Market Drama

Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA

April 29, 2024 
Watch Time: 3.2 minutes
  • Welcome to this week’s Market Drama!

Stock Market Updates:

  • The S&P 500 was up 2.7% for the week. It is up now 6.9% YTD.
  • Nasdaq was up even more, 4.2%. It is now up 6.1% YTD.

What drove the market to bounce back from negative market performance: 

  • Earnings: One-third of the S&P 500 companies have reported:
    • Leaders of the market rally: Tesla, Alphabet, and Microsoft, all performed well concerning earnings.
    • Alphabet, exceeded estimates and announced dividends for the first time. 
  • PCE inflation data didn’t show any signs of encouragement for the markets:
    • Index was slightly higher than expected, 2.8% during the month. PCE data in March was up 2.7%  from a year ago. Up from February’s 2.5% rate. 
  • First Quarter GDP numbers disappointed: advanced estimate was 1.6% from a 3.4 annualized pace.
    • Foreign trade and inventories tend to be the most volatile. But consumption held steady. 

Coming up next week:

  • Continuation of earnings
  • Nonfarm payrolls report
  • FOMC meeting

Stay tuned for next week.

– Andres

Disclosure: This material provided by Zoe Financial is for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Nothing in these materials is intended to serve as personalized tax and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Zoe Financial is not an accounting firm- clients and prospective clients should consult with their tax professional regarding their specific tax situation. Opinions expressed by Zoe Financial are based on economic or market conditions at the time this material was written. Economies and markets fluctuate. Actual economic or market events may turn out differently than anticipated. Facts presented have been obtained from sources believed to be reliable. Zoe Financial, however, cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. 

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