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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.

The information contained in this commentary is not investment advice for any person. It is presented only for informational purposes to assist in explaining factors that may have had an impact in the past or may have an impact in the future on client portfolios or composites. All expressions of opinion reflect the judgment of the firm on this date and are subject to change. Included information has been obtained from sources considered reliable, but we do not guarantee that the foregoing materials are accurate or complete. Investors should contact Ulland Investment Advisors for individualized information prior to deciding to participate in any portfolio or making any investment decision. Ulland Investment Advisors does not provide tax advice. All investors are strongly urged to consult with their tax advisors regarding any potential investment.

Performance quoted is past performance. Past performance is not indicative of future performance. There is always a possibility of loss. Current performance may be lower or higher than performance shown. Differences in performance versus the indices/funds may be attributable, in part, to differences in the asset make-up of the strategy vs. the indices/funds. Performance calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance is subject to revision. See www.ullandinvestment.com for important strategy disclosures.

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