Market Drama

Welcome to this week’s Market Drama!

• The Stock Market:
  • The S&P 500 was up 1.6% for the week. 
    • It’s the first week in over six weeks in which we have seen the S&P breakthrough either down 1% or up 1%, so we broke through the lack of volatility.
  • Nasdaq was up even more, 3% for the week, for the week (it is now up 21% year to date). 
  • What’s going on beneath the surface? 
    • April jobs number was strong. 
    • Large technology companies went up. 
    • The AI story – disruptive new technology.
• Economic Data:
  • Leading Economic Index (LEI) fell 0.6% in April. 
    • We are likely heading into a mild recession.

What to look out for this week: 

• PMI Data. 
• FOMC minutes.
  • We will see what the Fed was thinking and how closely they looked at possibly stopping hiking rates, in the coming meetings. 
• Preliminary first-quarter GDP data. 

Stay tuned for next week. 

– Andres