The Major Markets all saw green last week. The Dow Jones saw the greatest gains followed by the S&P 500 and the MSCI World Index. The gains in the S&P 500 brought the blue-chip index back above the 5200 level for the first time in a month. Moreover, this caused the large cap index to trade back within a percentage point of its prior all-time high. 

The green was widespread across the sectors as all 11 sectors saw gains. The weakness in Consumer Discretionary as well as Information technology resulted in a timid return in the NASDAQ Composite. That said, last week’s gains also brought the tech index back within a percentage point of its all-time high. 

Earnings were in full swing last week as the largest number of companies reported. Yet, even some of the notable drops like Disney’s 6.9% weekly loss was not enough to derail the optimism of the overall market. 

 

Major Markets		YTD as of 5/10/2024
	Nasdaq
	Dow Jones Industrial
	S&P 500
	MSCI World
	MSCI EM
	Russell 2000
	Bar US Agg Bnd

S&P Sectors		YTD as of 5/10/2024
	Comm. Services
	Cons. Discretionary
	Cons. Staples
	Energy
	Financials
	Health Care
	Industrials
	Info. Technology
	Materials
	Real Estate
	Utilities
		Agent/Broker Dealer Use Only

The economic calendar had little to steer sentiment last week. One notable report last week was the University of Michigan Consumer Sentiment report. The report saw the biggest miss in the history of the survey. The drop in sentiment was consistent across  ages, income, and education groups showing an overall displeasure with current conditions and expectations of inflation, unemployment, and interest rates moving in an unfavorable direction. 

Nevertheless, the yield curve remained fairly static and equities stayed strong going into the weekend. 

Concerned about inflation? Check out our Tips to Reduce Risks In Case of Recession.