{"id":205772,"date":"2024-04-29T10:15:00","date_gmt":"2024-04-29T14:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=205772"},"modified":"2024-04-30T04:04:18","modified_gmt":"2024-04-30T08:04:18","slug":"weekly-market-recap-april-29-2024","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-april-29-2024\/","title":{"rendered":"Weekly Market Recap: April 29, 2024"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-the-week-in-review\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Flash Mfg.\/Services PMI: 49.9\/50.9<\/li>\n\n\n\n<li>Initial claims edged lower to 207K<\/li>\n\n\n\n<li>New home sales increased to 693K saar<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-week-ahead\">The week ahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>JOLTS job openings<\/li>\n\n\n\n<li>Nonfarm payrolls<\/li>\n\n\n\n<li>FOMC meeting<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-thought-of-the-week\">Thought of the Week<\/h3>\n\n\n\n<p>Last week&#8217;s initial estimates of 1Q24 GDP revealed a complex picture. At the start of the year, expectations were set for gradual declines in growth and inflation. However, the data showed a sharp deceleration in headline growth while inflation, as measured by the personal consumption expenditures price index (PCE), accelerated on a quarter-to-quarter basis. This has raised concerns about potential stagflation and its implications on interest rates and markets.<\/p>\n\n\n\n<p>Looking at the details, first-quarter real GDP grew at an annualized rate of 1.6%, roughly half the pace of the previous quarter and below the Fed\u2019s forecasts for 2024 and the longer term. However, volatile components like trade and inventories, which often swing up and down in consecutive quarters, significantly impacted this slowdown. As the chart of the week highlights, excluding those components, the economy grew at a healthy 3.1% rate \u2014 slightly above last year&#8217;s average. This growth was supported by a strong labor market, evident from fewer jobless claims, which in turn bolstered consumer spending \u2014 rising by 2.5%, nearly aligning with its 20-year trend. This suggests that concerns over economic stagnation may be exaggerated, as the headline figure masked the underlying strength.<\/p>\n\n\n\n<p>However, while recent reports remain consistent with falling inflation, it has turned into a very slow decline, tempering market expectations for rate cuts this year. Next week&#8217;s FOMC statement will be pivotal in revealing whether the Fed is also leaning toward reducing its rate cut projections. Such a shift could pressure the multiple expansion, which fueled much of the equity market gains in the first quarter.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1004\" height=\"402\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/Screenshot-2024-04-29-134226.png\" alt=\"Excluding volatile components reveals still-strong growth\" class=\"wp-image-205802 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/Screenshot-2024-04-29-134226.png 1004w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/Screenshot-2024-04-29-134226-700x280.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/Screenshot-2024-04-29-134226-300x120.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/04\/Screenshot-2024-04-29-134226-768x308.png 768w\" data-sizes=\"(max-width: 1004px) 100vw, 1004px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1004px; aspect-ratio: 1004\/402;\" \/><\/figure>\n\n\n\n<p>Chart of the Week: Source: BEA, FactSet, J.P. Morgan Asset<br>Management.<\/p>\n\n\n\n<p>Thought of the week: Source: BEA, FactSet, J.P. Morgan Asset<br>Management.<\/p>\n\n\n\n<p>\u2014<\/p>\n\n\n\n<p>Originally Posted April 29, 2024 \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><strong>Past performance does not guarantee future results.<\/strong><\/p>\n\n\n\n<p><strong>Diversification does not guarantee investment returns and does not eliminate the risk of loss.<\/strong><\/p>\n\n\n\n<p>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>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>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>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>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>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>Telephone calls and electronic communications may be monitored and\/or recorded.<\/p>\n\n\n\n<p>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>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>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>Copyright 2024 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., April 2024.<\/p>\n\n\n\n<p>Unless otherwise stated, all data is as of April 29, 2024 or as of most recently available.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While recent reports remain consistent with falling inflation, it has turned into a very slow decline, tempering market expectations for rate cuts this year.<\/p>\n","protected":false},"author":186,"featured_media":205802,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[18,6,8,9,26,3],"tags":[2141,17055,3761],"contributors-categories":[13608],"class_list":{"0":"post-205772","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"tag-fomc-meeting","14":"tag-jolts-job-openings","15":"tag-nonfarm-payrolls","16":"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 v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ 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