Stocks faced one of the worst weeks since March of 2020 as the S&P 500 slid over 9%. The two- day decline of more than 10% was just the sixth time since WWII. The Nasdaq 100 index also breached the 20% down level often associated with bear market territory.
The safe haven trade benefited U.S. Treasuries as yields fell by about 0.25% across the curve. Corporate bond spreads widened in response to the risk-off move.
The March jobs report surprised to the upside showing more jobs were added than expected, while the unemployment rate ticked up slightly.
A look ahead
First quarter earnings calls start this week amid the market turmoil. Large banks will kick things off and investors will be looking for any forward guidance they can give on the U.S. consumer.
Inflation readings will show how both consumer and producer prices (CPI & PPI) fared during March. With the newly announced tariff rates not in effect yet, economists will also look to see if there was any front running last month.
Economic releases: NFIB Small Business Optimism, CPI, PPI, U. of Michigan Sentiment
Our full report is reserved for clients only. Let’s work together.
A caring advisor can help you uncover opportunities and take on challenges—and provide greater confidence, clarity, simplicity, and direction.
