Weekly Market Bullets

for the week ending 8/16/2024

• US Equity Markets rebounded last week, as better-than-expected economic data eased recent investor concerns about US economic growth prospects. The S&P 500 rose 3.9% for the week, its best week of the year, to bring its gains for the year to 16.5%. The Nasdaq rallied 5.3% for the week and is now up 17.5% for the year, while the Russell 2000 (small cap stocks) was up 2.9% for the week to bring its gains for the year to 5.7%.

• Global Equity Markets increased as European inflation data came in below expectations and investors cheered the positive economic data in the US. Developed Markets rose 2.8% for the week and are now up 5.0% for the year. Emerging Markets were up 1.2% for the week to bring its gains for the year to 5.1%.

• Positive US Retail Sales and cooling inflation data encouraged investors last week. Retail Sales for July rose 1.0% from June, much better than the 0.3% expected and up from -0.2% in June, easing fears about the health of the US consumer. The Consumer Price Index (CPI) for July was up 2.9% from a year ago, better than expected and down from 3.0% in June. Core CPI, which excludes food and energy prices, rose 3.2% from last year, down from 3.3% in June.

• The US Strategic Petroleum Reserve (SPR) sits at its lowest level since 1983. The Biden Administration has drawn down the Strategic Petroleum Reserve to about 377 million barrels of oil, which equates to roughly 20 days of supply based on American oil consumption. This low level for the SPR, which was established to address serious geopolitical issues and oil supply disruptions, is unsettling given elevated tensions in the Middle East that could lead to supply issues.

Market Data

for the week ending 8/16/2024