- More than a quarter of Americans have no money saved for retirement. Compounding on this, 1 in 5 people over the age of 59 do not have a retirement account, compared to a quarter of Gen X.
- The value of the US dollar is falling. This is positive for stocks since nearly 60% of the revenue for all S&P 500 companies comes from overseas. Since 1985 the S&P 500 has had an average return of 1.3% in months when the dollar falls (vs. 0.2% when it rises).
- In the first three months of the year, the S&P 500 rose 7.03%. Yet the positive performance was driven by just six stocks. If you exclude Apple, Nvidia, Microsoft, Amazon, Tesla, and Google, the S&P 500 would have been flat last quarter.
- India has overtaken China to become the most populous nation on Earth. Its population surpassed 1.428 billion, making it home to nearly a 5th of humanity.
Bloomberg - "Evening Briefing"
Barrons- "Nvidia and 4 More Stocks That Can Benefit From a Falling Dollar"
Kensington Asset Management- "Monthly Market Commentary: March 2023"
Bloomberg- "India Surpasses China as World's Most Populous Nation, UN Says"
Economic Calendar
Monday:
None scheduled
Tuesday:
S&P Case-Shiller home price index (20 cities) (Feb), FHFA home price index (Feb), New home sales (Mar), Consumer confidence (Apr)
Wednesday:
Durable-goods orders (Mar), Durable-goods minus transportation (Mar), Advanced U.S. trade balance in goods (Mar), Advanced retail inventories (Mar),Advanced wholesale inventories (Mar)
Thursday:
GDP (Q1), Initial jobless claims (Apr), Continuing jobless claims (Apr), Pending home sales (Mar)
Friday:
Employment cost index (Q1), Personal income (nominal) (Mar), Personal spending (nominal) (Mar), PCE index (Mar), Core PCE index (Mar), PCE (year-over-year) (Mar), Core PCE (year-over-year) (Mar), Chicago Business Barometer (Apr), Consumer sentiment (final) (Apr)
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