Weekly Market Bullets

for the week ending 3/8/2024

  • US Equity Markets touched new highs again last week before succumbing to profit-taking on Friday, as Fed Chairman Powell testified before Congress that the Fed may be close to lowering interest rates. The S&P 500 dropped 0.3% for the week to bring its gains for the year to 7.4%. The Nasdaq fell 1.2% for the week and is now up 7.2% for the year, while the Russell 2000 (small cap stocks) was up 0.3% for the week and is now up 2.7% for the year.

  • Global Equity Markets rose last week following positive inflation forecasts by the European Central Bank. Developed Markets rallied 2.3% for the week and are now up 5.1% for the year. Emerging Markets rose 1.2% for the week and are now up 1.3% for the year.

  • ´╗┐US Economic Data suggest some softening in the labor markets. Payrolls for February rose 275K, better than expectations of 198K and up from a revised 229K in January. However, the Unemployment Rate moved higher to 3.9% from 3.7% in January, the highest level it has been since January 2022. Average Hourly Earnings were up 4.3% from a year ago, down from 4.4% in January, while Job Openings for January of 8.86 million continued to drift lower.
Of Interest to Us
  • Gold prices are hitting record highs. With the Street focus remaining on things like artificial intelligence (AI) and technology stocks, it has caught our attention that Gold hit all-time highs last week. Could this mean that higher inflation may be around the corner, or that interest rates could be coming down?

Market Data

for the week ending 3/8/2024

If you have questions about the markets or would like to talk about your investments, please contact me at [email protected] or via phone at 704.940.3544.
Investors Trust Company helps its clients make sound financial decisions by providing strategic advice and asset management services with a high level of personalized attention. If we may help you or your clients with their investment management needs, please contact one of our Relationship Team members at [email protected].