- The S&P 500 had a positive return of around 7% in the first three months of the year. Since World War 2, when the S&P 500 posted a gain in the 1st quarter, it has averaged a rest-of-year gain of 8.9%.
- In 2022 the 3 worst performing sectors in the S&P 500 were communication, consumer discretionary, and technology all of which were down over 28%. In the 1st quarter of 2023, these three sectors were the top performers, rallying more than 15% each.
- The top 10% of households now own 84% of the stock market, up from 77% in the early 2000s.
- Banks are becoming more risk averse after the failure of Silicon Valley Bank. Commercial bank lending dropped nearly $105 billion in the last two weeks of March, the most in Federal Reserve data back to 1973.
MFS - "Beyond the News"
A Wealth of Common Sense- "The 3 Levels of Wealth"
Bloomberg- "US Bank Lending Slumps by Most on Record in Final Weeks of March"
Economic Calendar
Monday:
Wholesale inventories (Feb)
Tuesday:
NFIB optimism index (Mar), Chicago Fed President Goolsbee speaks, Philadelphia Fed President Harker speaks, Minneapolis Fed President Kashkari speaks
Wednesday:
Consumer price index (Mar), Core CPI (Mar), CPI year over year (Mar), Core CPI year over year (Mar), Richmond Fed President Barkin speaks, San Francisco Fed President Daly speaks, Treasury Budget (Mar), Minutes of FOMC meeting (Mar)
Thursday:
Producer price index (Mar), Core PPI (Mar), PPI year over year, Core PPI year over year, Initial jobless claims (Apr), Continuing jobless claims (Apr)
Friday:
U.S. retail sales (Mar), Retail sales minus autos (Mar), Import price index (Mar), Import prices minus fuel (Mar), Fed Gov. Waller speaks, Industrial production (Mar), Capacity utilization (Mar), Business inventories (Feb), Consumer sentiment (Apr)
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