US Equity Markets dropped last week, as hotter-than-expected inflation data raised concerns about whether the Fed could lower interest rates. The S&P 500 fell 0.1% for the week to bring its gains for the year to 7.3%. The Nasdaq was down 0.7% for the week and is now up 6.4% for the year, while the Russell 2000 (small cap stocks) tumbled 2.1% for the week and is now only up 0.6% for the year.
Global Equity Markets declined last week, as wage inflation in Asia pressured markets. Developed Markets dropped 1.2% for the week and are now up 3.8% for the year. Emerging Markets fell 0.2% for the week and are now up 1.1% for the year.
US Interest Rates approached 4-month highs on higher-than-expected inflation. The Consumer Price Index (CPI) for February was up 3.2% from a year ago, up from 3.1% in January. Core CPI, which excludes food and energy prices, was up 3.8% from a year ago, down from 3.9% in January but worse than the 3.7% forecast. As a result, the yield on the US 10-Year yield rose to 4.31% from 4.08% the prior week.
Of Interest to Us
After gold prices hit new highs the prior week, copper looks poised to break out to a 52-week high. The increasing number of commodity prices hitting highs could suggest that the global economy is poised to strengthen, though also suggests that inflation may remain stubbornly high.
Market Data
for the week ending 3/15/2024
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