Last week, we saw a market that was largely green, with the Dow, S&P, and Russell 2000 up 0.21%, 0.31%, and 1.66% on the week, while the Nasdaq was down slightly at just 0.03%. This largely green market was driven by some relatively good economic data. Luckily for us, we are likely to see a fairly quiet week ahead, so the great market sentiment is likely to stick around for a while.
There was some great economic data that came out last week, with Q1 GDP being revised upward from 3.2% to 3.4%, as well as pending home sales increasing 1.6% compared to an expected 1.0%. We also saw PCE come in line with expectations, which is always a good thing, and lastly, personal spending came in quite a bit higher than expectations, at 0.8%, compared to an expected 0.5%.
This week will be relatively quiet in terms of economic data releases. The JOLTS report will come out on Tuesday, followed by ADP employment and some Fed officials speaking on Wednesday and Thursday. Lastly, we’ll get to see nonfarm payrolls, the unemployment rate, hourly wages, and consumer credit numbers on Friday. These are all important metrics to pay attention to, as they provide key insights into how the consumer is faring. However, unless we see any tremendous deviations from expectations, we’re unlikely to see any large moves in the market.
Unfortunately, there aren’t any notable earnings releases this week. However, the Q1 2024 earnings season will be starting up soon, so stay on the lookout for the first wave of earnings releases!
Monitoring the market conditions this week.
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