Higher-than-expected inflation was a large market-influencing concern this week. In April, prices increased by 4.2% year-over-year, as measured by the Consumer Price Index (CPI). The increase is the largest 12-month rise since September 2008 when prices grew by 4.9%. The expectation was for growth of only 3.6%. The increase was led by strong growth in...
The S&P 500 was down slightly on the week as sector dispersion was again a major factor. Materials were up more than 4% while both energy and financials gained. The NASDAQ was down 3.3% as technology bellwethers were sold aggressively following good earnings. The NYSE FANG+ Index was down 5.0% on the week. The previously...
There was another drop in existing home sales this week. Only 6.01 million homes were sold in March, down from February’s 6.24 million. This is the second consecutive month we have seen a drop. Despite March’s drop, existing home sales are up 12.3% over the year. The monthly drop indicates housing supply issues. The median...
