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Weekly Market Update for April 19, 2024

by Vinicius d’Avila, Research Associate

In the absence of major economic datapoint releases, the market pullback seen this week was largely attributed to the escalation in geopolitical tensions. The S&P 500 closed down -3.05%, with the Nasdaq down -2.05%.

Commentary by Federal Reserve officials indicated that the Fed might wait longer to be confident that inflation is under control before lowering interest rates. This comes after last week’s inflation data (CPI and PPI) came in slightly higher than expectations. Another inflation metric, the Personal Consumption Expenditures index report for March (to be released next Friday) should add to the data analyzed by the Fed.

On the corporate front, Minnesota-based UnitedHealth’s First Quarter report was taken positively by investors as the company’s earnings projections remained resilient following a cyberattack in February. As the market approaches peak earnings season, Google, Meta, and Visa are among the major companies reporting their First Quarter performances in the coming week.

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