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Bob Carey
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  US Stock Markets Ended April 1, 2022
Posted Under: Weekly Market Commentary

 

The S&P 500 Index achieved its third week in a row of positive returns thanks to a Friday session that managed to push the index 1.77 points higher than the previous Friday. The month of March finished on a sour note on Thursday as the index had its worst day in the past twenty and completed a March where the index completed its 13% correction and rallied almost 9% in the back half of the month. Investors responded positively to the disciplined approach by the Fed of raising rates by only a quarter point in the March meeting and proceeded to buy the dip on many beaten down growth names. Several of the FOMC board members expressed an interest in raising rates by 50bps increments in following meetings, including Fed Chair Jay Powell. The labor market continues to be tight with the March unemployment rate nearly reaching the pre-pandemic low of 3.5%. The University of Michigan Consumer Sentiment survey released on Monday indicated that the average consumer has one of the most dismal views of the future economy on record. The reading of 59.4 is the lowest indication since 2009 and the fourth lowest since inception in 1977. President Biden announced on Thursday that he plans to order the release of 180 million barrels of oil from the U.S. Strategic Petroleum Reserve, the largest release since its creation in 1975. The best performing sectors in the S&P 500 this week were Real Estate, Utilities, and Consumer Staples as defensive sectors won out over cyclicals. Financials and Energy were the worst performers this week. Nielsen Holdings PLC (+22.7%) was the best performing stock in the S&P 500 this week as Brookfield Asset Management Inc. announced plans to acquire the consumer marketing company for a 36% premium. The highest contributor to the return of the S&P 500 this week was Tesla, Inc. (TSLA, +7.3%) which jumped on the news that the company is considering another stock split later this year. With earnings season on the horizon, investors will need to be discerning as market leadership is more uncertain as it has recently shifted with hyper growth rebounding and value/cyclicals/energy lagging.
Posted on Monday, April 4, 2022 @ 8:14 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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