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Inflation Remains Persistent

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Last Week’s Market Activity

Over the past week, we’ve seen quite a bit transpire, from CPI beginning to spike back up to things heating up between Israel and Iran in the Middle East. Unfortunately, things won’t be getting any less turbulent, as we have one of the largest weeks of earnings this season ahead of us. Additionally, the IPO market continues to heat back up, as we have Ibotta beginning its journey as a public company on the New York Stock Exchange under the ticker IBTA.

Macroeconomic Indicators

As we alluded to in the previous section, CPI came in quite a bit hotter than expected (again). Month-over-month CPI and month-over-month core CPI were expected to come in at 0.3%, but the actual readings came in at 0.4%. Year-over-year came in at 3.5%, versus an expected 3.4%, and year-over-year core came in at 3.8%, versus an expected 3.7%. Additionally, year-over-year PPI metrics also came in quite a bit higher than the previous reading, leading to added uncertainty in the markets.

Upcoming Market Catalysts

This week is much more mundane in terms of economic data releases. We start things off with retail sales and the chrome builder confidence index on Monday, followed by housing starts, building permits, and a speech from Fed Chair Jerome Powell on Tuesday. We then end the week with initial jobless claims and existing home sales on Thursday. Although all of these data releases will be important to pay attention to, the ongoing conflict in the Middle East will likely take most of the attention this week as the market braces for an incredible amount of uncertainty.

Notable Earnings Releases

This week, the Q1 2024 earnings season kicks off, with some of the largest financial institutions reporting their earnings, such as:

04/15 – Goldman Sachs Group (GS), The Charles Schwab Corporation (SCHW), and M&T Bank Corporation (MTB)

04/16 – UnitedHealth Group (UNG), Johnson & Johnson (JNJ), Bank of America Corporation (BAC), Morgan Stanley (MS), PNC Financial Services (PNC), The Bank of New York Mellon (BK), J.B. Hunt Transport Services (JBHT)

04/17 – ASML Holding (ASML), Abbott Laboratories (ABT), Prologis (PLD), CSX Corporation (CSX), U.S. Bancorp (USB), The Travelers Companies (TRV), Crown Castle (CCI), Kinder Morgan (KMI), Las Vegas Sands (LVS), Equifax (EFX), Discover Financial Services (DFS), and Citizens Financial Group (CFG)

04/18 – Taiwan Semiconductor Manufacturing (TSM), Netflix (NFLX), Intuitive Surgical (ISRG), Elevance Health (ELV), Marsh & McLennan Companies (MMC), Blackstone (BX), Infosys (INFY), D.R. Horton (DHI), PPG Industries (PPG)

04/19 – Procter & Gamble (PG), American Express (AXP), Schlumberger (SLB)

This week, we have some incredibly influential companies reporting their earnings, starting off with the banks, GS, SCHW, MTB, BAC, MS, PNC, BK, USB, DFS, and CFG. These are some of the largest financial institutions in the US and will give investors a great idea of how the economy is faring, given current economic conditions.

Additionally, a couple of the most important chip-related companies, ASML and TSM, will be reporting their earnings. These chip giants will give us a great idea of how other chip players, like NVDA and AMD, performed over the past quarter.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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