| MARKET STATISTICS | |||||
| Weekly and Year-To-Date Performance | |||||
| INDEX | 12/31/2023 | 04/05/2024 | 04/12/2024 | % Change Week | % Change YTD |
| Dow Jones Industrial Average | 37,690 | 38,904 | 37,983 | -2.4% | 0.8% |
| S&P 500 | 4,770 | 5,204 | 5,123 | -1.6% | 7.4% |
| Nasdaq Composite | 15,011 | 16,249 | 16,175 | -0.5% | 7.8% |
| Russell Mid-Cap Index | 3,112 | 3,312 | 3,224 | -2.7% | 3.6% |
| Russell Small-Cap Index | 2,027 | 2,063 | 2,003 | -2.9% | -1.2% |
April 12th, 2024
Dear Friends –
The equity markets finished the week with losses across the board after a hotter-than-expected inflation reading shook investors. For the week the Dow, S&P and the Nasdaq finished down 2.37%, 1.56% and 0.45%. The Russell Mid-Cap, Small Cap and MSCI EAFE indexes fell 2.65%, 2.9% and 2.2%. For the year the six indexes are up 0.8%, 7.4%, 7.8%, 3.6%, down 1.1% and up 2.5% respectively.
Stocks opened the week mixed but with little change overall Monday. Treasury yields moved higher ahead of a couple of key inflation reports due out later in the week. The 10-year Treasury note finished up three basis points at 4.43%. Crude prices closed down 0.44%. Six of the 11 S&P sectors were lower led by energy, health care and technology with losses of 0.63%, 0.38% and 0.32%. Real estate, consumer discretionary and utilities led on the upside with gains of 0.82%, 0.75% and 0.64%. The Dow closed down just 11 points or 0.03%, at 38,893. The S&P was off 0.04% and the Nasdaq added 0.03%. Crude oil prices opened the week down 0.4% at just below $86.60 per barrel.
The markets closed with little change for the second straight day Tuesday as the major indexes recovered from early losses. The Dow opened higher only to fall more than 300 points at the lows of the session before recovering to close down just nine points. Worries ahead of the consumer price index reading due out on Wednesday continued to weigh on investors. Nine of the 11 S&P sectors finished higher led by real estate, utilities and consumer staples with gains of 1.29%, 0.55% and 0.51%. Financials and industrials were off 0.5% and 0.22%. The S&P and the Nasdaq ended up 0.14% and 0.32%. The benchmark 10-year Treasury note closed down six basis points at 4.36%. Crude prices fell 1.26% to settle near $85.30 per barrel.
Stocks fell sharply Wednesday as the consumer price index came in higher-than-expected. Prices at the consumer level rose 0.4% in March and 3.5% over the past 12 months, versus estimates of 0.3% and 3.4%. While the numbers were nearly in-line with estimates the hotter reading will likely make it harder for the Fed to cut rates at the next meeting as hoped. Bond yields shot higher with the 10-year closing up 18 basis points at 4.54%. Ten of the 11 S&P sectors finished lower led by real estate, utilities and materials with losses of 4.1%, 1.73% and 1.55%. Energy was the lone sector to finish higher closing up 0.38%. The Dow closed down 422 points or 1.09%, at 38,462. The S&P and the Nasdaq were off 0.95% and 0.84%. Crude prices rose 1.1% to close just over $86 per barrel.
The markets were mixed but mostly higher Thursday as the S&P and the Nasdaq led the way on strength in technology. Shares of Apple and Nvidia led the way with gains of 4%. Six of the 11 S&P sectors finished lower led by financials, health care and consumer staples with losses of 0.58%, 0.49% and 0.28%. Technology, communication services and consumer discretionary led on the upside with gains of 2.36%, 1.14% and 0.94%. In economic news the producer price index came below estimates with prices at the wholesale level rising 0.2% for the month versus the 0.3% consensus forecast. The Dow closed down two points or 0.01%, at 38,459. The S&P and the Nasdaq gained 0.74% and 1.68%. The 10-year Treasury note was up three basis points at 4.58%. Crude prices fell to settle just above $85 per barrel.
Stocks fell sharply heading into the weekend Friday. Reports of a possible attack on Israel by Iran rattled the markets and lifted oil prices. Elsewhere the continued fallout over the hotter-than-expected CPI reading also weighed on investors. All 11 S&P sectors finished lower led by materials, technology and consumer discretionary with losses of 1.77%, 1.64% and 1.61%. Shares of JPMorgan led the Dow lower falling 6.5% after reporting earnings that came in short of estimates. The Dow ended down 476 points or 1.24%, at 37,983. The S&P and the Nasdaq fell 1.46% and 1.62%. Treasury yields fell as investors looked for safety pushing the yield of the 10-year note down six basis points to close at 4.52%. Crude oil prices ended up 0.5% at $85.50 per barrel.
Sonata
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