April 12, 2024, Weekly Stock Market Return Recap, by Kip Lytel CFA. All three major US equity indexes dropped by over 1% for the week on abating consumer confidence and stronger than expected inflation. The University of Michigan's consumer-confidence reading edged down, while US consumer prices came in hotter than expected in March, according to the latest data from the Bureau of Labor Statistics Dow Jone fell 1.2%, while the Nasdaq composite dropped 1.6%. All 11 of the S&P 500's sectors recorded weekly losses, with the S&P 500 finishing down 1.5% on the week; that hasn't happened since September. The Consumer Price Index (CPI) rose 0.4% over the previous month and 3.5% over the prior year in March, an acceleration from February's 3.2% annual gain in prices.
April 6, 2024, Weekly Stock Market Return Recap, by Kip Lytel CFA. US equities pulled back from record highs on economic data and comments from the Fed, which further clouded the outlook for rate cuts. The S&P 500 declined -0.9%, the Nasdaq Composite pulled back -0.8%, and the Dow Jones Industrial Average fell -1.3%.