{"id":187861,"date":"2023-04-03T10:15:00","date_gmt":"2023-04-03T14:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=187861"},"modified":"2023-04-03T14:34:56","modified_gmt":"2023-04-03T18:34:56","slug":"weekly-market-recap-april-3-2023","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-april-3-2023\/","title":{"rendered":"Weekly Market Recap: April 3, 2023"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Case-Shiller U.S. HPI composite: -0.4% m\/m<\/li>\n\n\n\n<li>Consumer confidence: 104.2 vs 101 expected, up from 103.4<\/li>\n\n\n\n<li>Initial jobless claims increased to 198k from 191k<\/li>\n\n\n\n<li>Headline\/Core PCE: 0.3%\/0.3% m\/m<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The week ahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>JOLTS<\/li>\n\n\n\n<li>Unemployment<\/li>\n\n\n\n<li>PMI<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-thought-of-the-week\">Thought of the Week<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Market volatility persisted during 1Q23, but several of 2022\u2019s underperformers experienced a notable turnaround, highlighting investors\u2019 willingness to look beyond near-term challenges and to front run a dovish shift in monetary policy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From a performance perspective, international developed market equities led the way, bolstered by cheaper relative valuations and surprisingly robust earnings. Well-capitalized European financials benefited from the return to a positive interest rate environment, while industrials were propped up by lower-than-feared energy costs. Emerging market equities also experienced gains, rising by 4%, as China\u2019s reopening looks set to benefit from consumers tapping into excess savings amassed during lockdown.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Turning to U.S. equities, large caps rose by 7.5% and small caps rose by 2.7%. This divergent performance can be attributed to the higher weight of financials and lower weight of technology in the small cap index relative to the large cap index. Amid the regional banking crisis, investors leaned into tech relative to financials, particularly as technology companies had already taken steps to optimize costs and defend margins. Turning to fixed income, the prospect of a dovish shift by the Fed in response to the banking crisis led yields to decline, with U.S. fixed income finishing the quarter up 3% and global high yield up 3.1%. Lastly, REITs edged up 1.5%, supported by a slight improvement in mortgage rates and modest declines in home prices; in contrast, commodities fell by 8%, primarily due to lower energy prices.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"441\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-03-085608-1100x441.png\" alt=\"1Q 2923 asset class returns\" class=\"wp-image-187862 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-03-085608-1100x441.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-03-085608-700x281.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-03-085608-300x120.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-03-085608-768x308.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-03-085608.png 1251w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/441;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"617\" height=\"97\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-03-085639.png\" alt=\"Chart of the week and thought of the week sources\" class=\"wp-image-187863 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-03-085639.png 617w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/04\/Screenshot-2023-04-03-085639-300x47.png 300w\" data-sizes=\"(max-width: 617px) 100vw, 617px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 617px; aspect-ratio: 617\/97;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u2014<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted April 3, 2023 \u2013&nbsp;<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/market-updates\/weekly-market-recap\/\">Weekly Market Recap<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Past performance does not guarantee future results.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Diversification does not guarantee investment returns and does not eliminate the risk of loss.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be appropriate for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature<br>or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase &amp; Co. and its affiliates worldwide.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Telephone calls and electronic communications may be monitored and\/or recorded.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:\/\/www.jpmorgan.com\/privacy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This communication is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Copyright 2022 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., April 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unless otherwise stated, all data is as of April 3, 2023 or as of most recently available<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amid the regional banking crisis, investors leaned into tech relative to financials, particularly as technology companies had already taken steps to optimize costs and defend margins.<\/p>\n","protected":false},"author":186,"featured_media":187862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[2094,1685,2298,528,686],"contributors-categories":[13608],"class_list":["post-187861","post","type-post","status-publish","format-standard","has-post-thumbnail","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-jolts","tag-macro","tag-market-recap","tag-pmi","tag-unemployment","contributors-categories-j-p-morgan-asset-management"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ 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