, investors continue to exhibit a strong level of risk appetite.
Cues From Friday's Trading:
The major averages were higher on Friday, except for the tech-heavy Nasdaq 100, which was flat on the day.
The S&P 500 gained 0.6%, the Dow Industrial Average was up 0.7% and small caps in the Russell 2000 soared 1.1%.
Index | Performance (+/-) | Value | |
---|---|---|---|
Nasdaq 100 | -0.01% | 13,177.10 | |
S&P 500 Index | +0.6% | 4,159.19 | |
Dow Industrials | +0.7% |
34,042.87 |
Analyst Color:
Gina Bolvin, president of Bolvin Wealth Management Group, said that the latest PCE data "may throw a monkey wrench into markets expectations of pause in June." According to the expert, if Powell reiterates "more work to be done," the market might very likely tumble back down, damaging growth-oriented equities and interest-rate sensitive assets such as technology and bonds.
Friday's Trading In Major US Equity ETFs: In midday trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.6% higher to $414.80, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) rose 0.7% to $340.28 and the Invesco QQQ Trust (NASDAQ:QQQ) was 0.1% higher to $320.63, according to Benzinga Pro data.
Nine out of the 11 S&P sectors were in the green for the session, except for the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY), down 0.05%, and the Metals and Mining Select Sector SPDR Fund (NYSE:XME), down 0.3%.
The Energy Select Sector SPDR Fund (NYSE:XLK) was the outperformer, up by 2%, followed by the Financial Select Sector SPDR Fund (NYSE:XLF), the Industrials Select Sector SPDR Fund (NYSE:XLI) and the Real Estate Select Sector SPDR Fund (NYSE:XLRE) each with 1.2% gain.
Latest Economic Data:
Personal Spending MoM for March (0%, vs. 0.1% previous and -0.1% expected)
Personal Income MoM (0.3% vs. 0.3% previous and 0.2% expected)
Chicago PMI for April (48.6 vs. 43.8 previous and 43.5 expected)
Michigan Consumer Sentiment final reading for April (confirmed at 63.5 vs. 63.5 preliminary)
Michigan Consumer Expectations final (revised down from 61.8 preliminary to 60.5)
Michigan Current Conditions final (revised up from 66 to 68.8)
Stocks In Focus:
Commodities, Bonds, Other Global Equity Markets:
Crude oil gained 1.9%, with a barrel of WTI-grade crude dropping to $76.2. The United States Oil Fund ETF (NYSE:USO) was 1.9% higher to $67 per share.
Treasury yields fell markedly, with the 10-year yield down by 8 basis points to 3.44% and the two-year yield down 4 basis points to 4.04%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was 1.8% higher on the day.
The dollar slightly strengthened, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), up 0.2%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was flat at 1.1025.
European equity indices were mixed. The iShares MSCI Eurozone ETF (NYSE:EZU) fell 0.2%.
Gold rose 0.2% to $1,991/oz. The SPDR Gold Trust (NYSE:GLD) was 0.25% up to $185. Silver ticked 0.1% up to $24.95, with the iShares Silver Trust (NYSE:SLV) rising 0.2% to $22.94 per share. Bitcoin (CRYPTO: BTC) fell 0.8% to $29,268.
Staff writer Piero Cingari updated this report midday Thursday.
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