A look back
- Stocks soared again last week with the S&P 500 finishing 4.6% higher, closing Friday at a record high. International developed markets gained 2.2%, while emerging markets climbed 3.2%.
- U.S. Treasury yields moved lower on the week, led by a rally in 2–7-year maturity bonds. The 2-year U.S. Treasury yield fell to 3.69%, while the 10-year ended at 4.24%.
- West Texas Intermediate (WTI) crude oil futures prices have remained volatile, down roughly 12% to $83/bbl on news that the Strait of Hormuz would reopen to commercial shipping. Wholesale prices, as measured by the Producer Price Index (PPI), increased 0.5% in March and 4.0% from a year ago, driven by the spike in energy prices.
A look ahead
- First quarter earnings season will continue to be in scope for investors, with 88 S&P 500 companies reporting this week. Investors will be focused on management’s forward guidance around energy costs and supply chain disruptions.
- Developments in the Middle East will remain top of mind as U.S. and Iran delegates will meet in Pakistan this week for a new round of negotiations. The initial 2-week ceasefire between the U.S. and Iran is set to expire on Wednesday, April 22.
- Economic releases: Retail Sales, U of Michigan Consumer Sentiment, S&P Global Manufacturing PMI.
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