This roundup of top financial news for the week presented by Matt Glova and the LifeTime Asset Management team:
Weekly Market Update, Jan 29, 2024
Fourth-quarter GDP surprised to the upside, rising 3.3 percent when 2 percent growth was expected. Business confidence surprised to the upside despite softer-than-expected durable goods orders in December. Positive news from Taiwan Semiconductor added to continued confidence in the AI and mega-cap rally. Bond markets were relatively muted ahead of the FOMC meeting.
Weekly Market Update, Jan 22, 2024
Retail sales and consumer confidence surprised to the upside in December. Existing home sales surprised to the downside as rates have moved higher. Positive news from Taiwan Semiconductor added to confidence in AI and the mega-cap rally. Yields moved higher on the back of positive economic data and more hawkish Fed speak.
Weekly Market Update, Jan 16, 2024
The trade balance improved due to rising service exports and falling import levels. Small business owners and consumers still see inflation as a concern. Mega-cap names outperformed as investors flocked to these names with strong balance sheets to help reduce risk. The area of the Treasury curve between the 2- and 10-year fell; the front end of the curve is expected to move lower, toward a more neutral and supportive level, as global growth has started to slow.
Weekly Market Update, Jan 8, 2024
Manufacturing sector confidence rose more than expected and services posted a larger-than-expected drop in December. Although employment was better than expected, reports from October and November were revised downward. The “Magnificent Seven” took a breather after a strong 2023, with Apple facing potential iPhone headwinds. Treasury yields moved higher as FOMC minutes offered little reason to believe the Fed would make a dramatic change to its higher-for-longer rate outlook.
Weekly Market Update, Jan 2, 2024
With the Christmas holiday on Monday and an early close for the bond market on Friday, there were no major economic updates last week. Several important announcements are expected this week. A broadened rally ended the year as small-caps and the rest of S&P 500 played catch-up to top Nasdaq names. The front end of the Treasury yield curve moved lower as fixed income investors were a bit more cautious.
Quarter-End Market Update, Dec 31, 2023
Despite positive progress in combating inflation, questions on the path of monetary policy in 2024 remain. The Fed and inflation will continue to present a risk to markets in 2024. Market and economic risks remain, with inflation and the 2024 elections serving as the primary risks domestically. International concerns remain, which should be monitored.